New York State adds Small Business Loan Funding
Governor Patterson proposed two new state stimulus packages which would have to be approved by the state Assembly and Senate: a $25 million Small Business Revolving Loan Fund and a $25 million New Technology Seed Fund. The New York Power Authority would begin with the initial contribution for the revolving loan fund and would be sustained as business began to pay back their loans. The money would be distributed to non-traditional lenders development... Read More
Obama Backs SBA $1.8 Billion in Small Business Loans
The Small Business Association announces this week, that Mr. Obama has signed off on a $1.8 billion initiative to continue to help provide higher guarantees and waive fees on SBA backed small business loans . Loan applications from the SBA queue will receive funding followed by new applicants. The program is intended to resume on March 10th. Initially the banks received $730 in government stimulus money to help guarantee 90% of the loans and also... Read More
States and Cities Help Small Businesses
While Washington is debating what it can do to help small businesses in the tight economy, States and local municipalities have stepped up their efforts to help struggling businesses. San Fransisco has launched a new offensive to help stimulate employment, Jobs Now, which reimburses owners for 100% of some new hires. The $25 million campaign has helped restaurants, cafes, and even law firms. Employers have to pay for social security and for... Read More
Economic Recovery Official
Business Insider declared Friday, March 5th, that the economy has officially begun recovering from the economic recession as consumer credit has increased 2.4% or $5 billion in comparison to December 2009. This surprised economists as they expected a decline of $4.5 billion in January. This has stopped 11 months of consecutive decline in consumer credit. Here is the chart released by the Federal Reserve: Read More →
Obama’s $30 Billion Unlikely to Cause Surge in Small Business Loans
Mr. Obama pledged a $30 billion diversion of TARP money to small businesses across America in his State of the Union Address this past Wednesday. The Wall Street Journal has reported however, that this infusion of TARP money to local community banks will unlikely create a resurgence in small business loans. “The president’s plan will mean $30 billion in capital for smaller banks, which has the potential to leverage a far higher amount... Read More
Bankers to Obama, “Thanks, but no thanks.”
The Obama administration is looking to use $30 million worth of Troubled Asset Release Program (TARP) funds to help small businesses obtain loans from community banks. Local banks however, are declining the effort saying, “Thanks, but no thanks.” The banks claim that they have plenty of money to meet small business loan demands. Regulators however are putting more pressure on underwriters to tighten lending standards in order... Read More