Accessibility menu
State Representative John Ward
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4333
For more information contact: Michael Howard 651-296-8873
Press/News Releases
REP. JOHN WARD ENCOURAGES LOCAL BUSINESSES TO TAP EXPANDED FEDERAL LOAN OPPORTUNITY
Small Business Administration loan expansion to free up more than $4.5 billion for business owners
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). Rep John Ward is encouraging local entrepreneurs and small business owners to take advantage of the new Small Business Administration (SBA) loans to restore local business districts and get the state’s economy moving again.
“Small businesses are the backbone of our economy, and have been hit hard by the recent economic downturn," said Ward. “This federal loan program could provide just the lift they need to get back on their feet, and help stabilize our local economy.”
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.
“As a state lawmaker, I’m interested in doing everything possible to help Minnesota businesses stay a nose ahead of the rest,” said Ward. “I encourage anyone interested in discussing a wide range of business and economic development issues to join me on Friday, January 29 at 10 a.m. at the Northland Arboretum in Baxter for a Business Issues Listening Session.”
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. John Ward also encourages local business owners to contact him directly.
-30-
News Items
- 2013 Legislative Session Preview - (Posted: Jan 11 2013 8:39AM)
- Assistant Majority Leader Rep. John Ward Sworn-In as Legislative Session Starts - (Posted: Jan 8 2013 2:39PM)
- Rep. John Ward Elected Assistant Majority Leader and Selected to Serve as Vice Chair of Capital Investment Committee - (Posted: 2012-12-19 00:00:00)
- Archived News Items
- Subscribe to RSS News Feeds
- Read more about RSS.