Tag: sba

California Recovery Task Force Launches Interactive Web Portal

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Press Release

For Immediate Release:  03/23/2010

Contact: Aaron McLear/Eric Alborg
916-445-5880

California Recovery Task Force Launches Interactive Web Portal

In an effort to provide unprecedented transparency of stimulus spending in California, the California Recovery Task Force has launched an interactive Web Portal (www.recovery.ca.gov) that tracks the more than $85 billion in cash and tax benefits expected overall for Californians.

“Tracking stimulus money has further underscored the need to break through the silos of government at the federal, state and local levels,” said Senior Advisor to the Governor and California Recovery Task Force Director Herb K. Schultz.  “Our Web Portal will continue to evolve in order to provide the most transparent picture of government spending in U.S. history.”

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SBA Recovery Act Funding Extended

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Extension of SBA Recovery Lending Programs Will Support $1.8 Billion in Small Business Lending

Agency plans to restart Recovery loan approvals on March 10

WASHINGTON – President Barack Obama signed legislation Tuesday extending until March 28 the U.S. Small Business Administration’s ability to provide small business loans that are enhanced with special provisions of the American Recovery and Reinvestment Act (ARRA), including a higher guarantee of SBA-backed loans and a waiver of loan fees normally paid by borrowers.

SBA estimates the additional funding will support about $1.8 billion in small business lending.
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Stimulus News Digest | Office of the Small Business Advocate

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Highlights include:

Santa Rosa, County Due Millions in Stimulus Aid   –   $7.4MM

Forest Service Gets $185 Million to Expand Payroll in Region  –  $185MM

Workforce Investment Board Offers Free Employment Advice  –  $220K

Fiber Dominates Latest US Rural Broadband Stimulus Funds Release  –  $300MM

NIH Funding of Biomedical Innovation Is Creating Jobs, Fueling Industry  –  $10.5BN
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Additional Funding for SBA Recovery Lending Programs will Support $4.5 Billion in Small Business Lending | SBA

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Agency plans to restart Recovery loan approvals by Dec. 28

WASHINGTON – President Obama signed the U.S. Department of Defense (DOD) appropriations bill on Saturday, which included $125 million to continue through Feb. 28, 2010, the enhancements made possible through the American Recovery and Reinvestment Act (ARRA) to SBA’s two largest loan programs. The SBA estimates the additional funding will support $4.5 billion in small business lending.

New approvals of loans with the higher guarantee and reduced fees made possible by ARRA are expected to begin by Dec. 28.  Loan applications from borrowers who chose to be placed in the SBA’s Recovery Loan Queue will be funded first, followed by new loan approvals beginning on or before Dec. 28.
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Community lenders hit the funding jackpot | CNN – CA Hispanic Chambers of Commerce

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Too bad they hit the jackpot on the nickel slots.

The entire Goldman bonus pool should be donated to small businesses, but that’s just me.

Community Development Financial Institutions (CDFIs) have been a rare small business lending success story this year — and next year, they’ll have more cash.

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Report to the President – SBA Small Business Financing Forum

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The opening remarks of this report contains the following brilliant observation:

With financial institutions tightening lending standards in this recent economic crisis, the small businesses that depend on them for credit have been hit particularly hard.

Ya think? Without the ability to sell stock or bonds to raise capital, small businesses have to turn to banks. Banks are required to meet tough new standards and for the most part, keep the loans they write on their balance sheets. To maintain their required ratios, most banks have withdrawn credit from those least able to survive it, small business. A perfect storm.
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