April 12, 2012
RE: SB 2231
Dear United States Senators:
Credit unions have the opportunity to make a difference, but only if you support their efforts by passing S. 2231, raising the cap on how much they can lend to businesses. As a citizen of eastern Washington for most of my life, and a son of parents in a farming town whose economy relied heavily upon small business support, I know that our economy depends upon the “Mom and Pop” stores that provide niche services to our communities. My friends, family and I have been employed by many of these, and know how important it is for them to access additional funds, through the form of loans, to sustain and grow their businesses.
I strongly urge you to vote in favor of this bill, and help open up new funding streams for the backbone of America, and Washington State. In fact, America’s small businesses are the driving force of employment and economic improvement. My experience in the business community, serving on the boards of local business chambers, has informed me of the struggles that small businesses have in obtaining loans.
Credit unions have been extremely sound in their lending practices, as their focus is not on the bottom line, but on their membership—a cooperative mix of individual and business members who have come together to pool their financial resources in order to assist one another. Thus, these financial institutions are responsible and held accountable by their members, looking out for their best interests by making financial decisions (lending, rates, etc.) that are fiscally responsible.
Now, you have the opportunity to join this cooperative spirit, by lifting the cap from 12.25% to 25%, releasing nearly $13 billion in new funds, and potentially creating 140,000 jobs that America needs to thrive in this economy.
Thank you for helping America’s—and Washington’s—small business owners and workers by supporting S. 2231, the Credit Union Small Business Jobs Bill.
If you live in Washington State, please consider sending a letter to one of these U.S. Senators:
And for more information about Senate Bill 2231 and how it will help small businesses and the economy, read this web story by STCU (Spokane Teachers Credit Union).
Senator Patty Murray
448 Russell Senate Office Building
Washington, DC 20510
Senator Maria Cantwell
311 Hart Senate Office Building
Washington, DC 20510