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Authorization Increase for Small Business 7(A) Loan Program

Floor Speech

By: Judy Chu
By: Judy Chu
Date: July 22, 2015
Location: Washington, DC
Issues: Business and Consumers

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Ms. JUDY CHU of California. Mr. Speaker, I am here to ring the alarm bell on the pending expiration of a very important program next week.

It is the Small Business Administration's flagship 7(a) loan program, which provides long-term loans to small businesses that are unable to secure financing through conventional channels.

About 80 percent of small-business owners who apply for a non-SBA loan get rejected. It is SBA's 7(a) program that gets them the money they need to succeed. In my district alone, more than $2 billion in capital has been provided to small businesses since 1990.

Not only does 7(a) lending directly support American jobs, it also operates at zero cost to taxpayers. We cannot let this successful program lapse. At the current rate of lending, this program could be forced to shut down as soon as next week.

I urge the Speaker to act on this critical issue before the August recess and make sure that our small businesses thrive.

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