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Small businesses screwed again
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My frustration with Congress, The President (former and current), and the SBA regarding their "efforts" to "help" small business is very familiar to my readers.
When the "2009 Economic Recovery Act" was announced, I was cautiously optimistic. I really wanted to believe that finally, help would be coming to small business. I never expected it to be at the same level as what the automobile industry or Wall Street is receiving, but, the help would be substantial and noteworthy.
Sadly, my hopes have been dashed. I have attempted to reach my local SBA office (Philadelphia) for the last three weeks. Despite numerous phone calls and email messages, I have been unable to connect with anyone to make inquiry regarding the various options for small business under the "Recovery Act."
I did manage to connect with two lenders who administer SBA loan programs. Both advised me to ignore what is being reported by the media concerning the "Recovery Act", and to understand that what they are offering is what they have always offered; Basic 7(a) loan programs. Yes, there are some changes such as waiving of fees and higher guarantee rates, but, the realities of the program pales in comparison to the hype, and certainly falls short of the support that the auto, and banking industry is receiving.
Why is this important? According to documents offered by the SBA, since the mid 90's, small business create 60 to 80% of the new jobs in America. If President Obama, Congress and the SBA do not start doing more than providing lip service to small business, there will never be a meaningful and sustained economic recovery in the United States.
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