The U.S. Senate will be back in session starting Monday September 13 and the Small Business Lending Act is scheduled to come up for a vote next week. The major points of the Act are:
- Continue the 90% guarantee for SBA loans (and waiver of the guarantee fee)
- Increase the maximum SBA loan amount to approximately $5 million
- Provide a $30 billion fund for community banks to lend to small businesses
- Provide for a zero percent capital gains rate for investments made in qualified businesses
- Additional tax credits for small businesses
The enhanced SBA loan program enacted February 2009 provided a much-needed lifeline to scores of Oklahoma businesses. The economy is weak and it’s too early to allow meaningful economic support initiatives such as this to expire. The enhanced SBA program was designed to help businesses survive the recession and for many businesses, it’s not over.
The vote should be tight and Senator Inhofe is apparently undecided.
If you wish to express to your interest on this matter to your senator, click here to look up his or her phone number.
If you are unsure of the positive impact the enhanced SBA loan programs have made on small businesses contact David Laughrey, an SBA loan expert, at 918-524-9400. Finally, here are three good articles on the SBA program that has been in place:
Need to Refinance? Simply Incredible New SBA Programs
Act Now to Refinance. Very Best of SBA Programs Expiring Soon!
Financially Stressed? SBA Loan Programs Can Help
