June 25, 2010

Small Business Leader Issues Statement on Sen. Boxer’s Failure to Get Credit to Small Business

SACRAMENTO, CA – Former community banker and small business mentor Roger Hart today issued the following statement regarding Senator Barbara Boxer’s failure to stand up for small business and community banks.

“During the last year or so, Senator Barbara Boxer has had many opportunities to stand up for small businesses and the community banks that support small business growth, but she has failed to do so. Her vote for the bank bailouts was supposed to help get credit flowing again, but other than a few select Wall Street banks, this effort has obviously failed to achieve that goal. Likewise, the economic stimulus plan she championed was laden with pork and did little to address the core problem: a frozen credit market.

“Reasonable access to capital is the primary issue for small business. Currently, small businesses are unable to obtain financing as their community banks continue to struggle. As seen by the increase in unemployment since the plan’s passage, it’s clear government programs have been ineffective in supporting the small businesses that actually create jobs. And last month, Senator Boxer voted for a financial reform bill that would have subjected community banks to many of the same restrictions imposed on large Wall Street banks-despite the fact that community banks were neither to blame for our financial crisis, nor can they afford the cost of compliance with these massive new regulations. That Barbara Boxer is in Los Angeles today, talking about her efforts to support these entities is just another example of election-year rhetoric and hollow words.”

Roger Hart is a native Californian, with a career as a business loan officer over the last 29 years for several California banks, both large and small. He currently works in economic development and small business mentoring in the Sacramento Valley region.

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