Michaud Stresses Need to Promote Access to Capital for Small Businesses

Thu. June 11, 2009; Posted: 06:26 PM

Jun 11, 2009 (Congressional Documents and Publications/ContentWorks via COMTEX) -- SBCOE | Quote | Chart | News | PowerRating -- WASHINGTON, DC - Today, Congressman Mike Michaud, a member of the House Small Business Committee, issued the following statement following a hearing on the Small Business Administrations' (SBA) access to capital programs.

"In Maine, our state is small business. Small business is the backbone of our economy and the engine of job creation in our state. Unfortunately, the financial crisis has made access to credit much more difficult. While the measures included in the stimulus package will help boost lending, the length of this recession makes it clear that more needs to be done.

"The finance programs provided by the SBA offer a countless number of entrepreneurs the means to develop a new idea, provide their community with a needed service, and provide good jobs for individuals across our country. These programs are a necessity, providing firms struggling with start-up costs funding that would not be available otherwise.

"As the financial crisis and economic recession continue, it is important that we re-examine these programs and make sure that the SBA has the tools necessary to provide assistance to struggling entrepreneurs, bolster job creation, and get our economy back on track. It is the hard work and dedication of our nation's small businesses that will steer us out of this economic recession. I look forward to continuing our work on the committee to update and improve SBA's programs."

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