Today, the JOBS Act (aka “Jumpstart Our Business Startups”) was officially signed into law by President Obama. The legislation – designed to help the process of securing financing early on for small businesses – allows startups to seek to $1 million via crowdfunding and loosens certain federal regulations.

Necessary? No doubt. Exciting? Absolutely. According to a study by the National Federation of Independent Business, “more small employers were shut out of the credit market [in 2011] than in prior years.” However the JOBS Act is more targeted to “larger” small businesses (think less than $1 billion in revenue). And, access to capital for small businesses seeking smaller amounts remains an issue. Since 2007, there has been a 39% decline in the number of loans under $1 million (at the lowest level since 1999).

So, while the JOBS Act is a step in the right direction, its clear Main Street, smaller businesses are still not getting the attention they need from lenders.

It’s important to remember that while term “small business” is often used ubiquitously, many business owners seeking smaller amounts remain outside the parameters of traditional lenders.

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