According to a national poll conducted by the Main Street Alliance, Small Business Majority and the American Sustainable Business Council a majority of small business people support key provisions of the American Jobs Act and acknowledge the difficulty for getting loans. Here are key sections from the press release from the Main Street Alliance site.
Small business lending has become such an issue that 90 percent of small employers support community banks and credit unions being able to lend more to small businesses, and 82 percent support more stringent credit card regulations, such as clearer identification of terms and interest rate caps, according to the poll released by the American Sustainable Business Council, Main Street Alliance and Small Business Majority. Additionally, 61 percent say it’s harder now than it was four years ago to get a loan.
The poll also asked respondents about proposals in the president’s American Jobs Act. The vast majority, or 69 percent of small business owners support committing $50 billion to new and existing infrastructure projects that would generate jobs—such as making improvements to road, bridge and water systems. Another 59 percent favor creating a nationwide wireless network and improving the accessibility of high-speed wireless services. Read the report here.
―Loans that will help small businesses grow and create jobs areharder and harder to come by,‖ said John Arensmeyer, founder and CEO of Small Business Majority. ―With banks’ lending portfolios shrinking and small businesses’ dependence on credit cards growing, lawmakers need to look for smart ways to revamp the credit landscape.‖
―Small businesses create 65 percent of the net new private sector jobs in America,‖ said David Brodwin, co-founder and board member of ASBC.
―Our deregulated, damaged banking system isn’t providing the credit they need, and they are calling for change.
―Small business owners want action from Congress to boost the economy,‖ said Kelly Conklin, owner of Foley-Waite Associates in Bloomfield, New Jersey and a leader with the Main Street Alliance.
―Invest in infrastructure to build the foundation for business success.
Take serious steps to deal with the mortgage crisis and restore consumer purchasing power. Put teachers and firefighters back on the job serving our communities and boosting local economies. That’s what small businesses need.‖
Additional findings in the report include:
- 52 percent of those surveyed have turned to credit cards to finance their business
- 6 in 10 small business owners support making loans more accessible by reducing collateral requirements
- 77 percent support creating incentives for community banks to lend more
By a 2:1 margin, small businesses support increasing credit unions’ lending cap from 12.25 percent to 27.5 percent
- 73 percent of small employers believe their business has been hurt to some degree by the drop in consumer demand resulting from the housing and mortgage crisis
- 57% of respondents agree reducing the principal on underwater mortgages to the current market value would boost consumer spending, helping small businesses regain their vigor through increased profits.