Today, Congressman John Curtis’ bipartisan H.R. 6348, the Small Business Access to Capital and Efficiency Act, also known as the Small Business ACE Act, passed the House of Representatives. As a former small business owner and member of the House Small Business Committee, Congressman Curtis understands the importance of a bipartisan bill that will reduce burdensome and conflicting regulations that are keeping small businesses from growth and access to capital.
“I am thrilled to see this bipartisan bill pass the House and grateful for the support of my colleagues. The Small Business ACE Act will ensure small businesses have more efficient access to capital without costing the tax-payer a single dollar. As we see far too often, the federal government has maintained burdensome and conflicting regulations that disproportionately burden small businesses with uncertainty and red-tape. With this bill, we are one step closer to keeping the federal government from getting in the way of small business success.”
Small businesses are the lifeblood of the Utah economy – they make up over 99% of the state’s businesses, employ nearly half of the state, and are responsible for 2/3 of all job growth. While the economy continues to make impressive progress, entrepreneurs regularly face challenges accessing capital. To many of these business owners, the Small Business Administration’s popular 504 lending program, that has supported over 4,500 Utah entrepreneurs, has been a welcome lifeline. The Small Business ACE Act will eliminate and harmonize regulations to help our small businesses thrive.
The Small Business ACE Act has gained broad support from colleagues on both sides of the aisle and important stakeholders like National Association of Development Companies, Mountain West Small Business Finance, and Utah Certified Development Company.
Since being elected to Congress a few months ago, Congressman Curtis had made an impressive effort to put Utah’s needs first. The idea for this bill was brought to him by a constituent and in a matter of weeks, he introduced the Small Business ACE Act. Today, the bill becomes Curtis’ fourth to pass the House of Representatives.
STATEMENTS OF SUPPORT
Congressman Dwight Evans (D-PA)
“As Ranking Member of the Subcommittee on Economic Growth, Tax, and Capital Access of the House Small Business Committee, I am proud to join my colleague from Utah in introducing a bill that supports the needs of our small business owners and entrepreneurs. As I noted in last year’s Section 504 hearing, ‘In order for small firms to play their traditional, job-creating role, a number of factors must be in place. Perhaps the most important ingredient is the availability of capital. However, obtaining conventional credit can be particularly difficult for small businesses – making the Small Business Administration’s lending programs critical to filling this gap. Namely, SBA’s 504 program helps small businesses obtain long-term financing for major assets, such as real estate and equipment. It gives them much needed access to capital on par with their larger counterparts.’ Pennsylvania and Utah are thousands of miles apart, but the needs of our small businesses are the same, and so I commend Congressman Curtis in taking the initiative to help small businesses.”
Chairman Steve Chabot, Small Business Committee
“I again want to thank Mr. Curtis for his hard work on this bipartisan bill. Reducing conflicting federal regulations will allow small businesses the ability to grow and create jobs. Now that the House has passed the bill I hope to see it move quickly and become law.”
Barbara A. Vohryzek, President & CEO, National Association of Development Companies [LETTER]
“The Small Business ACE Act will provide meaningful change across the country by reducing an unnecessary burden on our nation’s valuable small businesses, particularly in rural areas. NADCO and the 504 loan practitioners it represents appreciate that Rep. Curtis is committed to streamlining processes for these businesses and fixing the outdated appraisal threshold to help these entrepreneurs attain quicker access to needed capital as they look to grow.”
John D. Evans, President, Mountain West Small Business Finance [LETTER]
“As accurately stated by NADCO, this bill will enable small businesses, who receive SBA 504 loans, to be treated equally with all other businesses that seek commercial real estate financing. The ACE Act will ensure that entrepreneurs have quicker access to needed capital and will reduce the time and cost burden on many institutions who lend to small businesses.”
Robert D. Richards, President & CEO, Utah Certified Development Company [LETTER]
“We feel this is a great step toward making it easier for owners to access much needed capital. Small businesses consistently comprise over 95% of all businesses in Utah. Nearly half the jobs in our state are provided by these small businesses. It is of great importance that access to capital is available for this sector.”