House small biz chair wants SBA reopened

According to a Washington Post article, House Small Business Committee Chairwoman Nydia Velázquez, D-N.Y., is calling for the Small Business Administration (SBA) to be reopened to ensure the nation’s small business have access to capital.

“It is important that small businesses who apply for loan guarantees that they are able to get their money. This is going to have a direct impact on the operation of their businesses,” Velázquez said in the article.

The SBA is one of the agencies impacted by the partial government shutdown. A recent American Banker article highlighted that the SBA has a severe backlog of applications, as it is currently unable to process and approve them.

Miguel Maldonado, senior vice president at NAFCU-member Randolph-Brooks Federal Credit Union (Live Oak, Texas), told American Banker’s John Reosti that “depending on how long the shutdown is in effect, we could see some negative impact to the program and the economy.”


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