通过扩大SBA的二级市场能力来增加获得资本的机会
概括
随着新企业创造新的就业和财富，企业家精神和创新对于持续的社区发展至关重要。随着企业家的成立和发展公司，获得资本是一个重大的障碍。全国社区通过启动计划，政策和实践来做出回应，以帮助企业家创造性地利用慈善资金，政府赠款和贷款以及私人资本。但是，这些个人有希望的解决方案共同构成了国家支持的拼凑。那些试图扩展有前途的想法的人将面临充满空白的资金连续性，充满了高交易成本，并且根据每个企业家的情况而定。
To help entrepreneurs better and more reliably access capital no matter where in the country they are, the Small Business Administration (SBA) should work with the otherInteragency Community Investment Committee (ICIC)agencies to expand the SBA’s secondary market capacity. The SBA’s secondary market allows lenders to sell the guaranteed portion of a loan backed by the SBA. This provides additional liquidity to lenders, which in turn expands the availability of commercial credit for small businesses. However, there is no large standardized secondary market for debt serviced by other federal agencies, so the benefits of a secondary market are limited to only a portion of federal lending programs that support entrepreneurship. Expanding SBA’s secondary market authority would increase access to large pools of private capital for a larger proportion of entrepreneurs and innovative small businesses.
As a first step towards this goal, one or several agencies should enter into a pilot partnership with SBA to use SBA’s existing administrative authority and基础设施to enable private lenders to sell other forms of federally securitized loans. Once proven, the secondary market could be expanded further and permanently established as a government-sponsored enterprise (GSE). This GSE would provide accessible capital for entrepreneurs and small businesses in much the same way that the GSEs Fannie Mae and Freddie Mac provide accessible capital, as mortgages, for prospective homeowners.
With the 118th Congress considering the reauthorization of SBA for the first time in 22 years, there is an opportunity to seize on this reauthorization to modernize the SBA. Piloting the SBA’s secondary market capacity is a crucial piece of modernization to increase access to capital for entrepreneurs.
挑战和机会
获得资本改变了个人和社区的经济轨迹。例如，批准的小企业贷款申请人报告平均收入增加贷款批准后五年后超过10％。不幸的是，崭露头角的企业家资本是稀缺和不公平的分配。大约83％的萌芽企业家neveraccess adequate capital to start or grow their business. Success rates are evenlower人群少数群体。当企业家无法获得资本为了开始自己的业务，周围的社区遭受了苦难，这证明了每三个中的两个新工作over the past 25 years has been generated by small businesses.
这vast majority of new businesses in the United States are funded by personal or family savings, business loans from banks or financial institutions, or personal credit cards. Venture capital使用only 0.5% of entrepreneurs because most entrepreneurs’ businesses are not candidates for it. Public and mission-driven lending efforts are valiant but can’t come close to matching the scale of this untapped potential. Outside of the COVID-19 emergency response, the SBAannually appropriates贷款计划的1-2亿美元。这Urban Institutefound that between 2011 and 2017, Chicago alone received $4 billion of mission-driven lending that predominantly went toward communities of color and high-poverty communities. But during the same time period, Chicago also received over $67 billion of market investment—most of which flowed to white and affluent neighborhoods.
全国各地的社区通常通过利用联邦资金或联邦程序化基础设施来弥合创新的想法，以增加获得私人资本的机会。例如：
- 这企业家支持资产基金是一项由慈善资助的倡议，为通过社区发展金融机构（CDFIS）制造的微观人士创造了二级市场。这个想法来自一个经验丰富的微型人，他对微观的流动性沮丧，随后需要不断从事耗时的慈善筹款活动。
- ESO冒险是加利福尼亚州东奥克兰市的一个非营利组织，结合了基于能力的课程和获得资本。随着企业家通过计划提高技能，他们将获得越来越多的信用额度，将这些新技能应用于其企业。ESO Ventures通过两种联邦回收补助金迅速发展漏斗through the state of California and access to private banks for credit lines. The organization’s goal is to create 3,000 more businesses and generate $3 billion in economic activity by 2030.
