Getting capital to underserved entrepreneurs is a real issue, but the SBA and Congress don’t seem to have any idea how to deal with it.
Last week I had the honor of testifying in front of Congress about changes being made to the Small Business Administration's lending program. The SBA wants to address the longstanding issue of helping small businesses in underserved communities access the capital needed to start or grow their businesses.
Testifying in front of Congress brought me a rush of adrenaline. But once that subsided and I got a good night's sleep, I could think about how much the experience frustrated me. Many members of the Small Business Committee do not seem to understand the broader financing market. If underserved businesses (or any business for that matter) want to get relatively quick and easy capital, it's available today – albeit at a steep price.
I share my thoughts in my 21Hats column this morning.
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