Increasing Credit Union Lending for Business Growth Act

This bill would let credit unions make bigger loans to small businesses. It raises a key dollar limit in the Federal Credit Union Act from $50,000 to a higher amount, which would allow more flexible lending for business needs like equipment, inventory, or hiring staff. The bill also states an aim to expand access to homeownership through changes to the Federal Home Loan Bank Act, though the text provided focuses on the small business lending change.

Key points:

• Who is affected: Small business owners looking for loans; local credit unions; communities that rely on small businesses.
• What changes: Increases the loan amount limit above $50,000 for certain credit union business loans, allowing larger and more flexible loans; aims to broaden access to homeownership.
• When: This is a proposal and is not law yet; it would take effect only if passed and enacted.