Washington credit unions ask Congress to allow bigger loans to small businesses

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by Shawn Chitnis & KREM.com

KREM.com

Posted on April 11, 2012 at 5:39 PM

Updated Monday, Nov 11 at 12:28 PM

SPOKANE--Eleven credit unions across Eastern Washington are teaming up to help small businesses.

Businesses like Aqua Elite in Spokane Valley say the financial support of credit unions is essential to help them grow and create more jobs.

Last year they got the help of one institution to finish building their new location off of Sprague.

Credit unions want the U.S. Senate to pass Senate Bill 2231 which would allow them to lend more money to small businesses.  The petition going to Washington State Senators asks to change the 1998 bill restricting credit unions to have a set amount of loans based on their total assets. 

Leaders of these institutions say this is a key step to improving the economy.  They project it will bring in $600 million to our area and create nearly 10,000 jobs. 

There are 300,000 members of credit unions in our area.  The goal is to get as many to sign the petition encouraging the Senate to vote on the bill later this month.

The 11 credit unions involved include:
Cheney Federal Credit Union, Global Credit Union, Horizon Credit Union, Numerica Credit Union, Progressions Credit Union, Sears Spokane Employees Federal Credit Union, Spokane Federal Credit Union, Spokane Media Federal Credit Union, Spokane Firefighters Credit Union, STCU and United Health Services Credit Union.
 

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