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Thursday, 20th September 2007

Taxicab Medallions and Heirloom Tomatoes to the Rescue How Expanding Credit Union Lending can Help Small Businesses survive the Credit Crunch

Taxicab Medallions and Heirloom Tomatoes to the Rescue How Expanding Credit Union Lending can Help Small Businesses survive the Credit Crunch
Source: Competitive Enterprise Institute
From press release:

If Congress moves to de-regulate credit union business lending, it would help some selected categories of small businesses, according to a new report from the Competitive Enterprise Institute.

“Overall, credit union business lending plays a trivial role in our overall economy,” explains Eli Lehrer, CEI Senior Fellow author of the report “It’s heavily regulated and will remain so for the foreseeable future.”

In his report, Lehrer finds that credit union business lending does not have a consequence for most other types of business lending—none of it goes to large businesses--but, instead, serves as a vital source of credit for certain types of small businesses.

“Nearly half of all credit union business loans are backed by taxicab medallions, crops, and agricultural equipment,” Lehrer explains. “It’s difficult to assess the value of these assets and, as a result, it’s difficult to lend against them.”

+ Full Report (PDF; 76 KB)


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