WHEREAS, local, main street businesses are the backbone of local economies in every city across the nation; and
WHEREAS, a recent joint report by the Small Business Majority, Main Street Alliance and the American Sustainable Business Council found that 90% of small businesses have credit access problems; and
WHEREAS, credit unions, not-for-profit cooperative financial institutions, are currently inhibited in providing business loans by a cap at 12.25% of total assets; and
WHEREAS, Senate Bill 2231, the Credit Union Small Business Jobs Bill would allow credit unions to partner with local businesses to create jobs and strengthen our neighborhoods and cities; and
WHEREAS, Senate Bill 2231 has an extraordinarily broad range of support from conservative think tanks to progressive community and minority advocacy organizations; and
WHEREAS, the adjustment to the lending cap and the additional capital would cost taxpayers nothing.
NOW, THEREFORE, BE IT RESOLVED that The United States Conference of Mayors supports efforts to strengthen small businesses and local economies and encourages the US Senate to vote in favor of S.2231, the Credit Union Small Business Jobs Bill.