FOR IMMEDIATE RELEASE
ICBA Praises Bipartisan Effort to Save Popular Small Business Program
Lawmakers Concerned About Access to Credit
Washington, D.C. (June 7, 2005) - The Independent Community Bankers of America (ICBA) appreciates the efforts of Senators Olympia Snowe (R-ME), John Kerry (D-MA), Christopher Bond (R-MO), and Mary Landrieu (D-LA) and Representatives Donald Manzullo (R-IL) and Nydia Velazquez (D-NY) to make the needs of small businesses a priority by urging the Small Business Administration to fix, not terminate, the 7(a) LowDoc program.
In a letter to the SBA Administrator Hector Barreto, the six expressed their concern with eliminating LowDoc loans since they have allowed thousands of small business borrowers and lenders to obtain needed financing for their small businesses.
"ICBA is glad these esteemed leaders have taken up the cause of small business owners," said Camden R. Fine, ICBA president and CEO. "Community banks across the country rely on LowDoc loans to help their customers receive the financing they might not otherwise be able to obtain. This funding will allow many small businesses, especially in underserved areas, to continue to thrive."
Snowe is the chair of the Senate Committee on Small Business and Entrepreneurship, Kerry is ranking member. Manzullo is chairman and Velazquez is ranking member of the House Small Business Committee.
View the entire letter at www.icba.org.