Credit unions have long pushed for greater flexibility in how much they can lend to small business. KUNC’s Erin O’Toole talks with Boulder County Business Report publisher Chris Wood about a proposal that would more than double credit unions’ business lending.
Democratic Senator Mark Udall introduced an amendment today that he says could create as many as 100,000 jobs. The goal is to increase how much credit unions can lend in Colorado—and nationwide.
Right now credit unions can only lend about 12 percent of their total assets. But Senator Udall thinks that number should be just above 27 percent. That’s because small businesses have struggled in recent years to gain access to capital despite a $30 billion dollar infusion of cash from the federal government to banks to help increase loans.