DCUC Urges Senate to Advance Veterans Member Business Loan Act (S.110)

​WASHINGTON, DC – The Defense Credit Union Council, DCUC, recently sent a letter to Senate Veterans Affairs Committee Chairman Jerry Moran and Ranking Member Richard Blumenthal urging support for S.110, the Veterans Member Business Loan Act. DCUC’s letter was submitted ahead of the Committee’s hearing, “A Grateful Nation: Maximizing Veterans’ Success After Service.”

In the letter, DCUC stressed the urgent need to expand access to capital for veteran entrepreneurs transitioning to civilian life.
 
“Veterans have the skills and discipline to be exceptional business owners, yet too many face barriers to financing,” says Anthony Hernandez, DCUC President/CEO. “The Veterans Member Business Loan Act removes an outdated regulatory cap that prevents credit unions from fully serving those who have served our nation.”
 
Currently, credit unions are restricted by a federal cap that limits business lending to 12.25% of total assets—regardless of financial strength or borrower creditworthiness. The Veterans Member Business Loan Act, a bipartisan measure led by Senators Dan Sullivan (R-AK) and Mazie Hirono (D-HI), would exempt loans made to veteran-owned businesses from that cap, allowing credit unions to extend more affordable financing without new federal spending.
 
If enacted, S.110 would: 

• Expand access to capital for veteran entrepreneurs and small business owners. 
• Spur job creation and local economic growth in military and rural communities. 
• Ensure veterans receive fair lending opportunities comparable to existing agricultural loan exemptions. 
• Strengthen veteran transition outcomes and support national financial readiness.

 
“Empowering veterans to build businesses is both good economics and good policy,” Jason Stverak, DCUC Chief Advocacy Officer, added. “This legislation honors their service by giving them the tools to succeed after they hang up the uniform—at no cost to taxpayers.”
 
DCUC and its member credit unions strongly support S.110 and urge the Senate to advance this bipartisan, common-sense reform as soon as possible.