- Network Kansas是一个企业家支持组织，属于财政部的第一个版本State Small Business Credit Initiative (SSBCI)奥巴马政府的计划。该组织利用堪萨斯州税收抵免向堪萨斯州最偏远地区的农村企业家提供低于市场债务的信贷。自2006年以来，堪萨斯州网络拥有deployed$500 million.
这些示例程序是成功的，可复制的，并且已经得到了ICIC中某些机构的支持。这些计划使用传统的，充分理解的财务机制为企业家提供资本：信用额度，保险，共享股权协议，税收抵免和低息债务。扩展这些类型计划的最大障碍是财务：他们必须首先筹集资金来支持其核心财务机制以及对临时筹款的依赖几乎不可避免地会产生不均匀的结果。
这re is a clear rationale for federal intervention to improve capital access for entrepreneurship-support programs. Successful investment in marginalized communities serves the public interest by generating积极的外部性例如增加工作，财富和所有权。政府可以通过降低投资者的风险并通过扩大SBA的二级市场权力以及最终创建GSE来创造永久性，提高问责制和进一步的资本访问灵活性来降低资本成本，从而增强这些外部性。随着SBA对立法案卷的重新授权，这是解决企业家资本访问核心挑战的主要机会。
Plan of Action
Federal government should create standardized, straightforward mechanisms for entrepreneurs and small businesses across the country to tap into vast pools of private capital at scale. A first step is launching an administrative pilot that extends the SBA’s current secondary market capacity to interested agencies in the ICIC. An initial pilot partner could be the Department of the Treasury in order to recapitalize its Community Development Financial Institutions (CDFI) Fund. If the pilot proves successful, the secondary market could be expanded further and permanently established as a government-sponsored enterprise.
建议1.建立行政飞行员。
这SBA’s secondary market can already serve small business debt and debt-like instruments for small businesses and community development. The SBA现在underwrites, guarantees, securitizes, and sells pools of 7(a) and 504 loans, unsecured SBA loans in Development Company Participation Certificates, and Small Business Investment Company Debentures. Much like Federal Housing Administration and Veterans Affairs home loans offer guaranteed debt to homeowners, there are programs that offer guaranteed debt for entrepreneurs. However, there is no large standardized secondary market for the debt that extends across agencies.
感兴趣的ICIC机构之间理解的跨机构备忘录可以迅速将SBA的二级市场基础设施开放给其他形式的小型企业债务。这将使ICIC能够在风险有限的情况下探索Federally Seceriatization债务产品扩大的二级市场的程度，使企业家和小型企业更容易获得低成本的资本。ICIC机构提供的其他形式的小型企业贷款的例子包括农业部农村业务发展赠款，住房和城市发展部社区发展块赠款以及财政部小型企业贷款基金等。
ICIC机构中理想的初始飞行员合作伙伴目标是财政部，该财政部可以试行将其CDFI基金重组的二级市场方法。该资金通过债券将资本分配给CDFI，以使他们向低收入和服务不足的社区提供个人，抵押和商业贷款。通过联邦预算过程，该基金每年都会重组。与SBA建立CDFI基金的二级市场的合作伙伴关系有效地将其用于利用该基金的CDFI的联邦支持增加一倍。
重要的是要注意，尽管SBA可以建立政府间协议，以扩大其二级市场基础设施，但二级市场管理局的广泛或永久扩展可能需要国会批准。
Recommendation 2. Create a government-sponsored enterprise (GSE).
Upon successful completion of the administrative pilot, the ICIC should explore creating a GSE that decreases the cost of capital for entrepreneurs and small businesses and expands capital access for underserved communities. This separate entity would be a more independent body than an expanded secondary market created through SBA’s existing infrastructure. Benefits of creating a GSE include providing more flexibility and allowing the agency to function more independently and with greater authority while being subject to more rigorous reporting and oversight requirements to ensure accountability.
