More Top Picks Best Wakeboards
player ready...Congresswoman Nydia Velazquez (D-N.Y.) is continuing to call for hearings on the recent shutdown of the Small Business Association’s flagship loan program.
Velazquez, who is the top Democrat on the House Small Business Committee, said the problems at the 7(a) program need to be examined, particularly since it could face another financial shortfall before the end of January.
The 7(a) loan guarantee program was shut down this month after it ran out of money. The SBA has instituted a $750,000 cap on applications, down from $2 million, and placed further limits on the types of loans it will back.
“The administration’s current solution is no solution at all,” Velazquez said in a news release.
Velazquez said her requests for a hearing have been denied by the Republican-controlled committee.