Political Quotes

“I also ask unanimous consent to have printed in the Record another very nice article that appeared in the Wall Street Journal by Ruth Simon, one of their reporters, who outlines a particular story about Pinnacle Bank, which is basically in support of our bill. This is a story about a bank in Florida. It will be in the Record for Members to read. There being no objection, the material was ordered to be printed in the Record, as follows: [From the Wall Street Journal, Aug. 5, 2010] SBA Program Proves a Hit, But Now It Is in Limbo (By Ruth Simon) Pinnacle Bank made just two loans through the Small Business Administration in 2007 and 2008. So far this year, the Orange City, Fla., bank's total is nine, to borrowers from an auto dealer to a computer-equipment wholesaler to a bakery. ``The SBA program is the only way we can continue to lend right now,'' says David Bridgeman, president of Pinnacle, which has two branches and assets of $213 million, including about 600 loans. For many of the $3.4 million in loans Pinnacle made through the SBA in 2010, the bank has to set aside capital against only the 10% slice that isn't guaranteed by the U.S. government. Across the nation, many banks have turned to the SBA's so- called 7(a) program to help unfreeze credit. Nearly 3,000 lenders have made 7(a) loans in the current fiscal year, up 21% from 2008. The 7(a) program, the SBA's largest loan program, is hardly a cure for the credit shortage affecting many borrowers.…”