Torres Introduces Bill Simplifying Search for Small Business Loans
WASHINGTON, DC - Rep. Norma J. Torres (D-Pomona) introduced the Communicating Lender Activity Reports from the Small Business Administration (CLEAR SBA) Act, legislation that will make it easier for small businesses to find available lenders and get the capital they need to grow and succeed.
“As I’ve talked to many business owners in our community, I hear time and again about how difficult it can be to find small business loans, in particular that there is a lack of information about resources and funding options,” said Torres. “Small businesses don’t have the same connections and large staffs as large companies, so 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 serve as 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.
“As a small business owner of Coffee Nutzz in Rialto, getting access to a small business loan was essential to starting my business and making my dreams come true,” said small business owner and Rialto City Councilmember Andy Carrizales. “Passing the CLEAR SBA Act will allow me and other small business owners to continue to meet the need of our community while being a valuable asset to our local economy. Having easy access to a database of lenders that provide me the detailed information and type of loans that meet my needs will help my business expand and continue to compete into the future.”
“The Pomona Chamber of Commerce continues to support Congresswoman Norma Torres efforts on the CLEAR SBA Act,” said Erica Frausto, Executive Director of the Pomona Chamber of Commerce. “Small businesses are a crucial part of the economy and we must provide them with the opportunities for easier access to capital. Historically disadvantaged businesses including minority-owned businesses, women-owned businesses, and veteran-owned businesses would have a tool that would give them access to lenders that would meet their specific needs. A small business loan can mean survival and growth to a small business, which in turn means growth for our economy.”