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  • Small Businesses Get Relief Through Recovery Act 2009 Informational Meeting

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    Name: Small Businesses Get Relief Through Recovery Act 2009 Informational Meeting
    Date: June 25, 2009
    Time: 8:30 AM - 9:30 AM CDT
    Event Description:

    Recovery Act Gives SBA Tools to Boost Small Businesses
    By:  Wisconsin SBA District Director Eric Ness


           The Obama Administration is determined to employ the American Recovery and Reinvestment Act and the Small Business Administration to make a big dent in the small business credit crunch.

         The goal for SBA is jump-starting job creation, re-starting lending, and promoting investment in small businesses. 

         The Recovery Act provides SBA with $375 million to temporarily eliminate loan fees and raise guarantee limits up to 90 percent on most types of 7(a) loans. It temporarily eliminates 504 loan fees for both borrowers and lenders. SBA estimates these provisions will apply to approximately $8.7 billion in 7(a) loans and $3.6 billion in 504 loans and last through calendar year 2009.

         To help small businesses compete for construction and service contracts, the Act allows SBA to more than double the amount it can offer for SBA-backed surety bonds—from a previous $2 million maximum to $5 million. 
         An element already in place—SBA’s Microloan program—received additional funding for up to $50 million in new loans. This capital is available today for new loans of up to $35,000 and accompanying technical assistance

    Location:
    1401 Tower Avenue, 3rd Floor Courtroom, Superior, WI 54880
    Contact Information:
    (715) 394-7716
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