Small businesses in Texas need Congress to get out of their way | Opinion
So it is puzzling to see the CEO of the National Association of Government Guaranteed Lenders, Tony Wilkinson, quoted inas saying: “Our system is not broken” and ”I don’t know what they are trying to fix”, referring to the SBA’s intentions to simplify loan requirements.
Fortunately, the SBA has a plan to increase access to affordable credit for underserved small businesses by modernizing its flagship 7 program. On August 1, the SBA streamlined its processes for loans under $500,000 for lenders and borrowers and increased competition by licensing three additional fintech small-business lending companies for the first time since 1982, an initiative that enjoys bipartisan bicameral support in Congress.
Funding Circle estimates that if it is permitted to join the 7 program under the same rules and regulations governing the existing lending companies in the program, we would be able to provide up to 758 small businesses in Texas access to $68.9 million in loans averaging $94,500 over the next three years. An estimated 33% of the loans would go to businesses in low-moderate income neighborhoods and 40% in rural areas.
Unfortunately, some in Congress appear poised to try and roll back the changes SBA has just implemented.
Ryan Metcalf is the director of U.S. public affairs at Funding Circle, an online small-business financing platform for business borrowers. He wrote this column for The Dallas Morning News.
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