Association Sends Letter of Support to Senator Van Hollen for Exempting Veteran Loans from MBL Cap

A bill introduced last week in the Senate would expand commercial lending opportunities for veteran business owners and entrepreneurs through credit unions.

vanhollenMaryland Senator Chris Van Hollen is a member of the Senate Banking Committee which is considering the Veterans Member Business Loans Act.

Credit Unions currently operate with a business lending cap of 12.25 percent of their total assets, which applies to all business loans above $50,000. The Veterans Member Business Loan Act would exempt loans to veterans from this cap.

MD|DC Credit Union Association president/CEO John Bratsakis says the bill would create more opportunities for veterans:

“The State of Maryland is home to approximately 371,000 veterans of the United States Military…Credit Unions have historically supported military members to the absolute best of our ability, and we continue to look for new and innovative ways ‘to serve those who serve.’ This veterans' exemption in this bill will allow credit unions to serve more veterans in the community.”

Senators Mazie K. Hirono from Hawaii and Dan Sullivan from Alaska introduced the legislation.