After the 2008 housing-market crash and subsequent recession, the concept of a GSE was批评and reforms wereproposed。毫无疑问，GSE在住房市场上犯了错误，但它们也帮助标准化和发展了现在为美国家庭65％的抵押贷款市场。联邦政府将需要实施周到，创新的治理结构，以实现GSE可以为企业家和小型企业提供的好处，同时避免重复以抵押贷款为中心的GSES Fannie Mae和Freddie Mac造成的错误。
一个潜在的所有权结构是永久目的信任（ppt）。PPT通过将所有权的治理权与财务回报权分开并将其授予不同各方的所有权来发挥作用。迄今为止，PPT的最著名示例可能是一个已确立的伊冯·乔纳德（Yvon Chouinard）接管了他家人在巴塔哥尼亚的所有权。在PPT中，受托人（在信托管理员委员会（TSC）中组织）受到信托义务的约束，以保持专注于信托的既定目的。TSC内的利益无权获得财务回报；相反，财务回报的权利持有不拥有治理权利的独立实体（公司受托人）。由信托执行者支持的这种结构，确保TSC不能迫使公司做一些有益于利润的事情，但对目的不利。
模仿以资本为中心的GSE的这种基本结构可以规避困扰抵押贷款的GSE的道德危害。TSC，Trust Enforcer和Corporate Truste在联邦背景下的作用可以填补如下：
- 信任管家委员会: TSC具有受托PPT和泰pically makes strategic decisions to pursue the PPT’s purpose. For a capital-focused GSE, the TSC’s role would be limited to governance. The TSC would be populated by a mix of stakeholders, such as entrepreneurs, community developers, investors, and support organizations.
- 信任执行者：信托执行者是一个独立的实体，它会根据TSC是否充分追求PPT既定目的。对于以资本为中心的GSE，该职位可以由联邦机构工作人员填补。拥有治理权利的信托是监督GSE的监管机构的工具。
- 公司受托人：持有GSE的财务利益的实体可以出售给投资者，授予员工，或赠予相关的非营利组织和其他利益相关者群体。
结论
这ICIC agencies support and create many creative solutions that blend private and public dollars to increase entrepreneurship and community development. Yet the federal government stops short of providing the most important benefit: standardization and scale. The ICIC agencies should therefore create an entity that unlocks standardization and scale for the programs they help create, with the overall goals of:
- 统一小企业和社区发展的承保
- 通过创建允许更大流动性的风险标准来扩大私人行动者参与小型企业贷款的起源
- 开放资本市场，以降低企业家的资本成本
实现这些目标的第一步是建立一个行政飞行员，通过该飞行员，有兴趣的ICIC机构将利用SBA的现有权力和基础设施为其证券化债务工具创建二级市场。
If the pilot proves successful, the next step is to expand the secondary market and establish it for the long term through a GSE modeled on those that have effectively supported the mortgage industry—but with a creative structure that proactively addresses GSE weaknesses unveiled by the 2008 housing-market crash. The result is a stable, permanent institution that enables all communities to realize the benefits of robust entrepreneurship by ensuring that budding entrepreneurs and small-business owners across the country can easily tap into the capital they need to get started.
Precedents for this type of federal intervention can be found in the mortgage industry. Homeownership is a major driver of wealth creation. The federal government supports homeownership through mortgage guarantees by federal agencies like the Federal Housing Authority and Veterans Affairs. In addition, the federal government increases liquidity in the mortgage industry by enabling insured mortgages and market-rate mortgages to be securitized, sold, and purchased on secondary markets through government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac, or wholly owned agencies like Ginnie Mae. These structures have created a reliable stream of capital to originate loans for homeownership and lower the cost of borrowing.
