The twitter feed this morning produced an unexpected article from an author on exact state of the economy and the hope of recovery is with the small business owner. The access to credit was the main challenge to fund expansions in operations and employment as a result the stagnation in the economy. The article was detailing the credit unions efforts in lending to small businesses but limitations of business loans in relation to assets are not allowing the credit unions to make an impact to the economy. The article continues that legislation to increase in the cap would release the credit unions to lend money to small businesses with more vigor and the immediate impact would be noticed in the creation of new jobs.
As the article concluded, the analysis was concise in the state of the economy in Main Street America. The author of the article was from a CEO of a credit union out of Macon, Georgia. The analysis was an assessment of a successful credit union or bank cannot be profitable isolated in surroundings of economic despair. The CEO’s character is to be a leader of the credit union and a leader in the community in relating the success of the credit union is co-dependent on the economic health of the surrounding community.
In addition, this executive did not defend actions of inaction. The forward thinking leader knew that lending to small businesses was the most prudent action to a recover, and the banks may not want to provide credit to the small business owners but the credit unions are waiting and ready to act if allowed by the government.
As the banks defend inaction, the leader and representative of one credit union made the case for action for many credit unions and welcomed the opportunity to assist the small business owner. The end result of assisting small businesses is the benefit to the recovery of the surrounding community and America.
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- 3 Things You Should Know About Small Business: Dec. 13 (thestreet.com)
- UICCU closing UI on-campus branches, ATM future uncertain (business380.com)