Sen. Deb Fischer is looking at ways to help small businesses in Nebraska and across the country.
Fischer has introduced legislation that seeks to increase access to capital for people looking to start a small business.
“Studies have shown that the availability of microfinance services increased household incomes and strengthened families and community,” Fischer tells Nebraska reporters during a conference call. “These programs work. Not just around the world, but also here at home and that’s where our focus needs to be.”
Fischer notes banks or credit unions often have larger loan requirements, which discourages some entrepreneurs. Fischer’s bill is called the Access to Capital, Access to Opportunity Act. The bill would increase the loan limit of the Small Business Administration micro financing program to $100,000, if approved.
Fischer says previous limits are not quite enough to help most people looking to start their own business.
“The Small Business Administration currently oversees a microfinance program to provide similar small loans in the United States,” according to Fischer. “But the amount of these loans is often too small to cover things like inventory or overhead costs for a news business.”
Fischer says most small businesses have trouble starting due to limited capital and the ability to obtain loans.
Chris Whitney, KLIN, contributed to this report.