New York boat dealer David Bofill will testify this afternoon before the House Committee on Small Business on "Laying the Groundwork for Economic Recovery: Expanding Small Business Access to Capital."
Speaking on behalf of his company, Dave Bofill Marine Inc., and the National Marine Manufacturers Association, Bofill will discuss the impact the current credit crisis has had on marine dealerships and their manufacturers and what Congress can do to help small businesses.
“During today’s hearing, we will examine what options are available to help small companies access capital, " committee chairwoman Rep. Nydia Velázquez, D-N.Y,, said in a statement. "Lenders and entrepreneurs will share the real world challenges they face in today’s tightened credit conditions, as well as their ideas for making things better."
The goal, she said, must be to expand options for small businesses seeking financing. In many communities, entrepreneurs have only one or two options for lending.
"That is not real competition and it doesn’t give firms the flexibility they need to realize their potential, grow and create jobs," Velázquez said.
"There are small businesses throughout the country like Dave Bofill Marine that have always been strong, well-run companies but are now struggling to keep their doors open as a result of the unprecedented tightening of credit," NMMA president Thom Dammrich said in a statement. "Congress must be proactive in addressing this issue in order to protect the small business community and encourage continued entrepreneurship."
Bofill is scheduled to testify at 1 p.m. EDT. To read his written testimony, click here.
To learn more about NMMA's economic relief efforts, click here.