LATTA CALLS FOR HEARING ON SMALL BUSINESS LENDING

LATTA CALLS FOR HEARING ON SMALL BUSINESS LENDING

Letter to House Financial Services and Small Business Committees Asks for Hearings to Examine the State of Lending to Small Businesses

WASHINGTON- Today, Congressman Bob Latta (R-Bowling Green) sent a letter to House of Representatives Financial Services Committee Chairman Barney Frank (D-MA) and House Small Business Committee Chairwoman Nydia Velázquez (D-NY) requesting a joint committee hearing on the state of lending to small businesses in the United States.

“Over the past six months, I have repeatedly met with banks, both large and small, that express that they have funds to lend to small businesses. However, I repeatedly hear from small businesses that they are unable to get loans. These are often businesses that have good credit and no standing debt, yet they are unable to get any financing. These same companies are also unable to get loans through the Small Business Administration’s various programs. This scenario that I keep hearing over and over simply does not make sense,” Latta stated in his letter to Chairman Frank and Chairwoman Velázquez.

“With the state of our nation’s economy, our small businesses need as much assistance as possible to grow and prosper. I am concerned that banks are facing greater regulation thereby drying up lending. Both banks and small businesses need an environment where responsible lending can take place which will benefit both parties. It is my hope that with this hearing, Congress can foster a better environment for both small businesses and banks,” Latta stated.

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