Defense Credit Union Council (DCUC) Letter to Small Business Subcommittee: Advocating for Veterans’ Access to Business Loans
Today, the Defense Credit Union Council (DCUC) sent a letter to The Honorable Nick LaLota, Chairman, and The Honorable Hillary Scholten, Ranking Member, Contracting and Infrastructure Subcommittee of the House Committee on Small Business, United States House of Representatives. DCUC provided its response to the upcoming congressional hearing on “Leveling the Playing Field: Examining the Landscape of Veteran Owned Small Businesses," urging the Subcommittee to support legislation that addresses barriers currently hindering veterans from accessing small business loans.
“Central to any discussion of the landscape of Veteran Owned Small Businesses must be the unfair and arbitrary business member loan cap of 12.25% that is placed on credit unions hindering their ability to serve veteran-owned small businesses,” stated Jason Stverak, DCUC Chief Advocacy Officer (CAO) in the letter. “We would encourage the committee to support the bipartisan bill, H.R.4867, the Veterans Member Business Loan Act.”
DCUC underscored its position on how removing the current business loan cap would stimulate economic growth and do so without taxpayer expense. DCUC emphasized defense credit unions’ unique ability to support veterans transitioning to the private sector, particularly when starting small businesses.
“America’s Defense Credit Unions are uniquely positioned and structured to provide this additional support in the communities where we work, live, and play. It is our hope to provide veterans and their families access to the capital they need to get their small businesses off the ground and help them provide payroll, rent, and other essential business functions."
DCUC concluded its letter by calling on the Subcommittee to support its position in removing the outdated restriction, ensuring our Nation’s veterans have greater access to business loans. In
turn, this support will enable veterans to establish businesses that foster local economic growth through job creation and expanded essential services.