 Boosting Main Street Lending by Guest Columnist Calvin Goings Regional Administrator, Small Business Administration
Did you know two out of every three new private sector jobs are created by small businesses? Small businesses are the unique cornerstones of America and the backbone of our economy. And that's why it's so important for small businesses to have access to capital to start and grow their businesses. To help bridge credit gaps for small business owners, we at the U.S. Small Business Administration (SBA) are partnering with credit unions. Credit unions are incredibly important as they are community-based and mission focused. They've helped their members finance cars, homes, education, and of course, small businesses. The economic influence of this partnership is vast, as there are nearly 6,600 federally-insured credit unions with over 100 million members and around $1 trillion in assets. Across the country, SBA is engaging 250 credit unions to approve at least 10 loans of $50,000 or less, which would inject over $125 million into the small business economy. This partnership is one of the many ways SBA is dedicated to creating jobs and tapping into America's full entrepreneurial potential. We know that those who dream big and work hard can achieve the American Dream with the SBA. SBA is committed to moving America forward by making it easier for entrepreneurs to access tools and resources to start and grow new businesses. SBA has taken additional steps to boost small dollar lending which will bolster our credit union partnership. We've streamlined credit evaluations by revising credit criteria for SBA 7(a) small dollar loans and we've zeroed out fees on small dollar loans ($150,000 or less) making it easier for entrepreneurs to access capital by cutting costs and time. If you need a small business loan, contact your local credit union. Also check out your local SBA office to learn more about how you can gain access to capital to jumpstart your business at www.sba.gov/local.
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