[Congressional Record Volume 159, Number 89 (Thursday, June 20, 2013)]
[Extensions of Remarks]
[Page E928]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          SMALL BUSINESS OPPORTUNITY ACCELERATION ACT OF 2013

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                            HON. JANICE HAHN

                             of california

                    in the house of representatives

                        Thursday, June 20, 2013

  Ms. HAHN. Mr. Speaker, whenever we get to go back to our districts, I 
always try to make time to meet some more small businesses--to hear 
direct from them, what is standing in their way, what the need to hire 
and grow. And over and over again, I hear that the difficulty accessing 
capital is holding back the businesses of my district, and across the 
nation.
  Interest rates are low, but the upfront costs of capital can push 
away many small businesses that would otherwise be able to seize an 
opportunity in the market that would strengthen and even expand their 
business. The Small Business Administration has worked to make it 
easier and less costly for small businesses to access capital with the 
7(a) loans. However, the SBA charges an upfront fee for its loan 
guarantee that can deter small businesses from pursuing small loans to 
take advantage of fleeting opportunities that require a quick influx of 
capital.
  By targeting the small loans that are so critical to the 
entrepreneurs and small businesses in my district, we can make it 
easier for these job creators to succeed and grow. That's why I am 
introducing legislation that would eliminate the upfront guarantee fee 
for SBA 7(a) loans of $150,000 or less.
  As we continue to work to strengthen the small businesses that are 
the backbone of our nation's economy, and to combat the many obstacles 
to their accessing the capital they need to succeed, I hope my 
colleagues will support this legislation.

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