SBA

November 18, 2009 -- Today's Small Business Financing Forum marks another step in the Obama Administration's commitment to ensuring small businesses can play a crucial role in leading job growth and recovery. As they search for the best ideas and strategies to bring to the President, Treasury Secretary Tim Geithner and Small Business Administrator Karen Mills will build on the measures the Obama Administration has already taken to help small businesses expand through increased access to credit and new tax cuts as part of the American Recovery and Reinvestment Act.

Obama Administration's Actions to Support Small Business

I. Improving Access to Credit    » read more »

November 17, 2009 -- "Mr. President, I introduce today the Small Business Intermediary Lending Pilot Program Act of 2010.

As a member of the Small Business and Entrepreneurship Committee I have been concerned about access to affordable financing for small businesses.    » read more »

November 16, 2009 -- Washington, D.C. - Recently, the Small Business Administration (SBA) proposed a series of changes to existing regulations concerning the 8(a) Business Development program. The 8(a) Program provides participating small businesses with training, technical assistance, and contracting opportunities in the form of set-asides and sole-source awards. Small businesses owned by socially and economically disadvantaged individuals are eligible for the program.

“This rulemaking -in the first year of the Obama Administration- is proof positive that Administrator Mills is writing a new chapter in SBA history,” stated Congresswoman Yvette D. Clarke.    » read more »

Provisions Bean championed in Recovery Act extended

October 29, 2009 -- Washington, D.C. - As part of her ongoing commitment to promoting access to capital for small businesses, Congresswoman Melissa Bean joined colleagues in passing the Small Business Financing and Investment Act of 2009, which extends and expands successful changes to SBA (Small Business Administration) lending programs advocated by Bean and first included in the Recovery Act earlier this year.

The bill, H.R. 3854, passed 390-31.    » read more »

Snowe Introduces Critical Legislation To Increase Small Business Exporting

June 9, 2009 -- Washington, D.C. -- U.S. Senator Olympia J. Snowe (R-Maine), Ranking Member of the Committee on Small Business and Entrepreneurship, introduced legislation this week to help small businesses expand into foreign markets. The Small Business Export Opportunity Act of 2009 (S. 1208) would strengthen and improve export financing programs within the Small Business Administration (SBA) to better assist American entrepreneurs expand their businesses overseas, compete in international markets and create new, good-paying jobs.    » read more »

June 8, 2009 -- CHICAGO – Senator Richard Durbin and Congresswoman Melissa Bean today urged Illinois small business owners facing credit problems to consider the U.S. Small Business Administration’s lending programs, and announced the imminent start of a new loan program to help businesses pay down their debt.

After meeting with local small businesses and officials from the SBA, Bean (IL-08) and Durbin (IL) said the small business provisions contained in the American Recovery and Reinvestment Act have had a measurable benefit to small businesses working to retain and create jobs during the economic slump.    » read more »

Senator Thune Urged SBA to Help Auto Dealers Through Credit Crisis

May 28th, 2009 - Washington, D.C. - U.S. Senator John Thune applauded today's announcement by Small Business Administration (SBA) chief Karen Mills regarding low-interest loans that will be available to auto dealers. Last month, Senator Thune led a bipartisan group of his colleagues in urging the SBA to provide temporary low-interest floor plan financing that private lenders cannot provide during the credit slowdown.    » read more »

May 28, 2009 -- Washington, D.C. -- U.S. Senator Olympia J. Snowe (R-Maine) today praised the Small Business Administration (SBA) for establishing a pilot program that will allow automobile, boat, RV and other dealerships to access SBA-backed loans starting July 1, 2009. Called the Dealer Floor Plan (DFP) program, the initiative will afford dealerships who sell title-able items the ability to borrow against their inventory and repay the debt as they sell their products.    » read more »

Shaheen led a bipartisan group of 32 Senate colleagues in calling on President Obama to make floor plan financing available through the SBA

May 28, 2009 -- (Manchester, NH) -U.S. Senator Jeanne Shaheen today applauded an announcement that the U.S. Small Business Administration that will offer government guaranteed loans to finance auto dealer inventory, a measure Shaheen has been fighting to change for months. In April, Shaheen led an effort in the U.S. Senate urging the SBA and the Obama Administration to increase auto dealers' access to credit. The SBA loans for Dealer Floor Plan (DFP) financing will be available beginning July 1st.    » read more »

At White House announcement in Kokomo, Hoosier lawmakers say decision to extend loans to floor plan inventory will help revive industries, save jobs

May 28, 2009 -- Kokomo, Ind. — Appearing at an afternoon news conference today with the White House auto czar and the head of the U.S. Small Business Administration (SBA), Senator Evan Bayh and Congressman Joe Donnelly today strongly endorsed the administration’s decision to open up a major new source of credit for Indiana dealerships that sell cars, recreational vehicles, boats and manufactured homes.    » read more »

May 21, 2009 -- WASHINGTON, DC – Today, President Barack Obama announced his intent to nominate the following individuals for key administration posts: Christopher Schroeder, Assistant Attorney General for the Office of Legal Policy, Department of Justice; Paul Anastas, Assistant Administrator for Office of Research and Development, Environmental Protection Agency; Sherry Glied, Assistant Secretary for Planning and Evaluation, Department of Health and Human Services; Winslow Sargeant, Chief Counsel for Advocacy, Small Business Administration; Ambassador Nancy Powell, Director General of the Foreign Service, Department of State; and Deborah Matz, Chair, National Credit Union Administration.    » read more »

California Partners with U.S. Small Business Administration on First-In-The-Nation Initiative

05/21/2009 -- In an effort to increase contracting opportunities for California’s small businesses, the California Department of Transportation (Caltrans) has partnered with the U.S. Small Business Administration (SBA) to help California small businesses bid on construction projects.

The first such partnership in the nation and one of the top ten recommendations from participants at Governor’s Conference on Small Business & Entrepreneurship, the joint Bonding Assistance Initiative helps qualified small businesses access bond guarantees - which are required on Caltrans construction contracts and are currently difficult for small businesses to attain.    » read more »

May 19, 2009 -- WASHINGTON, D.C. – Subcommittee on Contracting Oversight Chairman Claire McCaskill last week began the process of gathering key information on a how a federal law is being used to obtain millions of dollars in government contracts without competition.

Read a copy of McCaskill’s letter (pdf file)    » read more »

May 18, 2009 -- WASHINGTON – U.S. Senator Benjamin L. Cardin (D-MD), a member of the Senate Small Business and Entrepreneurship Committee, today commended the Small Business Administration (SBA) for establishing a new loan program to help small businesses get cash flowing again during this economic downturn.

Beginning on June 15, the SBA will start guaranteeing America’s Recovery Capital (ARC) loans. ARC loans are deferred-payment loans of up to $35,000 available to established, viable, for-profit small businesses that need short-term help to make their principal and interest payments on existing qualifying debt. ARC loans are interest-free to the borrower, 100 percent guaranteed by the SBA, and have no SBA fees associated with them.    » read more »

05/15/2009 -- NASHVILLE – Tennessee Governor Phil Bredesen today announced the federal government has approved his request for disaster assistance for Rutherford, McMinn, Sequatchie and Benton Counties following the severe weather, high winds and tornadoes that struck on April 10, 2009. Bredesen requested the federal disaster aid following damage assessments by federal, state and local emergency management officials.

Local governments and public utilities in the four approved counties are now eligible for Public Assistance Program funds from the federal government. The public assistance designation also covers emergency response and recovery costs incurred by state government.    » read more »