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SBA Loan Program Hearing
On Thursday, June 29, 2017, the House Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access held a hearing entitled, “A Review of SBA’s 504/CDC Loan Program.” During the hearing the subcommittee members questioned witnesses about the effectiveness of the program and its functionality.
The hearing featured testimonies from:
- Ms. Natasha Merz, Vice President of Langley Federal Credit Union testifying on behalf of the National Association of Federally-Insured Credit Unions;
- Mr. Wayne Williams, Senior Vice President of Business Finance Group;
- Ms. Barbara A. Vohryzek, President and CEO of the National Association of Development Companies; and
- Mr. Sherwood Robbins, Managing Director of Seedcopoa.
Many of the Representatives’ questions for the witnesses involved ways in which the 504/CDC has already helped small businesses grow, spurred economic growth, and how the program could be expanded in the future. The witnesses all referenced the biggest problem was program awareness and as a result, many businesses are nervous to take out loans through it. Simply educating lenders and spreading word about the program would be the most helpful in growing it.