Nearly 7 out of 10 new jobs are created by small businesses, yet most will fail due to lack of access to capital. Although the SBA offers 80% loans for qualifying entrepreneurs, the 20% down payment is nearly impossible to obtain for the average bootstrapped entrepreneur or recent college grad.
Through 100% federally-backed loans and the practice of supervised lending, we will unleash widespread innovation from entrepreneurs who would otherwise be unable to bring their ideas to life. To prevent misuse of this program, eligibility should be based on need, and loans should not be dischargeable through a bankruptcy.