President Obama to Announce Small-Business Stimulus

[Thrill]

President Obama will visit a Maryland business on Wednesday afternoon to announce initiatives to encourage lending to small businesses. According to an administration official, the proposal will increase the caps for existing Small Business Administration loans and give smaller banks better access to funds from the Troubled Assets Relief Program.

An industry official involved in S.B.A. lending said the White House would propose raising the cap on the agency’s flagship 7(a) loan from $2 million to $5 million. But other programs are likely to see increases, too, including the 504 program.

The event will take place at Metropolitan Archives, a records storage company in Landover, northeast of Washington, that financed its warehouse in part with a $2 million loan guarantee under the 504 program, according to Chris Crawford, president of the National Association of Development Companies, which lobbies for nonprofit 504 lenders.

Mr. Crawford said this particular business offered potent symbolism for Mr. Obama’s message. Metropolitan Archives, he said, is “looking for money to further expand their property, but they cannot do another S.B.A. loan under the current regulations” because $2 million is the most any business can borrow with an S.B.A. guarantee.

Changing S.B.A. programs would be subject to Congressional approval.

We expect to have more details on the initiative on Wednesday morning, in advance of Mr. Obama’s 1:30 p.m. announcement.

http://boss.blogs.nytimes.com/2009/10/20/obama-to-announce-small-business-stimulus/

[waiting for hope]

1. Good - it's about time. That will greatly help

the unemployment numbers.

[Cha]

2. There was money in the Stimulus Package aka Recovery Plan

for Small Businesses, also.

<snip>

05 March 2009

Small Business Stimulus Package 2009

Below is the outline of the funding that the SBA is going to have:

• $375 million to lessen or remove loan fees and improve the SBA’s guaranteed share up to 90 percent of some loans.

• $255 million to help small businesses specifically for meeting the debt payments.

• $30 million to enlarge the SBA’s microloan program.

• $15 million to grow the SBA’s surety bond guarantee policy to cover bigger contracts.

For more details on this, check out the informative article here on Obama Small Business Economic Stimulus Package

<read more>
http://www.techbanyan.com/3802/small-business-stimulus-package-2009/

[jbnow]

3. There was even more for small business. The problem is

the frigging banks not cooperating, just like they are not cooperating on the programs to provide mortgage relief.

They agreed to do it but they delay and play games. They won't make bug money but you'd think those we bailed out would feel some vague sense of obligation. They do make some money. Even on the 0% interest small business loans the gov pays them about 3% for their trouble. The ARC program was suppose to help small business in distress...BoA spent 3months before even getting started saying they would soon start taking apps...and as of start of October still hadn't announced that date.
A business has to work hard to find a bamk offering them, many have to travel to get to one. Even then banks make more rules...you have to becomes their customer or have some other loan with them. Then there are long, long waits to get response. Hardly a 'helping business in distress' model. The programs and money are there...
So...what is resolution for that?

At first I misread "give smaller banks better access to funds from the Troubled Assets Relief Program." something that said give smaller banks easier access to these SBA funds to loan. Sounds like it's money to get saved, good too I guess.

I don't mean to sound like the big banks aren't dealing with customers. Why just today I got a notice that my APR is changing from fixed to variable that is many percentage points higher than old rates. I got one last month for another card...oh and minimum payments % tripled too. That is so sweet of the to think of me and take the time to write. IThere was no reason they had to pay attention to me, never had a late payment, never went over limit....nothing like that. So I must just be special to them, they just want to show me they value me so much. Sure the rates they get money at are at all time low, it would be easy to keep mine low. But how would I know they thought abouyt me if they just did the easy thing.

[Hutzpa]

4. An excellent start

just need to get the banks to move their asses and we should be fine.

These selfish assholes are seating on the stimulus package and are
refusing to move, just ask the real estate agents who are having
difficult time dealing with these banks on short sales and foreclosures.

The Chamber of Commerce could do with a visit, now theres where that mop
would come in handy....:evilgrin:

[Manifestor_of_Light]

5. Loans will do no good without customers.

It's demand-side economics, not supply-side. Ol' Friedman got it backwards.

And if we don't have a middle class with disposable income, we don't have customers.

I'd be happy to be a full time artist if I could get people to buy my work on a regular basis.


Silk pillows and other artwork on my blog. I also make jewelry:
http://lavidacountry.wordpress.com

[barackinthebox]

6. I'm a full-time artist/small biz owner

When I say "small" business, I mean it's just my husband and I. I know exactly what you mean! I've been in business making custom jack-in-the-boxes for about six years. This is the first holiday season, that I have ZERO orders for custom work!! I can't believe it. People aren't buying. I usually average about 10 to 15 custom jack-in-the-box orders around this time of year.

I'm at the end of my rope. I really don't know what to do. And it doesn't matter what the stimulus plan. No bank is going to consider loaning anything to me, with my roller-coaster year of sales.