The House Small Business Committee heard testimony from small business owners about their ability to obtain SBA-backed financing.
Jim Brunberg, owner of Mississippi Studios in Portland, Ore., an 18-employee operation, talked about the problems he experienced when he expanded his concert venue last year just as the economy soured. Access to the Small Business Administration’s new ARC loans came in the nick of time. “The loan funded quickly and literally kept our doors open for the summer, kept my workers employed, and kept our business open as a magnet to the economically redeveloping neighborhood,” he said.
Harry DeWolf, director of the Portland SBA Office, testified about the success of the SBA’s programs in his district. He noted that to date, the SBA has guaranteed 632 SBA loans valued at $143 million in the Portland District. Over 50 percent of the loans went to veterans, women, and minority small business owners, while 22 percent went to rural communities.
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