This bill lets credit unions make more business loans to veterans by removing those loans from the usual cap on “member business loans.” In plain terms, a veteran’s business loan would not count against the credit union’s limit, so more veterans could qualify for financing to start or grow a business. The bill uses the standard federal definition of “veteran,” and it takes effect 6 months after it becomes law .

Key points:

• Who is affected: Veterans seeking business loans and the credit unions that serve them.
• What changes: Loans to veterans won’t count toward the credit union’s business loan limit, allowing more lending to veterans.
• When: Starts 6 months after the bill is enacted.