WASHINGTON D.C., September 1, 2020 — 10XTS CEO, Michael Hiles, has been invited to testify before the U.S. House of Representatives Small Business Committee on September 9, 2020. Hiles was invited to speak about financial and regulatory technology approaches to streamlining the Small Business Administration‘s internal operations with advanced financial records management technology.
Even prior to the Covid-19 stimulus programs with the EIDL and PPP programs, in FY19, the SBA’s flagship 7(a) loan program made approximately 52,000 7(a) loans totaling $23.17 billion. The 504 loan program had more than 6,000 loans made for a total dollar amount of more than $4.9 billion. Now, with many billions of stimulus loans floated across many lending institutions, the justification for a single source of truth data repository is greater than ever.
“We believe XDEX provides a model solution and roadmap to connect the agency with the private sector in a highly secured, distributed, immutable manner only afforded by distributed ledger technology,” said Hiles. XDEX is the flagship product of Cincinnati-based 10XTS, and is a global financial records network solution for financial services and capital markets.
Hiles’ invitation to provide testimony is, in part, due to the efforts of Engine, a policy advocacy organization dedicated to startup business issues. Engine’s Policy Communications Manager, Edward Graham, worked alongside 10XTS Senior Vice President, Jonathan Dever, to help coordinate 10XTS’ participation in Congressional Startup Week with Congressman Steve Chabot’s office, which resulted in the invitation to provide testimony. Congressman Chabot (OH-1) is the ranking member of the Small Business Committee.
The hearing will be live streamed via Youtube at 1:00pm ET, and can be accessed from the official Committee event page here: https://smallbusiness.house.gov/calendar/eventsingle.aspx?EventID=3390
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