Sen. Al Franken (D-Minn.) said in a recent speech that the government shutdown has had a negative impact on constituents in Minnesota and across the country.
Franken pointed to small businesses that received, on average, $1.8 million in loans every day under the Small Business Administration’s loan guarantee programs last year. The government shutdown resulted in the closing of the application process, and some small businesses have reacted by putting plans on hold.
“Minnesota is home to a lot of great, smaller financial institutions–community banks and credit unions–and I talk with them regularly,” Franken said. “Earlier this week, I met with folks from some Minnesota credit unions, and they explained to me that as a result of the shutdown, they are having problems approving mortgages because the Social Security Administration can’t verify Social Security numbers. That is not just terrible for those Minnesotans who are trying to buy or sell a home, it’s also terrible for our economy.”
Last week, credit unions from 10 states, including Illinois, Iowa, Kansas, Maine, Michigan, Minnesota, Montana, Nebraska and Ohio, went to Capitol Hill to defend their status as tax exempt and to urge Congress to pass a bill that raises credit unions’ member business lending cap, which the industry maintains will increase business opportunities.