Founded in 1958, the SBIC Program is a private-public partnership that provides equity and debt financing to qualifying small businesses. Since the program's inception, SBICs have invested more than $70 billion in nearly 170,000 small businesses, according to the NSBA.
Todd McCracken, NSBA president and CEO, sent a letter to the bill's sponsors March 18 praising their efforts to expand credit to small businesses.
NSBA's 2014 year-end report showed that 22 percent of small business owners reported being unable to obtain adequate financing, according to Mr. McCracken.
“Of those struggling to secure financing, more small business owners report a lack of financing is hindering their ability to finance increased sales or increase inventory to meet demand,” he said.