NSBA President Calls for Improved Lending at Capitol Hill SummitApril 10, 2013
Washington, D.C. – Today, NSBA President and CEO Todd McCracken spoke out on the need for improved access to capital for America’s small-business owners. McCracken joined a host of other small-business leaders throughout the afternoon, including SBA Administrator Karen Mills, Senate Small Business & Entrepreneurship Committee Chair Mary Landrieu and House Small Business Committee Chair Sam Graves.
“For the past 20 years, our data has shown a direct correlation between access to capital and job growth. Unfortunately, cash flow issues continue to plague a significant number of America’s small businesses with nearly half reporting that they needed funds at one point in the last four years and were unable to find any willing sources,” McCracken said. “This lending gap makes SBA lending programs a critical tool not just for small-business growth, but for the health of our overall economy.”
In his comments, McCracken urged Congress to extend the low-interest refinancing provisions under SBA’s 504 Loan Refinancing Program and increase the Small Business Investment Corporation Program’s annual authorization amount to make it easier for startups and established small businesses to secure the financing they need. He also called on the Securities and Exchange Commission to move forward on implementation of the NSBA-supported JOBS Act which, if properly implemented, will ease restrictions on crowdfunding and improve small-business investment.
McCracken went on to state that, “While credit markets do appear to be thawing, one in four small businesses still lack the capital their business needs. Affordability and ease of securing capital is important as well – high cost and extreme complexity are massive hurdles many small businesses simply can’t clear on their way to securing financing.”
Celebrating more than 75 years in operation, NSBA is a staunchly nonpartisan organization advocating on behalf of America’s entrepreneurs. NSBA’s 65,000 members represent every state and every industry in the U.S., and we are proud to be the nation’s first small-business advocacy organization. Please visit www.nsba.biz.