Nydia M. Velazquez: “Small businesses are this country's economic drivers, yet they continually face challenges that make it hard for them to…”

“Small businesses are this country's economic drivers, yet they continually face challenges that make it hard for them to succeed in today's marketplace. Entrepreneurs are already dealing with rising energy and health care costs as well as the increasing regulatory burden. The last thing they need is for accessing affordable capital to be another barrier in the way of their success. What we continue to see is a steady increase in costs and a decrease in access for the very programs that are intended to help entrepreneurs. Over the past 2 years, for the 7(a) program alone, costs have doubled for smaller loans, and the average loan size has declined by 37 percent. A recent study released by the National Small Business Association found that access to capital is the number two concern for entrepreneurs. This means that it is more of a concern than taxes and even the regulatory burden. The Small Business Lending Improvements Act of 2007 is a bipartisan effort introduced by Ms. Bean and Mr. Chabot.”