DCUC Supports Expansion of Credit Union Lending to Boost Veteran Entrepreneurship

WASHINGTON, DC – The Defense Credit Union Council (DCUC) submitted a letter to leaders of the Senate Committee on Small Business & Entrepreneurship ahead of its hearing, “American Entrepreneurship for 250 Years: Driving Innovation, Growth, and Opportunity,” urging support for the Veterans Member Business Loan Act (VMBLA). 

DCUC shared that credit unions play a critical role in serving military and veteran communities but face statutory limits that restrict their ability to meet demand for small-business financing.  

Veteran-owned businesses generate hundreds of billions in economic activity, yet veteran entrepreneurs continue to face higher financing gaps and lower approval rates than their nonveteran peers. The VMBLA would provide a targeted fix by exempting qualifying veteran business loans from the current credit union lending cap, expanding access to capital without compromising safety and soundness. 
“Expanding responsible access to capital for veterans is both an economic priority and a commitment to those who served,” says Anthony Hernandez, DCUC President/CEO, Ret. USAF Colonel. “The Veterans Member Business Loan Act is a practical, bipartisan solution that empowers credit unions to do more for veteran entrepreneurs, local economies, and job creation.” 

In the letter, DCUC’s Chief Advocacy Officer Jason Stverak explained that many veteran-owned businesses require relatively small amounts of startup capital, often under $50,000, making credit unions particularly well-suited to meet those needs through relationship-based lending. 

DCUC reiterated its longstanding support for the legislation and called on lawmakers to advance the measure to strengthen veteran-owned businesses and support successful transitions to civilian life.