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，access to capital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。
为了帮助企业家更好，更可靠地获得资本，无论他们在何处，小型企业管理局（SBA）应与其他人合作Interagency Community Investment Committee (ICIC)扩大SBA二级市场能力的机构。SBA的二级市场使贷方可以出售由SBA支持的贷款的保证部分。这为贷方提供了额外的流动性，从而扩大了小型企业商业信贷的可用性。但是，没有其他联邦机构提供的债务标准化大型二级市场，因此二级市场的好处仅限于支持企业家精神的联邦贷款计划的一部分。扩大SBA的二级市场管理局将增加对更大比例的企业家和创新的小型企业的大量私人资本的机会。
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of more than 10% five years after loan approval. Unfortunately, capital for budding entrepreneurs is scarce and inequitably allocated. Some 83% of budding entrepreneurs绝不获取足够的资金开始或发展其业务。成功率甚至是lower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.
美国的绝大多数新业务都是由个人或家庭储蓄，银行或金融机构的商业贷款或个人信用卡资助的。风险投资is used by只有0.5％的企业家，因为大多数企业家的业务不是候选人。公共和以任务为导向的贷款工作是英勇的，但无法与这种未开发的潜力的规模相匹配。在Covid-19紧急响应之外，SBA每年拨款贷款计划的1-2亿美元。这城市学院发现在2011年至2017年期间，仅芝加哥就获得了40亿美元的任务驱动贷款，主要是朝着有色社区和高产社区的社区。但是在同一时期，芝加哥也获得了超过670亿美元的市场投资，其中大部分流向了白人和富裕的社区。
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is a philanthropically funded initiative that creates a secondary market for microloans made through Community Development Financial Institutions (CDFIs). This idea came from an experienced microlender who was frustrated with the illiquidity of microloans and subsequent need to constantly engage in time-consuming philanthropic fundraising.
- ESO冒险is a nonprofit organization out of East Oakland, California, that combines competency-based curriculum and access to capital. As entrepreneurs grow their skills through the program, they receive access to increasing lines of credit to apply those new skills to their businesses. ESO Ventures has grown rapidly by using both federal recovery grants漏斗通过加利福尼亚州，并进入私人银行以获得信用额度。该组织的目标是创建3,000个企业，并在2030年产生30亿美元的经济活动。
- 堪萨斯州网络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，堪萨斯州网络拥有部署$500 million.
这se example programs are successful, replicable, and already supported by some of the agencies in the ICIC. These programs use traditional, well-understood financial mechanisms to provide capital to entrepreneurs: credit lines, insurance, shared-equity agreements, tax credits, and low-interest debt. The biggest obstacle to scaling these types of programs is financial: they must first raise money to support their core financial mechanism(s) and their dependence on ad hoc fundraising almost inevitably yields uneven results.
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。
行动计划
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。建立一个行政pilot.
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.
An interagency memorandum of understanding between interested ICIC agencies could quickly open up the SBA’s secondary market infrastructure to other forms of small business debt. This would allow the ICIC to explore, with limited risk, the extent to which an expanded secondary market for federally securitized debt products enables entrepreneurs and small businesses to more easily access low-cost capital. Examples of other forms of small business lending provided by ICIC agencies include Department of Agriculture Rural Business Development Grants, Department of Housing and Urban Development Community Development Block Grants, and the Treasury Small Business Lending Fund, among others.
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).
成功完成行政飞行员后，ICIC应探索创建GSE，从而降低企业家和小型企业的资本成本，并扩大服务不足社区的资本通道。与通过SBA现有基础设施创造的扩展的二级市场相比，这个独立的实体将是一个更独立的机构。创建GSE的好处包括提供更大的灵活性，并允许代理商更独立，更有权威，同时受到更严格的报告和监督要求，以确保问责制。
After the 2008 housing-market crash and subsequent recession, the concept of a GSE was批评改革是建议的。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by Yvon Chouinard to take over his family’s ownership interest in Patagonia. In a PPT, trustees—organized in a Trust Steward Committee (TSC)—are bound by a fiduciary duty to maintain focus on the stated purpose of the trust. None of the interests within the TSC are entitled to financial return; rather, the rights to financial return are held in a separate entity (the Corporate Trustee) that does not possess governance rights. This structure, which is backed by a Trust Enforcer,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拥有PPT的受托人，通常会做出战略决策来追求PPT的目的。对于以资本为中心的GSE，TSC的角色将仅限于治理。TSC将由利益相关者（例如企业家，社区开发商，投资者和支持组织）组成。
- Trust Enforcer: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。
- Corporate Trustee: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。
Conclusion
ICIC机构支持并创建许多创造性解决方案，以融合私人和公共资金，以增加企业家精神和社区发展。然而，联邦政府未能提供最重要的好处：标准化和规模。因此
- Unifying small-business and community-development underwriting
- Broadening private-actor participation in small business loan origination by creating the risk standards that allow for greater liquidity
- 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.
抵押GSE正在从事创新以增加获得住房信贷的机会。例如，房利美（Fannie Mae）正在采取多个步骤将信用和房屋所有权扩展到历史上处于弱势社区，包括使用记录的租金来帮助个人建立信用评分并使用特殊实用的信用计划来开发新的解决方案，以开发新的解决方案，以提供新的付款帮助，承保和信用增强。这些变化将对抵押贷款行业产生巨大影响，因为像Fannie Mae这样的GSE在将私人市场与潜在房主联系起来的核心作用。
COVID-19 relief efforts provide an application of this model specific to small businesses. The加利福尼亚重建基金（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。
To begin the new entity, securitize or purchase securities from only government guaranteed loans. Even during the worst of the housing crash, the government-guaranteed mortgage-backed securities更稳定than non-agency loans. Beginning with guaranteed loans allows this new entity to provide explicit guarantees to guarantee-sensitive investors. However, a gradual push into new mechanisms, innovative underwriting, and perhaps non-agency debt should be a goal.
这guarantee of the loans should be explicit but only sit after the equity of the borrower and the agency guarantee.
任何扩展到新实体的特权，例如免征证券注册或州和地方税收，都应尽可能将可衡量的贷款成本降低。
Assuming that the regulatory body, acting as a fiduciary of the trust, can implement policies that take into account demographics like race, ethnicity, and country of origin, the GSE should use special purpose credit programs to address racial inequalities in access to capital.
这authorizing statutefor the SBA secondary market required the lender to remain obligated to the SBA if it securitizes and sells the underlying loan on a secondary market. To promulgate that obligation the SBA requires the lender to keep a percentage of the loan on their books for servicing. This is an operational hurdle to securitizing loans. Either there needs to be a more robust market to justify the operational expense or there should be another manner by which the lender remains obligated to the SBA.
这SBA recently announced贷方可以收取7（a）贷款的利率变化。尽管可以理解，SBA不希望保证在贷方的利润率上提高利润率，但权衡是一些企业家将没有资本，因为贷方无法以公式的利率证明风险合理。这authorizing statute, CFR 120.213, merely requires that interest rates be reasonable. This should give the SBA room to experiment with how it can deliver low-cost capital to borrowers. For example, if the usury cap was removed for some loans, could the SBA require the excess yield be used to push down the cost of borrowing for other loans?
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。