When President Obama signed the Jumpstart Our Business Startups Act on April 5, 2012, he called it a “game-changing” bill.
The game needed changing. After the Great Recession, access to capital became a huge problem for small business, as the percentage of loans under $1 million that banks approved (the kind for which most new and small businesses apply) fell 10% between 2007 and 2012. According to a 2012 survey by the National Small Business Assn., “nearly half (43 percent) of small-business respondents said that, in the last four years, they needed funds and were unable to find any willing sources, be it loans, credit cards, or investors.”
The survey went on to say that almost a third of small-business respondents reported that since 2008, “their loans or lines of credit were reduced,” and “nearly 1 in 10 had their loans or lines of credit called in early.”
“For small business, loans were not gettable,” says Jason Best, co-founder of Crowdfund Capital Advisors…
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