Schumer, right, and Hein, in January, discussing the success of 'Credit for Success'

WASHINGTON – Ulster County Executive Michael Hein first came up with the idea to form a consortium of community banks to provide loans for small businesses under his Credit for Success Program a couple of months ago. Recently, Senator Charles Schumer took the idea statewide forming consortiums around New York.

Now, the senator has written to President Obama urging him to take the program nationwide.

Schumer said such a program would be complimentary to the initiative the President proposed to provide capital to community banks to lend to small businesses.

Hein is impressed that his program is being considered for the entire country.

“We’re thrilled about this, but we also believe we have a lot of work in front of, not just in Ulster County, but across the entire nation, so this is really about a step in trying to make a real change in Ulster County, a step in  really trying to deliver results, because that’s what it’s all about,” he said.

In his State of the Union Address, the President pledged to “take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat.”

Schumer said he shares the President’s goal of increasing small business lending and views the Credit for Success program as “the most effective way to increase small businesses’ access to capital.”