Small Business Finance News

Senator Brown Supports SMB's Increased Access To Credit

Written by Jenna Weiner
Published: 12/21/2009

New legislation, supported by Senator Brown, would increase SMB access to credit.

The U.S. Senate Committee on Small Business is discussing bipartisan legislation that would temporarily raise maximum amounts for loans administered by the SBA. This could mean good news for small business owners who are looking for funds to expand their SMBs.

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In support of the committee review of this bill, Senator Sherrod Brown of Ohio said, "Without access to credit, small businesses are at great risk of having to close their doors. Credit means jobs, and loss of credit means lost jobs."

Senator Brown had proposed a Small Business Emergency Relief Act back in October, but only now is the Committee seriously considering this legislation. The bill might have been given leverage thanks to President Obama's call for a proposal to unfreeze the SMB credit market earlier this month.

Brown continues to advocate this legislation. She recently wrote to SBA Administrator Karen Mills asking the SBA to adjust debt refinancing guidelines and increase loan flexibility. She says credit will "enable the small businesses that drive our economy to muscle through these rough times and reignite our economy."

Brown is not alone in her belief that SMBs will spur economic productivity. In recent weeks, several major American banks have increased SMB loan capital; Bank of America pledged to increase SMB lending by $5 billion and JPMorgan Chase pledged to increase lending by up to $4 billion.

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