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| Iowa CUs, small biz owners discuss member business loans with Rep. Braley |
| Posted: | May 5, 2010 |
| Details: | DUBUQUE, Iowa (5/5/10)--More than 20 Iowa credit union representatives from four credit unions met with U.S. Rep. Bruce Braley (D-Iowa) Friday in Dubuque to discuss how the state's credit unions continue to serve members at a time when members need it the most.
Credit unions attending were Dupaco Community CU, which hosted the event; DuTrac Community CU; Alliant CU; and Dubuque Teachers CU. Also attending was a representative from the Iowa Credit Union League.
Dupaco Community CU CEO Bob Hoefer told how the credit union provided more than 3,000 loans of under $2,500 each in the past year. "These small dollar loans are an alternative to payday loans and help our members in a short-term pinch," he said.
Two small businesses explained to Braley how they were helped by local credit unions.
Ron Mussehl, convenience store chain owner and Dupaco Community board member, said his business saved money from lower fees, compared with local bank fees, while processing business transactions.
Dr. Greg Crowley told Braley his credit union provided a loan to establish his chiropractic practice after graduation. He said that many medical school students struggle to find access to similar capital from other financial institutions. "Small businesses need more options for capital--not fewer," he said.
They thanked Braley for his co-sponsorship of H.R. 3380, which would increase credit unions' member business lending cap to 25% of assets from the current 12.25%.
"Iowa credit unions are continuing to serve their members in this challenging economy," said Patrick S. Jury, president/CEO of the Iowa league. He thanked the congressman for "taking time to learn more about the important role of the credit union industry in the financial marketplace."
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