PACB Letter to Senator Specter and Senator Santorum

To: Senator Arlen Specter
     Senator Rick Santorum

From: Frank A. Pinto, President/CEO

Subject: Funding for Small Business Administration (SBA) 7 (a)

Date: July 15, 2004

The Pennsylvania Association of Community Bankers joins with our national associations, Independent Community Bankers of America (ICBA) and America’s Community Bankers (ACB) in supporting $79 million in the FY ’05 Commerce-Justice-State (CJS) Appropriations bill.

It is our understanding that the House successfully maintained funding at the $79 million level for this critical program for America’s small businesses and the overall economy. Many of PACB’s members are strong partners of the SBA in helping small business and job creation in their communities and funding of the 7 (a) program is essential for this partnership to continue to thrive.

The program’s success is well known and well documented. Last year alone, the program generated 360,000 jobs across America. For every 60 cents spent by the federal government on this program, over a hundred dollars in loans can be provided to small business. We believe the public-private partnership forged by the 7 (a) program is a win-win for all involved.

For all these reasons, we ask that you support and encourage the appropriation of $79 million in FY ’05 for the 7 (a) program. As always, we stand ready to be a resource to you and your staff on this and other issues important to community banks.

Thanks so much for your consideration.

Cc: ACB
      ICBA