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.
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