{"database": "press", "table": "releases", "rows": [["http://rice.house.gov/media-center/press-releases/rice-subcommittee-analyzes-post-recession-small-business-lending", "Rice Subcommittee Analyzes Post-Recession Small Business Lending Environment", "2013-12-05", "2013", "2013-12", "Republican", "House", "SC", "Tom Rice", "R000597", "rice.house.gov", null, null, "legacy", "WASHINGTON, D.C. \u2013 The House Small Business Subcommittee on Economic Growth, Tax and Capital Access, under the chairmanship of Rep. Tom Rice (R-SC), today held a hearing to examine the current state of lending for small businesses and their access to functional capital.\r\nRecently, there has been an increase in the number of small loans issued, with 1.7 million more loans under $1 million issued in the second quarter of 2013 than the same time period in 2011, but overall, the number of small loans has not returned to pre-recession levels. According to the Federal Deposit Insurance Corporation, the number of banking institutions in the U.S. has fallen to its lowest\u00a0level since at least the Great Depression, and many of the smallest banks have merged or closed.\r\n\u201cThis hearing provided a great dialogue about the various factors and economic trends affecting levels of lending to small businesses,\u201d said Chairman Rice. \u201cThe fact of the matter is that small businesses can\u2019t expand and create jobs if they don\u2019t have access to working credit. Some of the reasons for this is market demand and fluctuating credit levels. However, Washington\u2019s increased regulatory scrutiny is also proving to be a major factor to dwindling access to credit. Thankfully, new lending alternatives have become available for small businesses, but as our nation attempts to fully rebound from the recession and improve our global economic competitiveness, Washington must pull back on the onslaught of financial regulations, so that small businesses can access the credit they need to grow and create jobs.\u201d\r\nNotable Quotes:\r\nFred L. Green, III, President and CEO, S.C. Bankers Association, Columbia, SC, said, \u201cBanks understand regulation is necessary, but they also understand that burdensome regulation ultimately means they have fewer dollars to lend, which means less opportunity for businesses to grow and create new jobs. As a result local economies suffer and the national economy suffers along with them.\u201d\r\nAnn Marie Wiersch, Policy Analyst, Federal Reserve Bank of Cleveland, Cleveland, OH, said, \u201cAt the same time that fewer small businesses are able to meet lenders\u2019 standards for cash flow, credit scores, and collateral, bankers have increased their credit standards, making even fewer small businesses appropriate candidates for bank loans than before the economic downturn. According to the Office of the Comptroller of the Currency\u2019s Survey of Credit Underwriting Practices, banks tightened small business lending standards in 2008, 2009, 2010, and 2011.\r\n\u201cBank consolidation has reduced the number of banks focused on the small business sector, and small business lending has become relatively less profitable than other types of lending, reducing some bankers\u2019 interest in the small business credit market.\u201d\r\nJeff Stibel, Chairman and CEO, Dun and Bradstreet Credibility Corp., Malibu, CA, said, \u201cGiven that in past economic cycles, small businesses were the primary driver of employment growth, we can infer from our results that the disconnect between business success and job growth is one of the reasons for the \u2018jobless recovery.\u201d\r\nRenaud Laplanche, CEO, Lending Club, San Francisco, CA, said, \u201cWhile traditional sources of capital have pulled back, alternatives are on the rise. Alternative lenders such as online lenders and merchant cash advance providers are the fastest-growing segment of the small business loan market \u2013 recording a 64% growth in originations in the last 4 years.\u201d\r\nMaterials from the hearing are available on the Committee\u2019s website HERE.\r\n###\r\nThis release was prepared by the House Small Business Committee Communications Team.", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["http://rice.house.gov/media-center/press-releases/rice-subcommittee-analyzes-post-recession-small-business-lending"], "units": {}, "query_ms": 1.1529689654707909, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}