Could TARP funds actually go directly to the small business owner? The Administration is now working with the SBA to come up with a plan that gets TARP funds directly to the small business owner.
Not sure how far my SBA Loan Proposal has gone up the chain in the Senate, but this is precicely what my proposal outlined!
I have a real solution that reduces the lenders risk, utilizes the TARP funds to "direct fund" a portion of the loan request from SBA and targets job creation. My proposal utilizes existing infastructure and is designed for quick Senate approval.
If anyone out there knows of a better way to get my proposal in front of the US Senate Committee on Small Businesses, PLEASE let me know.
I have gone through Senator Wyden's office in DC. I have directly emailed Senator Snowe, as she is the primary contact on this committee. I would imagine that the email will go through the normal channels, thus taking 3 months. We need this engine to fire-up and get moving now!
Saturday, July 11, 2009
Monday, July 6, 2009
Hit or Miss with new SBA policy changes
It seems that we are still off track with this administrations policy changes regarding the SBA loan programs. In my opinion, only 1 of the 4 major changes have been a "hit". The others are a "miss".
ARC $35,000 loan program: MISS: Only a handfull of lenders nationally are even participating in this program. Does not make sense for banks to participate and the eligibility criteria is difficult for the small business owner.
Waiving majority of loan fees: HIT: Saves the small business owner thousands of dollars in fee's.
Dealer Floor Financing: MISS: Still new, but like the ARC program, it may be very difficult to find lenders to participate, and the eligibility rules will also be very tight.
504 Debt Refinance changes : MISS: Good idea, but the eligibility rules MUST be expanded to allow more business owners to utilize the program.
Our administration and Senate Committee leaders MUST begin to listen to the experts in the field, regarding CHANGES that WILL HELP business owners! I also have hit a brick wall with my PROPOSAL to help unlock the SBA Loan issues with Senator Wyden's office. Perhaps it's time I try putting it in front of the Senate Committee directly.
ARC $35,000 loan program: MISS: Only a handfull of lenders nationally are even participating in this program. Does not make sense for banks to participate and the eligibility criteria is difficult for the small business owner.
Waiving majority of loan fees: HIT: Saves the small business owner thousands of dollars in fee's.
Dealer Floor Financing: MISS: Still new, but like the ARC program, it may be very difficult to find lenders to participate, and the eligibility rules will also be very tight.
504 Debt Refinance changes : MISS: Good idea, but the eligibility rules MUST be expanded to allow more business owners to utilize the program.
Our administration and Senate Committee leaders MUST begin to listen to the experts in the field, regarding CHANGES that WILL HELP business owners! I also have hit a brick wall with my PROPOSAL to help unlock the SBA Loan issues with Senator Wyden's office. Perhaps it's time I try putting it in front of the Senate Committee directly.
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