The House of Representatives approved a bi-partisan measure last week that would lift the cap on the Small Business Administration's (SBA) 7(a) loan program to $23.5 billion, which would enable SBA to continue approving much needed loans to business owners - like franchisees. The House vote follows the Senate's approval of the same increase just two weeks ago.
The IFA and other pro-franchising groups are praising the move. "We are extremely pleased policymakers on both sides of the political aisle recognized the importance of the 7(a) loan program, which provides critical funding to small businesses, including franchise small businesses," said IFA President & CEO Steve Caldeira, CFE. "For every $1 million in lending to a franchise, 40 new direct and indirect jobs are created - a sizable return on investment. Ensuring these existing and prospective small businesses continue to have access to capital is crucial to job creation and small business ownership opportunities."
In late July, the IFA sent a letter to Members of the House of Representatives' Committee on Appropriations, urging them to increase the Fiscal Year 2015 lending authority for the Small Business Administration's 7(a) loan guarantee program.
"The franchise industry creates opportunities, not just for thousands of business entrepreneurs around the country, but also for the communities their businesses impact and we look forward to working with Congress to make sure a supplemental increase to avoid shutdown of the program and credit access and lending remain strong," added Caldeira.
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