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SBA West Coast Chief Calls For More Lending In California

Written by Ken Gaebler
Published: 7/8/2010

The Golden State's SBA administrator says that an increase in small business loans will help economy.

The head of the U.S. Small Business Administration for California, Nevada, Arizona, Hawaii and Guam has recently brought a new level of focus to California, given how much the state is struggling during the economic downturn.

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Elizabeth Echols, who was just recently named to the regional leadership post, called attention to the state's dire financial straits and said that more government-backed lending was necessary to help jump-start job creation.

Echols, who makes her home in the state, knows all too well how much help California needs.

"The biggest issue for small businesses is access to credit so they can retain and create jobs," Echols said. "In California, we have higher unemployment than in most states, which might be an indication that California was harder hit by the economic downturn."

In entrepreneur news, many small business owners have had to sell their businesses in order to recuperate some of their costs. According to the website BizBen.com, the number of small businesses that sold in California totaled 1,090 in June, which was higher than the 986 sold during the same period last year.

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