Inhofe’s Vote Needed for Ok Businesses
The U.S. Senate will be back in session starting Monday September 13 and the Small Business Lending Act is scheduled to come up for a vote next week. The major points of the Act are:
- Continue the 90% guarantee for SBA loans (and waiver of the guarantee fee)
- Increase the maximum SBA loan amount to approximately $5 million
- Provide a $30 billion fund for community banks to lend to small businesses
- Provide for a zero percent capital gains rate for investments made in qualified businesses
- Additional tax credits for small businesses
The enhanced SBA loan program enacted February 2009 provided a much-needed lifeline to scores of Oklahoma businesses. The economy is weak and it’s too early to allow meaningful economic support initiatives such as this to expire. The enhanced SBA program was designed to help businesses survive the recession and for many businesses, it’s not over.
The vote should be tight and Senator Inhofe is apparently undecided. If you wish to express to Senator Inhofe your interest on this matter use his web form or call 202-224-4721. Ask for Ryan, Senator Inhofe’s senior legislative aid.
If you wish to express your interest on this matter to Senator Coburn, call 202-224-5754 or use his web form.
If you are unsure of the positive impact the enhanced SBA loan programs have made on small businesses in Oklahoma, contact David Laughrey, a Tulsa-based SBA loan expert at 918-524-9400 (Office).
Finally, here are three good articles on the SBA program that has been in place:
- Need to Refinance? Simply Incredible New SBA Programs
- Act Now to Refinance. Very Best of SBA Programs Expiring Soon!
- Financially Stressed? SBA Loan Programs Can Help
Written by David L. Perkins, Jr., Managing Director of Tulsa-based Acquisition Advisors and Managing Editor of The Business Owner Journal.
To submit an article or blog post, click here.