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Support American Small Businesses

Support American Small Businesses

Although large companies and multi-national corporations seem to dominate our national consciousness, small business remains the backbone of the U.S. economy. According to the 2014 Annual Survey of Entrepreneurs, nearly 61 percent of all firms with paid employees have a staff of just 4 people or less. In fact since 1970, 55 percent of all existing American jobs have been supported by small business, and 61 percent of all net new jobs have been created in the small business sector. Clearly, small businesses in the U.S. carry a disproportionately large burden to employ the 149.5 million people in the labor force compared to large enterprises.

Yet, despite the outsized role small businesses play in driving economic growth, effective financial tools that would support and encourage small business development have been slow to develop. Access to capital issues plague small businesses and would-be entrepreneurs alike, affecting mostly individuals with limited household wealth and credit histories. As a result, business startup rates, both before and after the recession, have been highest among the wealthiest households, exacerbating issues related to wealth inequality and sending negative ripple effects throughout the economy.

Pass the Small Business Access to Capital Act of 2020

The State Small Business Credit Initiative (SSBCI) was a phenomenally successful federal financing program that delivered flexible, affordable capital to small businesses around the country. Unfortunately, the SSBCI Program expired in 2017, leaving a void in the marketplace for affordable small business loans. Congress should reintroduce and pass the Small Business Access to Capital Act, which would reauthorize SSBCI and allocate $3 billion to eligible participating states.

Learn More about the Small Business Access to Capital Act of 2020

Sign CDFA's Letter to Congress

The Council of Development Finance Agencies (CDFA) and our joint coalition of partners is urging Congress to reauthorize funding for the State Small Business Credit Initiative (SSBCI) Program.

A $2 billion infusion in a reauthorized SSBCI Program would provide immediate access to capital for small businesses that desperately need it. The programs created by states under the original SSBCI are still in operation and would be ready to immediately deploy capital to businesses in need. There would be no need to create new rules and regulations should this option be enacted. States are prepared to receive an infusion of SSBCI funding immediately.

Completing this form adds your name to our coalition of hundreds of loan providers and development finance agencies asking that Congress include a reauthorization of funding for the SSBCI Program in the upcoming stimulus package.

Read the Letter

Read the CDFA Policy Agenda

CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor