The Associated Builders & Contractors (ABC) sent a letter to the Senate Small Business & Entrepreneurship Committee, urging Congress to immediately address the near freeze on lending for private sector construction projects. The letter was considered during a committee round table discussion on “Small Business Access to Capital: Challenges Presented by Commercial Real Estate.”
In the letter, ABC pointed out that access to capital is a major concern for ABC members and the construction industry, given the unemployment rate of 17.3 percent. Many ABC members have viable low-risk projects and/or contracts that simply need funding in order for work to commence. As the construction industry works toward economic recovery, it is critical that small businesses have access to much-needed funds.
“Small businesses are the backbone of the U.S. economy and give Americans a sense of pride and accomplishment,” the letter states. “Within the construction industry, they provide valuable jobs and play an integral role in building communities. We look forward to working with you as you develop initiatives to promote small business lending.” Click Here to view the letter sent to Congress.