Civil Rights – Miscellaneous 1963

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SMALL BUSINESS ADMINISTRATION
MAJOR ACCOMPLISHMENTS IN THE PAST 100 DAYS
1. Economy Moves
For the first time since SBA's inception (1953) the FY 1965
budget calls for no increase in personnel and also for the first time
in its history no increase in the SBA revolving loan fund. This has
been brought about through simplified operating procedures, increased
delegation of responsibility to field offices, more effective control
and justification of positions and expenses, and increased work load
per man.
2. Small Business Investment Companies
The SBIC industry has regained its self confidence as well
as its confidence in the Administration's determination to make the
program a success. This has been reflected in price increases in
publicly held SBIC stocks in the past several months. It has received
more favorable publicity in the past few months than any time in the
past two years. Four personnel changes at the top of the Investment
Division have helped, together with the passage of a liberalizing bill
by Congress, tax relief by the Treasury, and regulatory changes by SBA.
3. New Loan Programs
(a) Small Loans. A new emphasis is being given to loans
under $15,000. We are giving much greater weight to management
qualities and future prospects as the primary credit considerations.
The previous requirements for additional collateral on the appli-
cant's house, insurance and personal property have been eliminated.
(b) 25% Bank Participation Program. In an effort to cut
delay and red tape we have instructed our field personnel to rely
almost entirely upon a bank's evaluation of an application where
the bank is participating to at least 25%. With this degree of
risk on the part of the bank it is our feeling that the bank's
credit judgment will be at least as good as, if not better than,
our own.

Document source description

October 1963 memo on blacks appointed to positions in the Ohio state government.

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"ocrText": "SMALL BUSINESS ADMINISTRATION\nMAJOR ACCOMPLISHMENTS IN THE PAST 100 DAYS\n1. Economy Moves\nFor the first time since SBA's inception (1953) the FY 1965\nbudget calls for no increase in personnel and also for the first time\nin its history no increase in the SBA revolving loan fund. This has\nbeen brought about through simplified operating procedures, increased\ndelegation of responsibility to field offices, more effective control\nand justification of positions and expenses, and increased work load\nper man.\n2. Small Business Investment Companies\nThe SBIC industry has regained its self confidence as well\nas its confidence in the Administration's determination to make the\nprogram a success. This has been reflected in price increases in\npublicly held SBIC stocks in the past several months. It has received\nmore favorable publicity in the past few months than any time in the\npast two years. Four personnel changes at the top of the Investment\nDivision have helped, together with the passage of a liberalizing bill\nby Congress, tax relief by the Treasury, and regulatory changes by SBA.\n3. New Loan Programs\n(a) Small Loans. A new emphasis is being given to loans\nunder $15,000. We are giving much greater weight to management\nqualities and future prospects as the primary credit considerations.\nThe previous requirements for additional collateral on the appli-\ncant's house, insurance and personal property have been eliminated.\n(b) 25% Bank Participation Program. In an effort to cut\ndelay and red tape we have instructed our field personnel to rely\nalmost entirely upon a bank's evaluation of an application where\nthe bank is participating to at least 25%. With this degree of\nrisk on the part of the bank it is our feeling that the bank's\ncredit judgment will be at least as good as, if not better than,\nour own."
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