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Clinton Campaign Highlights CU Importance to Small Biz
Thursday, August 25, 2016 6:40 AM

Hillary Clinton unveiled a proposal to jump start small business startups, growth and job creation that includes plans to "streamline regulation and cut red tape" for credit unions and community banks.

Calling them “the backbone of small business lending in America,” Clinton said that reducing small lenders’ burdens would improve much-needed access to credit for the nation’s small businesses, which create around two-thirds of new American jobs.

CUNA President/CEO Jim Nussle, while noting that CUNA does not endorse a candidate in any presidential election, applauded the Clinton campaign for recognizing the importance of small financial institutions like credit unions to the nation’s job creators.

In a post on the Clinton campaign website Tuesday, the Democratic presidential nominee says her new proposals reflect the concerns of small businesses across the country, including declining access to credit. She notes that small business loans comprised just 29 percent of total bank loans in 2012, as compared with 51 percent in 1995.

CUNA research shows that from the start of the economic crisis through March 2016, banks’ small business lending dropped by 12.58 percent, although that industry’s commercial lending increased by 32.95 percent. Credit unions, in dramatic comparison, increased small business lending support by 120.53 percent during the same time period.

Credit union stakeholders can continue to track action during the campaign by visiting CUNA’s MiddleClass2016.com, which allows them to inform the candidates and their staffs about the importance of serving the middle class by supporting credit unions.