News

Federal Reserve Seminar Focuses On Small Business Finance

Advocacy Economist Examines 21st Century Finance Needs

WASHINGTON, D.C. – The rapidly changing world of small business finance is
the focus of a seminar held during the Federal Reserve Bank of St.
Louis’ “Striking the Right Notes on Entrepreneurship” conference in
Memphis, Tenn. Today’s seminar, “Small Business Finance in the 21st
Century,” features Office of Advocacy economist and leading small business
finance expert Dr. Charles Ou.

“Part of Advocacy’s mission is to examine the critical issues surrounding
small business finance and the economy,” said Dr. Chad Moutray, Chief
Economist for the Office of Advocacy. “That’s why we are particularly
pleased that the St. Louis Fed recognized the importance of our work and
invited Dr. Ou to present the ‘Small Business Finance in the 21st Century’
seminar.”

The Office of Advocacy recently released a series of research reports
examining various aspects of small business finance. Today’s seminar
includes the release of Finance Companies and Small Business Borrowers:
Evidence from the 1993 and 1998 Surveys of Small Business Finances,
(http://www.sba.gov/advo/research/rs255tot.pdf) authored by George Haynes
with funding from the Office of Advocacy. The report confirms the
importance of finance companies as the second most important institutional
supplier of credit to small business borrowers, particularly for vehicle
loans, equipment loans, and lease financing.

Over the past six months the Office of Advocacy also released Banking
Consolidation and Small Business Lending: A Review of Recent Research, The
Effects of Mergers and Acquisitions on Small Business Lending by Large
Banks, Small Business and Micro Business Lending in the United States, for
Data Years 2002-2003, and The Impact of Bank Consolidation on Small
Business Credit Availability.

These reports, and others, are available online at
http://www.sba.gov/advo/research/banking.html

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Created by Congress in 1976, the Office of Advocacy of the U.S. Small
Business Administration (SBA) is an independent voice for small business
within the federal government. Appointed by the President and confirmed by
the U.S. Senate, the Chief Counsel for Advocacy directs the office. The
Chief Counsel advances the views, concerns, and interests of small business
before Congress, the White House, federal agencies, federal courts, and
state policy makers. Economic research, policy analyses, and small
business outreach help identify issues of concern. Regional Advocates and
an office in Washington, DC, support the Chief Counsel’s efforts. For more
information on the Office of Advocacy, visit http://www.sba.gov/advo, or call
(202) 205-6533.

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