On March 7 during a hearing entitled “Small but Mighty: A Review of the SBA Microloan Program,” a panel of lenders, entrepreneurs, and other small business experts from around the nation shared their SBA Microloan program experiences before the House Small Business Subcommittee on Economic Growth, Tax, and Capital Access, chaired by Rep. Andy Kim (D-NJ).
Ceyl Prinster, president and CEO of OFN member Colorado Enterprise Fund, joined fellow SBA Microloan program advocates on the panel, including Carolina Martinez, CEO of the California Association for Micro Enterprise Opportunity; Mariama Jallow, owner of microloan recipient Mariama’s Beauty Supply in Portland, Maine; and Michelle Richards, executive director of the Great Lakes Women’s Business Council.
Prinster shared how the communities that Colorado Enterprise Fund serves have benefitted from the SBA Microloan program, stating:
“With this funding from the [SBA] Program, we have made 1,476 small business loans totaling $18.7 million, thus revolving the Program funds 1.6 times during their 10-year amortized term to achieve greater impact. . . . We deliver an average of over 3,000 hours of technical assistance per year and over 80 percent of our borrowers utilize our TA services.”
Established in 1991, the SBA Microloan program provides funds to nonprofit, community-based intermediaries around the nation who then redistribute the funds to local underserved businesses as small loans up to $50,000. The program also helps intermediaries deliver a wide range of business support services, such as business planning and financial education.
Read more in the press release.
Watch the full hearing in the video below.