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State Representative Sheldon Johnson
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4201
For more information contact: Matt Swenson 651-297-8406
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REP. JOHNSON ENCOURAGES LOCAL BUSINESSES TO TAKE ADVANTAGE OF FEDERAL LOANS
ST. PAUL, MN – In an effort to help revitalize America’s struggling economy, the U.S. Congress and President Obama recently freed up $4.5 billion more in needed lending for small businesses nationwide through an extension of the American Recovery and Reinvestment Act (ARRA). State Rep. Sheldon Johnson (DFL – St. Paul) is encouraging local small business owners and entrepreneurs to take advantage of the new Small Business Administration (SBA) loans to restore local business districts and get the state’s economy moving again.
“Minnesota’s economy relies on the strength and ingenuity of small businesses; but they have been hit especially hard by this recession," Rep. Johnson said. “With the help from these loans, local businesses can begin rehiring, putting more Minnesotans to work and more money back into local economies.”
Extending the ARRA provisions related to SBA’s loan guarantee programs will provide additional funding for the SBA 7(a) and 504 loan programs, including temporary reduction of loan fees. The ‘emergency’ funding ($125 million) passed and signed will cover 7(a) and 504 loan fee reductions through February 28, 2010. New approvals of loans with the higher guarantee and reduced fees made possible by ARRA are expected to begin by December 28, 2010. Loan applications from borrowers who choose to be placed in the SBA’s Recovery Loan Queue will be funded first, followed by new loan approvals beginning on or before December 28, 2010.
“It is critically important that businesses quickly receive these loans so they can begin rehiring,” said Johnson. “I am ready to be a source of information and help for those going through the application process. As your legislator, it is my responsibility, and my pleasure, to help in any way I can.”
Minnesotans seeking SBA loans for their businesses can find more information on the Small Business Administration website at: http://www.sba.gov/financialassistance/borrowers/guaranteed/. Rep. Johnson encourages local business owners to contact him directly with any questions. Johnson can be reached by phone at (651) 296-4201 or by email at rep.sheldon.johnson@house.mn.
News Items
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