PACB Letter to Chairman Ted Stevens

May 26, 2004

The Honorable Ted Stevens
Chairman
Room S-128 Capitol
United States Senate
Washington, DC 20510

Re: $100 million Appropriation for SBA 7 (a) Loan Program

Dear Mr. Chairman:

The Pennsylvania Association of Community Bankers (PACB) joins with America’s Community Bankers and the Independent Community Bankers of America in supporting an appropriation of $100 million for the Small Business Administration’s (SBA) 7 (a) loan program in Fiscal Year 2005.

Many of our members take advantage of this critical program that provides a secure and competitive source of credit for small businesses throughout the United States and Pennsylvania.

Over the years, the 7 (a) program has successfully served as the premier small business government loan program and a reliable source of funding for many start-up and growing small businesses that lack sufficient access to capital. An appropriation of $100 million for Fiscal Year 2005 would fund the loan program at the same level it was functioning at in early Fiscal Year 2004 before the emergency adjustment in funding was made. A $100 million appropriation in Fiscal Year 2005 would also meet a projected increase in loan demand as the nation’s economy continues to recover and small business continues to grow and create more jobs.

PACB urges you to make funding for the 7 (a) program a top priority during this Congress.

Thank you for your consideration of our views.

Sincerely,

Frank A. Pinto
President/CEO

Cc: The Honorable Arlen Specter