Effective last week, the U.S. Small Business Administration had to shut down its 7(a) loan program again, leaving thousands of small business owners scrambling to finance a wide range of business projects.
One of my favorite quotes comes from Spanish philosopher George Santayana who said: "Those who cannot remember the past are condemned to repeat it." Believe it or not, we can draw a connection between this 110-year-old quotation and small business lending today.
Congress will eventually pass financial reform legislation. But long after the nuances are better understood and loopholes closed, diligent enforcement and ethical business practices will ultimately foretell if it is successful.