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News & Press: WIPP Legislative Updates

House Committee Focuses on Access to Capital Issues

Tuesday, May 26, 2015  
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Policy Briefing - Week of May 18


House Committee Focuses on Access to Capital Issues

 

The House Small Business Economic Growth, Tax and Capital Access Subcommittee explored potential improvements to SBA capital access programs: the 7(a) Loan Guarantee Program, the Certified Development Company (CDC) Program, the Microloan program, and the Small Business Investment Company (SBIC) program. Complementing the House’s efforts, S. 1445 was recently introduced by Senator Deb Fischer (R-NE) focusing on improvements to  the SBA’s Microloan program.


One of WIPP’s coalition partners, the Association for Enterprise Opportunity (AEO), had a member testify on the success of the microloan program. Women entrepreneurs are the majority of the program’s users. The program provides up to $50,000 to small businesses with an average loan of $13,000, and ensures that small businesses receiving these loans are given technical assistance to increase the success rate.


More than the microloan legislation, witnesses from the lending community asked for certainty, funding, and flexibility to make their lending programs a success. The 7(a) program was concerned about FY16 funding, while the advocate for the 504 refinance program raised the issue of the upcoming “wall of maturities” -- a looming increase in loans that, without refinancing, may go into default. The Small Business Investor Alliance (SBIA) continued to push for increases in the amount their investment companies can lend out. More on the hearing can be found on the Committee website.  



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