SBA Administrator Talks with NSBA DelegationJune 25, 2014
On Monday, June 23, NSBA kicked off its 2014 Small Business Washington Presentation in Washington, D.C. where small-business leaders had a number of opportunities to discuss key small-business policy efforts with lawmakers and their staff as well as administration officials, and recognize the 2014 Small Business Advocates of the Year.
The event was kicked off with the annual Lew Shattuck Small Business Advocate of the Year Award Presentation and Luncheon, sponsored by Pfizer. At this luncheon, NSBA recognized five finalists and announced for the first time the overall award winner, Pennsylvania’s Brian Stein. The delegation then heard from keynote luncheon speaker, the Honorable Maria Contreras-Sweet, Administrator of the U.S. Small Business Administration.
Contreras-Sweet shared stories with attendees about her childhood and how her family lived the American dream from its beginnings in Mexico to her Cabinet position today in President Barack Obama’s administration. She went on to underscore the important role entrepreneurship has played in her family and her career and then discussed some of her key initiatives as the new SBA Administrator
Specifically, Contreras-Sweet outlined the SBA’s new credit scoring model for all SBA loans up to $350,000 and the new, streamlined online process for submitting SBA loan documents which will be up and running in July. She touted the new credit scoring model as a way to expedite the loan process while ensuring SBA’s default exposure is minimal.
Contreras-Sweet also pointed to the streamlined loan documentation portal, SBA One, as a way to bring new banks, and specifically smaller banks into the SBA lending family as a way to increase loans to smaller communities by making it an easier, more time and cost effective option for lenders.