On the recordJuly 13, 2015
The microloan program provides very small loans to start-up, newly established, or growing small businesses. Many of these businessowners come from traditionally underserved markets, where personal and commercial credit is hard to come by. As a result, the SBA's microloan program is a critical resource that not only injects much-needed capital, but provides the necessary business training that ensures borrowers are equipped with the knowledge needed to succeed. Since the end of the recession, microlending is up 25 percent nationwide. By the way, for the last couple of years, the default rate on microloans is going down. In fact, SBA requested an additional $10 million for next year to handle demand. I can think of no better time to make long-sought changes to improve the program's efficiency and capital deployment. I wanted to thank the gentleman from Massachusetts for introducing the Microloan Modernization Act of 2015. It will give borrowers new repayment flexibility and loan choices, provide more flexibility to intermediaries, and inject additional capital in high-demand areas. I urge a ``yes'' vote, and I yield back the balance of my time.
