President Obama"s First 100 Days Include $730 Million Jump-Start for America"s Small Businesses
April 29, 2009 -- Today, as the nation marks President Barack Obama's first 100 days in office, small businesses can celebrate the strides that Obama has made on our behalf -- primarily, via the landmark American Recovery and Reinvestment Act of 2009 [Recovery Act], which he signed into law on Feb. 17, 2009. It is an unprecedented effort to jump-start America's economy; create or save millions of jobs; and put a down payment on addressing long-neglected challenges, so that our country can thrive in the 21st century.
The economic stimulus bill is an extraordinary response to a crisis unlike any since the Great Depression, and includes measures to modernize our nation's infrastructure; enhance energy independence; expand educational opportunities; preserve and improve affordable health care; provide tax relief; and protect those in greatest need.
Recovery Act Provides $730 Million to SBA
According to the U.S. Small Business Administration [SBA], the Recovery Act will have a significant impact on small businesses and on the credit crunch, providing tax incentives and financing opportunities that will help us create jobs.
The Recovery Act makes SBA part of the solution, providing it with specific tools to make it easier and less expensive for small businesses to get loans, give lenders new incentives to make more small business loans, and help unfreeze the secondary markets to boost liquidity in the credit markets.
More details on implementation will be coming during the next few weeks. For now, though, take note that the bill provides $730 million to SBA, and makes changes to the agency’s lending and investment programs so that they can reach more small businesses that need help.
The funding includes $375 million for temporarily eliminating fees on SBA-backed loans and raising SBA's guarantee percentage on some loans to 90 percent. The elimination of fees, announced on March 16, will remain in effect until the end of the calendar year or until the funding is exhausted. The elimination of fees is retroactive to the day the Recovery Act was signed into law.
Additional funding provisions include:
* $255 million for a new loan program to help small businesses meet existing debt payments
* $30 million for expanding SBA’s Microloan program -- enough to finance up to $50 million in new lending and $24 million in technical assistance grants to microlenders
* $20 million for technology systems to streamline SBA’s lending and oversight processes
* $15 million for expanding SBA’s Surety Bond Guarantee program
* $25 million for staffing up to meet demands for new programs
* $10 million for the SBA's Office of Inspector General
For more information about how SBA intends to implement Recovery Act funding, go to: http://www.sba.gov/recovery/information/index.html.
TIME photographer Callie Shell has compiled a fascinating collection of photos depicting President Obama's first 100 days in the Oval Office. Several are published in the May 4 issue of TIME magazine. You can also view them online at [http://time.com/100days].
SOURCES: U.S. Small Business Administration, White House
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The economic stimulus bill is an extraordinary response to a crisis unlike any since the Great Depression, and includes measures to modernize our nation's infrastructure; enhance energy independence; expand educational opportunities; preserve and improve affordable health care; provide tax relief; and protect those in greatest need.
Recovery Act Provides $730 Million to SBA
According to the U.S. Small Business Administration [SBA], the Recovery Act will have a significant impact on small businesses and on the credit crunch, providing tax incentives and financing opportunities that will help us create jobs.
The Recovery Act makes SBA part of the solution, providing it with specific tools to make it easier and less expensive for small businesses to get loans, give lenders new incentives to make more small business loans, and help unfreeze the secondary markets to boost liquidity in the credit markets.
More details on implementation will be coming during the next few weeks. For now, though, take note that the bill provides $730 million to SBA, and makes changes to the agency’s lending and investment programs so that they can reach more small businesses that need help.
The funding includes $375 million for temporarily eliminating fees on SBA-backed loans and raising SBA's guarantee percentage on some loans to 90 percent. The elimination of fees, announced on March 16, will remain in effect until the end of the calendar year or until the funding is exhausted. The elimination of fees is retroactive to the day the Recovery Act was signed into law.
Additional funding provisions include:
* $255 million for a new loan program to help small businesses meet existing debt payments
* $30 million for expanding SBA’s Microloan program -- enough to finance up to $50 million in new lending and $24 million in technical assistance grants to microlenders
* $20 million for technology systems to streamline SBA’s lending and oversight processes
* $15 million for expanding SBA’s Surety Bond Guarantee program
* $25 million for staffing up to meet demands for new programs
* $10 million for the SBA's Office of Inspector General
For more information about how SBA intends to implement Recovery Act funding, go to: http://www.sba.gov/recovery/information/index.html.
TIME photographer Callie Shell has compiled a fascinating collection of photos depicting President Obama's first 100 days in the Oval Office. Several are published in the May 4 issue of TIME magazine. You can also view them online at [http://time.com/100days].
SOURCES: U.S. Small Business Administration, White House
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TAGS: 504 loans, American Recovery and Reinvestment Act of 2009, ARRA, Audacity of Hope, Barack Obama, business card credit processing small, business capital, business credit, business development, business finance, business financing, business funding, business government loans, business grants for women, business line of credit, business plan development, business plan help, business plans, business start up, business startup loan, Callie Shell, Change We Can Believe In, create jobs, Dreams From My Father, economic, economy, education, employment, energy independence, federal small business loans, financial assistance, financing opportunities, first 100 days, funding, government business grants, government grants for small business, government small business grants, health care, health care reform, health reform, how to start a small business, how to start your own business, infrastructure, Internet merchant account, jobs, legislation, loans for business, merchant credit card processing, micro-loan program, microloan program, minority business loans, minority small business loans, Obama 2008, online credit card processing, online invoicing, online merchant account, policy, politics, President Barack Obama, Recovery Act, save jobs, SBA, SBA 7a loan, SBA business loans, SBA business plans, SBA express loan, SBA express loans, SBA grants, SBA lenders, SBA line of credit, SBA loan programs, SBA loan rates, SBA loans, SBA minority loans, SBA small business loans, small business, small business financing, small business funding, small business guide, small business lenders, small business lending, small business lines of credit, small business loan, small business loans for minorities, small business loans for veterans, small business loans for women, small business plan, small business plans, small business statistics, starting a small business, starting your own business, stimulus package, stimulus plan, tax incentives, tax relief, TIME magazine, TIME.com, U.S. Small Business Administration, veteran business loans, White House, writing business plans
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