A Quote by Lucy Powell
The lack of available credit and loans is having a severe impact on small businesses in particular, but also their suppliers and the bigger companies too.
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In my view, this is not extremism on the left. This is what the American people support in poll after poll. Support the right to a job. Support living wages. Support real climate action. Support small community-based banks that make loans available to every day people and small businesses, not these too-big-to-fail banks that rip us off, that crash the economy at taxpayer expense. Support a public-option healthcare system, not Obamacare, which has been a boondoggle for insurance and pharmaceutical companies.
Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.
In October 2008, when the credit crunch hit, small businesses were really crushed by the lack of capital.
Many small businesses rely on small financial institutions, like credit unions and community banks, to meet their capital requirements. Without them, these small businesses would have to close their doors.
In one month, the Small Business Administration does $1 billion of loans and guarantees for businesses; many of those are women-owned businesses.
The S.B.A. does not lend directly to businesses, but instead backs loans to encourage banks to invest in small businesses as part of a nearly $90 billion portfolio.
We also need to reduce corporate tax rates. This applies to small, medium and large businesses. At 35 percent, we have the second highest corporate rates in the world. It restricts the growth of small enterprises that need to plow capital back into their businesses and forces companies and jobs to move overseas.
This is deeply disturbing. Congress provided loans to help businesses hurt by the Sept. 11 attacks, not to be used as an accounting gimmick to cover up this administration's failure to provide for small businesses.
A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.
Congress can protect small businesses by providing effective oversight over SBA policies and make sure they take into account the needs of small businesses while also protecting taxpayer dollars. Congress also needs to make sure that new banking regulations do not make it more costly for community banks to lend to small businesses.
Our focus is more on secured retail business like housing and car loans. While we will do some unsecured loans - credit cards and personal loans - we will do it primarily with existing customers.
Like many other banks and finance companies, Green Tree used a process called securitization to resell its home loans to outside investors. Green Tree grouped thousands of these small loans into a pool worth hundreds of millions of dollars.
One third of the economy goes through 'QuickBooks' in terms of businesses invoicing other businesses. Each invoice contains a connection between vendors, suppliers, and customers, and also the price of that connection. Representing the payment graph is huge opportunity and something no other company can do.
As I've traveled around the country, it has surprised me how many times I've heard people in small businesses use that word 'saved.' I believe many small businesses would not have had access to credit and would not have survived without the $50 billion that we were able to put into the market.
Businesses, the State, and the third sector should join forces for a fairer society around the theme of diversity and inclusion in the supply chain, diverse suppliers in general, and work and procurement with women in particular.
Our economy creates and loses jobs every quarter in the millions. But of the net new jobs, the jobs come from small businesses: both small businesses on Main Street and many of the net new jobs come from high growth, high impact businesses that are located all across the country.
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