SBA Testifies Before Small Business Cmte on Oversight and Access to Capital
Monday, October 31, 2011
Karen Mills, Administrator for the U.S. Small Business
Administration, recently testified before the House Small Business Committee on
the topic of access to capital for small businesses. Highlights from the hearing entitled, "Oversight
of the Small Business Administration’s Financing Programs” included:
The SBA supported over $30 billion in lending to 60,000 small
businesses last year.
The SBA had an all-time record year in our Small Business Investment Company
program, with nearly $2.6 billion in financings.
· The SBA secured
$20 billion in additional small business lending commitments from 13 of the
largest U.S. banks over the next three years.
· Credit Risk Management and going after fraud, waste and
abuse were made priorities.
To read the entire testimony from Administrator Mills,
including charts and graphs on SBA funding and financing, click here.