08/05/2009 Lawton Announces Help for Small Businesses in Monroe and Beloit
8/7/2009
08/05/2009 Lt. Governor Lawton Announces Help for Small Businesses in Monroe and Beloit
Lt. Governor Lawton traveled to Monroe and Beloit Wednesday to announce the availability of new SBA tools to help small businesses access capital and ease the credit crunch.
Left) Lt. Governor Lawton announces expanded SBA loan offerings in Monroe.
In Monroe, Lt. Governor Lawton met with a group of small business owners organized by the Monroe Chamber of Commerce to discuss the new appropriations authorized by the American Recovery and Reinvestment Act. The enhanced SBA loan offerings temporarily eliminate up-front fees on short-term working capital loans (increasing the guaranty to 90%) and on fixed asset, long-term larger loans; expanding funding for the SBA microloan program through September 30th, 2010; and increasing the surety bond guarantee program for large construction projects from a maximum of $2 million to $5 million.
Lt. Governor Lawton also visited with Beloit-area small business owners, organized by the Greater Beloit Area Chamber of Commerce, to discuss the expanded SBA loan offerings and to urge other small businesses to explore the new SBA tools with their local lenders.
“The collapse of financial markets makes it increasingly difficult for small businesses to receive payroll loans, expand inventories, or grow in ways that create new jobs,” Lt. Governor Lawton told the Monroe-area small business owners. “These expanded SBA programs reinvest in small business prosperity by helping them access capital immediately and at cheaper rates. I am here today to urge struggling local businesses to talk to their lending institutions about these new options.”
Pictured above) Beloit Chamber of Commerce President Amy Loudenbeck, State Rep. Kim Hixon, Lt. Governor Lawton, Beloit City Manager Larry Arft, Eric Ness of the SBA.
During her visits, Lt. Governor Lawton also announced that America’s Recovery Capital (ARC) Business Stabilization Loans are now available for financially vulnerable businesses in need of temporary relief to remain in operation. This temporary SBA program will provide deferred-payment, interest-free loans of up to $35,000 to viable small businesses that need help making payments on an existing loan for up to six months. The ARC loans, which will be distributed directly by commercial lenders, are 100 percent guaranteed by the SBA and have no SBA fees associated with them. ARC program funding is provided on a first-come, first-served basis.
For more information about these programs, please visit www.sba.gov or www.ltgov.wisconsin.gov.
