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Small Business:

Congresswoman Grace F. Napolitano recognizes that small business is the backbone of the economy in the 38th District and throughout the nation. She was a member of the House Small Business Committee for six years, and she has been a staunch advocate for the needs of local entrepreneurs. She is extremely concerned about the recent funding crisis in the Small Business Administration’s (SBA) 7(a) loan program and the President’s proposed budget cuts for the Small Business Administration (SBA) the lead federal agency working to promote the viability of smaller firms.

7(a) Loan Program: The SBA's 7(a) loan program has been in jeopardy for several years now.  Small businesses rely on this loan program, and SBA simply cannot meet their needs with the meager funding it has received. In 2003, more than 150 7(a) loans, totaling almost $55 million, were given to small businesses in the 38th district. Approximately two-thirds of those loans were given to minority entrepreneurs. Unfortunately, this year’s loan needs are now in serious jeopardy.

Currently, the 7(a) program currently guarantees 75% to 90% of all loans. At a time when our nation is still struggling to create jobs and recover from a recession, she believes that the 7(a) program needs to be expanded and strengthened, not weakened and underfunded.

Related Documents:

 

Related News:

September 10, 2003 – Napolitano Addresses Small Business Exporting

September 23, 2003- Napolitano Chairs CHCI Panel on Hispanic Small Business and International Trade

July 24, 2003- Napolitano Supports Modernization of SBA, Reinvestment in Manufacturing Base

 

July 23, 2003- Napolitano Exposes Bush’s Failure on Small Business Agenda

 

June 25, 2003- Napolitano Highlights Lack of Federal Contracting Opportunities for Small Businesses

 

May 22, 2003- Napolitano Votes to Increase Capital for Small Business

 

April 15, 2003- Napolitano Addresses Montebello Businesspeople

February 03, 2003- Napolitano to Serve on Resources, Small Business