Senator Mark Udall of Colorado has introduced legislation which would allow Credit Unions to make loans to small businesses up to 27.5% of their assets, compared with the current limit of 12.5 percent, “Bloomberg Business Week” reported. If adopted, the amendment would make an additional $10 billion available for small business lending, and create up to 108,000 new jobs in the next year, according to Bill Cheney, head of the Credit Union National Association. If any reader knows why the current limit is 12.5%, please post a comment!
