The Automotive Service Association (ASA) is supporting congressional proposals that would reduce loan requirements and increase borrowing limits for small businesses seeking U.S. Small Business Administration backing.
The proposals were discussed during a U.S. House of Representatives Small Business Committee hearing this week titled Pathway to Capital: The Role of SBA Lending in Supporting Main Street America.
ASA wants to eliminate higher down payment requirements for businesses classified as “special purpose properties” under the SBA’s 504 Loan Program. Most auto repair businesses fall under this classification and must contribute 20% of capital upfront, compared to 15% for other businesses.
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