这mortgage GSEs are engaging in innovation to increase access to housing credit. Fannie Mae, for example, is taking a number of steps to extend credit and homeownership to historically disadvantaged communities, including by using documented rental payments to help individuals build their credit scores and using special-purpose credit programs to develop new solutions for down payment assistance, underwriting, and credit enhancement. These changes will have an outsize effect on the mortgage industry because of the central role a GSE like Fannie Mae plays in connecting private markets to potential homeowners.
COVID-19 relief efforts provide an application of this model specific to small businesses. TheCalifornia Rebuild Fund（Carf）是一家私人信贷基金，用于利用州，联邦，慈善和私人投资的混合体。卡夫使用政府债务保证将资本成本降低给社区发展金融机构，这些机构最能确定源自Covid-19的最负面影响的小型企业。
卡夫证明了一个连贯且常规的流程，用于访问私人资本，以降低利率，扩大小企业的信誉，并为企业家支持组织创造运营效率。例如，有一个单一的应用网站将潜在借款人与潜在的贷方匹配。CARF成功的关键在于其从加利福尼亚州提供的保证，以及它为沿一系列回报概况的不同投资者提供了相对统一的产品。
开始新实体，仅从政府担保贷款中获得证券或购买证券。即使在最严重的住房坠机事故中，政府保证抵押支持的证券更稳定比非机构贷款。从保证的贷款开始，该新实体可以为担保敏感的投资者提供明确的保证。但是，逐步推动了新机制，创新的承销以及可能是非机构债务的目标。
贷款的保证应明确，但仅在借款人的权益和代理商保证之后坐下。
Any privileges extended to the new entity, such as exemption from securities registration or state and local taxation, that results in measurable decrease in cost of lending should be passed on to the final borrower, as much as possible.
假设监管机构充当信托基金的受托人，可以实施考虑种族，种族和原籍国等人口统计学的政策，GSE应使用特殊目的信贷计划来解决获得资本资本的种族不平等。
这授权法规对于SBA二级市场，如果贷方将其证券化并在二级市场上出售基础贷款，则必须对SBA义务。为了宣布SBA的义务要求贷方将贷款一定比例保留在其书籍上进行维修。这是证券化贷款的操作障碍。要么需要一个更强大的市场来证明运营费用是合理的，要么应该有另一种方式贷方对SBA有义务。
这SBA最近宣布a change in the interest rates that lenders can charge for 7(a) loans. While it is understandable that the SBA does not want the guarantee to run up the profit margin for lenders, the tradeoff is that some entrepreneurs will go without capital because lenders cannot justify the risk at the formulated interest rate. The授权法规，CFR 120.213，仅要求利率合理。这应该使SBA空间可以尝试如何向借款人提供低成本资本。例如，如果将高利贷帽用于某些贷款，SBA是否需要使用超额收益率来降低其他贷款的借贷成本？
跨部门社区投资委员会(ICIC) focuses on the operations and execution of federal programs that facilitate the flow of capital and the provision of financial resources into historically underserved communities, including communities of color, rural communities, and Tribal nations. The ICIC is composed of representatives from the Treasury, Small Business Administration, Department of Commerce, Department of Transportation, Housing and Urban Development, and Department of Agriculture.
机构间社区投资委员会机构应与小型企业管理局合作，利用其现有权力和基础设施来试行其证券化债务工具的二级市场。
参加NSF发动机赠款计划的社区，即使对于那些错过获得资金的人来说，也有令人兴奋的事情。
4月初，国会研究服务局（CRS）发布了一份具有里程碑意义的报告，概述了联邦在区域生态系统中的投资范围，这是我们过去在FAS上写的。CRS报告“区域创新：联邦计划和考虑问题”，涵盖了我们大规模联邦投资的范围和规模的出色工作[…]金博宝正规网址
经济创新需要更复杂，集中和更好地支持当地经济计划。这是实现它的方法。