WASHINGTON, D.C. (KCRG) – Iowans spoke with federal lawmakers in Washington D.C. about how the government can help rural struggling small businesses.
Two people, one from Monroe County and another from Edgewood spoke to the the Senate Committee on Small Business and Entrepreneurship led by Iowa U.S. Senator Joni Ernst.
Both said the Small Business Administration loans need to be more accessible to small business owners.
Senator Ernst said her “Made in America Manufacturing Finance Act” could increase the small business loan limit from $5 million to $10 million.
One of the the witnesses who works for a bank said the government needs to make it easier for businesses to apply for those loans because it can take a long time to get approved for one.
“Customer thinks we’re done. We’ve submitted it. We’ll get a response. And then it’s: ‘We need something else’. And that is a very long and can be a very stressful timeframe for the customer,” CFO for First Iowa State Bank, Melissa Spurgin said.
Spurgin said more people would apply for the loans if officials simplified the process
She also said her bank has not had anyone apply for a small business loan in 5 years.
Senator Ernst said she is working to help increase the number of people who will apply.
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