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With limited employees, capital and resources, small businesses are hit the hardest by rigorous regulations, and the expense of compliance often poses sustainable growth roadblocks for the entrepreneurs who need it the most. The following months could prove especially pivotal for small business owners, as the possibility of new legislation and regulations grows.
Access to Credit
A vital decision on the horizon is the possible repeal of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which has constrained some mall businesses and homebuyers seeking access to credit. As data from the Federal Reserve Bank of St. Louis shows, in the six years prior to Dodd-Frank, small bank lending surpassed large bank lending by over 150 percent. In the six years after the bill’s passage, small bank lending sits nearly 80 percent below lending from large banks.
The bill’s stringent credit qualifications have arguably limited Americans in their personal and professional lives, increasing the difficulty to access business capital and home loans. The possible repeal of Dodd-Frank could mean easier access to credit for millions of businesses, increased homebuyers and a stimulated economy.