Torres Introduces Bill to Make it Easier to Find Small Business Loans
WASHINGTON, DC - Today, Rep. Norma J. Torres (D-Pomona) introduced the Communicating Lender Activity Reports from the Small Business Administration (CLEAR SBA) Act which will make it easier for small businesses to find available lenders and get the capital they need to grow and succeed.
“During my Job Creation Listening Tour, I heard time and again about the challenges small businesses face when trying to access small business loans, in particular a lack of information about resources and funding options,” said Torres. “My bill will help level the playing field by making the process of accessing capital easier for small business owners so they can grow their businesses and help the Inland Empire economy thrive.”
The CLEAR SBA Act directs the Small Business Administration (SBA) to create a user-friendly database of lenders who issue small business loans that would be a one-stop shop for small businesses to conveniently search for lenders who provide loans that can meet each business’s needs. The database will include the number of loans issued by each lender, the total dollar amount of loans made by the lender, zip codes in which loans were issued, list of industries of loan recipients, and the number of loans issued to women-owned businesses, socially and economically disadvantaged businesses, and veteran-owned businesses.
“At the Ontario Chamber of Commerce we strive every day to develop an environment that supports small businesses in the Greater Ontario Region,” said Peggi Hazlett, President/CEO of the Ontario Chamber of Commerce. “The CLEAR SBA Act provides another tool in the arsenal for our small business owners to link with needed capital to support their growth and success. Providing access to a one-stop database in their search for the appropriate lender that best fits their needs is such a valuable asset for our small businesses. The Ontario Chamber of Commerce applauds Congresswoman Norma Torres for introducing the CLEAR SBA Act to help drive growth and prosperity within the business community.”
“The Pomona Chamber of Commerce is supportive of legislation that benefits the small business community,” said Erica Frausto, Executive Director of the Pomona Chamber of Commerce. “The Clear SBA Act would benefit small businesses by providing business owners with a tool that would make it easier for them to obtain capital to grow their businesses. Especially with small businesses, any advantage we can provide them is essential to their ability to survive and contribute to the economy. The bill will also give small business owners the confidence to take the next step toward realizing their entrepreneurial goals.”
Upon beginning her first term in Congress, Rep. Torres embarked on a listening tour of the 35th District where she spoke to over 200 business owners, community leaders, educators, and employees about the challenges facing the Inland Empire economy and their ideas for bringing jobs to the area. The findings, recommendations, and ideas that came out of the tour were published in a report titled “A Roadmap to Economic Resilience in the Inland Empire.” An update on the progress made on those recommendations was published one year later.