Press Release

Buchanan Presses SBA To Increase Credit To Small Business

Washington, DC -- Watch Congressman Buchanan question SBA Administrator Mills at the following link:

http://www.youtube.com/watch?v=CUzPMSD3h_Q

Washington, D.C. – Congressman Vern Buchanan (FL-13) today pressed the Small Business Administration (SBA) to increase credit available to small businesses.  Buchanan is a member of the House Small Business Committee, which heard testimony today from SBA Administrator Karen Mills. 

Buchanan questioned Mills about the inability of small businesses in Florida’s 13th District to gain access to credit or capital necessary to grow or maintain their business saying it was the number one issue voiced by more than 100 small business owners who attended a recent forum he hosted.

“There is no credit,” said Buchanan.  “We talk a good game.  I think the President is committed to small business.  I have talked to him personally about that.  But we just aren’t doing anything to get the money out there.”

The SBA had estimated that America’s Recovery Capital (ARC) loans included in the stimulus package would reach 10,000 businesses by the time the program is slated to end on September 30, 2010.  Since June 15, the SBA has approved just 806 ARC loans in 47 states, made by 316 banks. 

“Small banks, big banks, they just aren’t lending any money,” continued Buchanan.  “So what do you say to these small businesses in my community and across the country that have no credit?”

“All these banks – even though they are getting capital, they are not lending,” said Buchanan.  “The truth of the matter is they aren’t lending so a lot of the businesses - a lot of them are going to end up going out of business.” 

Buchanan noted that none of the $750 billion Tarp funds has made its way to small businesses and working families.

“We need real money, real results and right now,” added Buchanan.  “We’ve lost three million jobs.  These are a lot of working families.  We’ve got to get more money out there in good loans that make sense now.”

The purpose of the hearing entitled “Oversight of the Small Business Administration and its Programs” was to examine programs within the Small Business Administration.

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