Congressmen Gonzalez, Fitzpatrick Introduce Bill to Support Local Small Businesses and Entrepreneurs

WASHINGTON, D.C. – Last week, Congressmen Vicente Gonzalez (TX-34) and Brian Fitzpatrick (PA-1) introduced the Increasing Credit Union Lending for Business Growth Act. This legislation expands the lending ability of credit unions to $100,000 from $50,000. This bipartisan bill would update the Credit Union Member Business Loan authority under current federal law to keep pace with inflation and increase access to loans for small businesses. 

“As a small business owner, I understand firsthand the importance of cash flow in keeping operations running, employees paid, and customers satisfied,” said Congressman Gonzalez. “This bipartisan bill not only supports our local entrepreneurs, but our local economies as well. Credit Unions play a vital role in supporting our communities, and this bill allows them to better serve the small businesses who create jobs and drive growth in their towns.”  

"Small businesses and entrepreneurs are the backbone of America’s economy, from my home district of PA-1 to communities across the country. This bipartisan, commonsense bill strengthens the ability of credit unions to fuel local economic growth through expanded lending and development opportunities,” said Congressman Brian Fitzpatrick (PA-1). “The Increasing Credit Union Lending for Business Growth Act ensures community credit unions have the flexibility they need to provide small business with the capital and financial support required to thrive in today’s competitive market.” 

The full bill text can be found here. 

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