NSBA supports small biz bill

(National Small Business Association photo)

WASHINGTON (March 19, 2015) — The National Small Business Association (NSBA) has endorsed a bill that would provide small businesses greater access to investment capital.

The Small Business Investment Company (SBIC) Capital Act of 2015 — designated as H.R. 1023 in the U.S. House of Representatives and S. 552 in the U.S. Senate — would amend the Small Business Investment Act of 1958 to raise to $350 million from the current $225 million the maximum amount of outstanding leverage to be made available by the Small Business Administration to two or more commonly controlled SBICs that are not under capital impairment and have a proven record of success, the NSBA said.

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.

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