SBA Loan gurantee program cancelled....B* hates entrepreneurs?

[buycitgo]

this is an old story, but, of course, media ignores it

has Lou Dobbs brought this up?

liars like Racicot, Holt, Dreier, have been on recently, bragging about the new economy (Col. governor laughably mentioned four hundred thousand people who earn living on ebay as sign of great economy!), insisting on using that household employment stat as true reflection of employment.....sorta like claiming that making burgers is a manufacturing job

point is, this is another of those cases where the dimbulb goes out there, trumpeting support for sectors/groups/people, then cuts the CRAP out of programs designed to help the very groups he's touting

recall how he propsosed to gut the VA on the very EVE of the invasion last year? I was in DC that day, marched with the Vets to the VA building the next day, along with Daniel Ellsberg, among others

now, for the SBA ream job

Effective January 6, 2004 at 4:30 p.m. PST, the U.S. Small Business Administration halted all funding of its popular 7(a) family of loan guarantee programs.This shocker came on the heels of a previous announcement that SBA was going to once again put a cap on the maximum loan amount for its loan guarantee program.

A year or so back, the SBA capped the maximum loan amount at $500,000 for a period of about five months. The maximum size of the loan is normally $2 million. This new cap was to be $750,000. The SBA 7(a) loan program is open to borrowers who, for whatever reason, can’t obtain a traditional commercial loan on reasonable, or “favorable” terms.

The loan is actually made by an independent lender, but the Federal Government backs a portion of it, anywhere from 50-85%. Not all lenders participate in SBA lending, but most of the banks in Victoria and the surrounding counties do. The SBA has also recently opened the program up to credit unions. What an SBA loan means to the borrower is a longer payback period and a reasonable interest rate, and in some instances, could mean the difference in getting financed or not. What it means to the lender is less risk, and oftentimes it also means being able to structure a loan in a way that the lender’s internal policy normally wouldn’t allow, such as a 25 year term on commercial real estate instead of only ten.

The halt came because demand for SBA loans increased significantly during the past quarter, with the dollar value of loans up about 40% over this time a year ago. SBA has been operating on a continuing resolution from Congress that limits it to $3.3 billion in 7(a) loans through the end of January. By Jan. 2, the SBA had used almost $3.1 billion of that authorized amount. SBA Administrator Hector Barreto sent a memo to SBA employees saying, “We are currently working with Congress and expect to resolve this issue and resume the 7(a) loan program shortly. We regret any inconvenience this delay may cause the small business customer or the lender.” The memo also said that applications not processed by the Jan. 6 date would be sent back to the lenders and any applications that had been faxed to one of SBA’s processing centers would be cancelled.

http://www.vbmonline.com/samford.htm

have you seen this anywhere? I read it in my local fishtrainer awhile back, and haven't seen anything about it since

now that the cretin in chief is touting his all-good economy, with emphasis on entrepreneurs, when is the Kerry campaign going to highlight this most OBVIOUS flip flop on the fascist party's part?

[aquart]

1. Think of this as pro-Walmart.

Big Business destroys the last vestiges of independent small business.

You know small business? What Dean said stays in the country and employs locally? Think of Bush as its assassin.

[buycitgo]

2. but but but but.....bush loves them, doesn't he?

now this, which confuses the issue, a represnetative sample of stories which say it's been restored

BUT the story contradicts the headline, far as I can tell

http://www.santacruzsentinel.com/archive/2004/January/14/biz/stories/02biz.htm

also, Kerry did talk about it back then, when he was "toast"

anybody know the status of this now? my googling expertise is not so hot

"Sen. John F. Kerry, D-Mass., who serves on the SBA’s Senate oversight committee, objected last week to the abrupt lending suspension in a letter to Hector V. Barreto, Small Business Administration administrator.

'Not only should it be unnecessary to shut down the program, it should be unnecessary to cap loan size,' Kerry said in a letter that was circulated widely among SBA offices by e-mail. 'Both could have been avoided had the administration requested adequate program levels and budget authority in its fiscal year 2003 and fiscal year 2004 budgets, and had the administration acted in a timely way to adjust to the growing demand for 7(a) loans, which has been evident over the past few months and years.'"

[sandnsea]

3. The Kerry Ace in the Hole

He was the ranking member of the Small Business Committee and has been on it since something like 1996. Look:

http://sbc.senate.gov/democrat/pressoffice.html

[FloridaPat]

4. Some repub yesterday noted that there are 400,000 full-time

people on Ebay that are not counted in any survey. So I can assume that since it's so easy to become an entrepreneur on Ebay, one would not need those big SBA loans.

Now you could actually say I was one of the 400,000. Even though my income from Ebay is around $40 a month, I am unemployed and that would be my full-time income.

[buycitgo]

5. that was the Stepford governor of colorado......I saw it, too

what a jackass that guy was

do they EVER take responsibility?

they say the economy's great, then, when asked about the jobless recovery, they spout the crap you mention, and/or say that everybody who WANTS a job, should have one

not to mention the 350,000 jobs created since last thousand years ago.

aren't they promising 300,000 jobs a MONTH now, correcting from here til November?