In a recent letter to Karen Mills, head of the US Small Business Administration, Senator John F. Kerry of Massachusetts recommended that her agency establish clear eligibility guidelines for small business cooperatives attempting to access SBA loans. As Kerry observed in his letter, “Small cooperatives face the same challenges that other small businesses do and are in need of fair lending opportunities.”
Kerry called on Mills to review outdated SBA policies that effectively deny more than 3400 small businesses from accessing capital that could enable them to expand, create jobs and strengthen the economy. The regulations in question date back to the 1960s and are subject to broad, conflicting interpretations. NCBA issued a press release applauding Senator Kerry’s call for the SBA to change these regulations.