 Small businesses have a hard time getting loans they need to operate and expand, limiting their ability to create jobs. Credit unions have capital, but the amount they can loan to businesses is limited by law. There's a coupling waiting to be made here and Sen. Kirsten Gillibrand (D-N.Y.) wants to be the matchmaker.Her Small Business Lending Enhancement bill would raise the cap on the amount of a credit union's total assets that it can lend to businesses. Since the 1990s, that cap has been set by law at 12.25 percent. The bill would raise it to 27.5 percent. In the aftermath of Sandy, when many local businesses need help getting back on their feet, this reform is one Congress should embrace. > Read Complete Story>Editorial: Let <b>credit unions</b> make more business loans: |
When the government shutdown hit in October and paychecks stopped, thousands of federal employees were left wondering how to make ends meet. Credit unions across the country stepped up—but Keesler Federal Credit Union went above and beyond. No loans, no hassle—just your paycheck Instead of making members apply for emergency loans, Keesler Federal launched its Paycheck Relief Program. Revolutionary in its simplicity, it worked like this: if you were a federal employee with direct deposit at Keesler Federal, your paycheck kept coming—interest-free, fee-free, and stress-free. Each qualified member could receive up to $6,000 per pay period for as long as 90 days. No hoops, no headaches. From October 1 until the shutdown ended, Keesler Federal advanced more than 5,000 paychecks totaling $6.5 million to 1,710 members. For non-members, they even offered zero-interest loans up to $6,500 with a year to pay it back. This proactive approach meant that before the first missed paycheck, Keesler Fed...
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