On Wednesday, April 3, 2019, U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship convened a hearing titled “Reauthorization of the SBA’s Access to Capital Programs."

Witnesses included Julie Huston , President and CEO, immito; Patricia Kibbe , President and CEO, Evergreen Business Capital; Robert Villarreal , Executive Vice President, CDC Small Business Finance; and Connie Evans , President and CEO, Association for Enterprise Opportunity.

The following is a recap of recommendations made:

504 Program Recommendations
  • Change occupancy requirements from 51% of building to 50%
  • Change public policy goal from 51% owned to 50%
  • Reform SBA SOP process to increase transparency, get practitioner feedback, reduce confusion
  • Reduce unnecessary restrictions on Eligible Passive Companies and Operating Companies (EPC/OC)
  • Oppose the reinstatement of the Personal Resources Test