Ranking Member Chu Statement on Small Business Committee Hearing to Improve Access to Capital

Today, the Small Business Committee Subcommittee on Economic Growth, Tax and Capital Access held a hearing to examine improvements to capital access programs within the Small Business Administration (SBA). Rep. Judy Chu (CA-27), ranking member on the subcommittee, released the following statement:

“Our small business sector is back at the heart of job creation after one of the worst economic downturns in history, creating 2 out of 3 new jobs in the U.S.,” said Rep. Chu. “As the economy continues to grow, more entrepreneurs will seek capital to start a new venture or expand an existing business, and the Small Business Administration’s (SBA) fills critical gaps in the lending market for small businesses that cannot access traditional lending sources. Through a myriad of programs like 7(a), SBIC, microloan, and 504/CDC, the SBA has channeled more than $30 billion in assistance to over 58,000 small firms. For fiscal year 2015, that number is on track to reach $25 billion. Traditionally, SBA’s lending programs have played an important role for small businesses looking to access their first source of capital, protect existing jobs, or expand and hire workers. We stand to gain immensely from these programs and so it is important for us to examine their successes as well as seek opportunities for improvement.”

Witnesses for the hearing included: Ms. Barbara Vohryek, President and CEO of the National Association of Development Companies, Mr. Brett Palmer, President of the Small Business Investor Alliance, Mr. Rich Bradshaw, President of Specialized Lending Community Bank, and Mr. Brandon Napoli, Director of Microlending for Valley Economic Development Center in Los Angeles, CA.