House Small Business Committee holds meeting between lenders, SMBs

6/7/2011

With the United States slowly making a recovery from the economic recession, the federal government is looking to expedite the process. This week, the House Small Business Committee held a meeting between key lenders and entrepreneurs to discuss how a full economic recovery can be better facilitated.

Entrepreneurs agree that bigger steps have to be taken on the part of lenders to give easier access to commercial loans. Lenders, on the other hand, say that demand from credit-worthy businesses has been low, which they perceive to be the biggest issue.

"For businesses to expand and create jobs, they need adequate financing. However, small businesses are telling us that access to capital remains a hurdle in the current economy, despite rallies on Wall Street and government efforts to loosen credit," Sam Graves, House Small Business Committee chairman, said in a statement.

According to economist Dennis Jacobe, as many as 30 percent of small business owners still have trouble getting the funding they need from lenders.