This Inauguration Day, NAFCU is urging the incoming Trump administration, along with current lawmakers and regulators, to focus on small businesses, jobs and the economy, and to seek ways to reduce credit unions’ regulatory burden.
Credit unions – not-for-profit, member-owned financial cooperatives – are Main Street’s financial institutions. They have a keen understanding of the capital needs of small businesses. This message cannot be overstated to those in charge of creating the laws and regulations that affect financial institutions and the small businesses they support.
The facts bear this out. Based on a NAFCU 2015 Economic & CU Monitor survey, only 27.2 percent of bank loans to small businesses were less than $1 million, compared with 85.4 percent of credit union loans. From January 2016 through September, credit unions’ outstanding small-business loans grew 14 percent to $60 billion.
Ultimately, I believe America needs more Main Street and less Wall Street. President Trump made known in his acceptance speech when securing the Republican nomination that he wants to help many hardworking men and women realize their full potential and build a better and brighter future. NAFCU will continue its work with this new administration to help Make America Great Again and help Main Street small businesses realize their American dream.