Jovita Carranza, the SBA administrator, said in a June 18 interview on Fox Business Channel that businesses with fewer than 10 employees were still on the sidelines, because they were apprehensive and some of the program documentation “was a little bit cumbersome.”
The SBA took steps in the final weeks to encourage lending to the smallest firms, including by offering an online tool to match businesses and non-profits with lenders.
Different approaches may be needed to help the small firms that still need assistance but are the most difficult to reach, said Tom Sullivan, vice president of small business policy for the U.S. Chamber of Commerce.
“Why is there so much money left? The very simple answer is because we know there’s need, but it’s hard,” Sullivan said. “It’s really hard.”
This article was provided by Bloomberg News.