PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Advocate for Entrepreneurs Cheers U.S. House Passage of Reform Bill that will Strengthen Small Business Lending

By at 22 May, 2018, 6:08 pm

FOR IMMEDIATE RELEASE

Washington, D.C. – Today the U.S. House passed the bipartisan “Economic Growth, Regulatory Relief and Consumer Protection Act” (S. 2155), and according to Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan, the bill is an important measure that will help return small business lending to healthy levels. U.S. House passage of S. 2155 means the legislation now moves to President Trump’s desk for his signature, as the U.S. Senate advanced the legislation on March 18 by a vote of 67-31.

“Access to capital remains a challenge for many entrepreneurs and small businesses. S. 2155 is a sensible bill that lifts inappropriate requirements and red tape from smaller financial institutions, which in turn will improve lending to small businesses. It is very positive to see the Congress working on a bipartisan basis to right-size regulation for our financial institutions. This legislation, once signed into law, will enable community banks to more effectively direct more of their resources and capital toward serving their local communities and small businesses,” said Kerrigan.

The economy is growing and small businesses require capital to take advantage of growth opportunities. According to Kerrigan, action by the Congress to improve and strengthen the lending environment will help fuel small businesses and the local communities and jobs that depend on these businesses. Kerrigan added that she was pleased to see an important piece of a comprehensive, bipartisan legislative effort, jumpstarted by House Financial Services Committee Chairman Jeb Hensarling (R-TX), advance to President Trump’s desk.

“Chairman Hensarling’s leadership on this critical issue and others related to capital formation and access is making a significant difference for the health of U.S. entrepreneurship and small business growth,” said Kerrigan.

Kerrigan also thanked Senate leaders for their fortitude in crafting a compromise to help small businesses nationwide.  Senate Banking Committee Chairman Mike Crapo (R-ID) led the effort.

“Chairman Crapo’s strong commitment to small businesses is evident by his great work and leadership in moving S. 2155 through the Senate,” added Kerrigan.

Kerrigan said she looks forward to helping to advance other bipartisan proposals to the President’s desk as more work is needed to improve capital access for entrepreneurs and small businesses. SBE Council will be working toward that end over the next couple of months.

Related resources:

The 2018 Policy Agenda for Entrepreneurs and Small Businesses: Access to Capital

Kerrigan in The Hill: Shaping Financial Rules Helps Main Street, Not Wall Street

Access to Capital: Congress Must Find a Path Forward on Bipartisan Bills

CONTACT:

Karen Kerrigan, kkerrigan@sbecouncil.org,

703-242-5840

SBE Council is a nonpartisan, nonprofit advocacy, research and education organization that works to protect small business and promote entrepreneurship. For nearly 25 years SBE Council has worked to successfully implement a range of policy and private sector initiatives to strengthen the ecosystem for startups and small business growth. To learn more, visit SBE Council’s website: www.sbecouncil.org. Follow on Twitter: @SBECouncil

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