Press Releases

Small Business Subcommittee Examines SBA Capital Access Programs

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Washington, May 19, 2015 | comments

Small Business Subcommittee Examines SBA Capital Access Programs

WASHINGTON  – Today, the Small Business Subcommittee on Economic Growth, Tax, and Capital Access held a hearing to examine one of the greatest impediments to growth for any small business: access to capital.

The hearing included industry witnesses from several Small Business Administration programs, who each shared their thoughts on how they can improve their respective programs. After the hearing, Subcommittee Chairman Tom Rice (R-SC) said:

“We cannot have a strong country without a strong economy, and for small businesses, access to capital is often the deciding factor if it will expand or close its doors. We must make sure the entrepreneurs and small businesses that employ half of America’s workforce have access to the capital they need to operate their business.”

Full Committee Chairman Steve Chabot (R-OH) issued the following statement:

“The programs Chairman Rice and the subcommittee examined this morning play an important role in our economy, bridging the capital gap for many small businesses every day.  We must continue to make sure these programs are efficient and effective so that they are able to help small businesses do what they do best: create jobs.”

Brett Palmer, a witness testifying on behalf of the Small Business Investors Alliance, applauded Members of the Committee for introducing H.R. 1023, legislation to strengthen the Small Business Investment Company Program. He then called on Congress to move this bipartisan bill forward, emphasizing that doing so would increase the amount of private funds available to small firms by roughly $750 million.

Rick Bradshaw, another witness testifying on behalf of the National Association of Government Guaranteed lenders (NAGGL), encouraged the Committee to work on solutions that could help SBA loan programs become more accessible to veterans and other underserved markets.  

Testifying on behalf of the National Association of Development Companies (NADCO) was Barbara Vohryzek, who agreed with the Small Business Committee’s goal to ensure “American small businesses have the access to capital necessary to grow, and in doing so, help their local communities flourish.”


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