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State Representative Sandra Masin
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-3533
For more information contact: Michael Howard 651-296-8873
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MASIN 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). Masin 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 foundation of our economy and the engine that will propel our state out of this economic downturn," said Masin. “I want to make sure every small business owner in our community knows about this opportunity.” 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.
“Too often small businesses are unaware of existing programs available to them that can help their business hold down costs and grow,” said Masin. “Other states are competing for these loans, so as state lawmakers we need to get the word out to our businesses so they can take advantage.”
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. Masin also encourages local business owners to contact her directly.
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News Items
- Rep. Sandra Masin Sworn-In as Legislative Session Begins - (Posted: Jan 8 2013 3:10PM)
- Representative Sandra Masin: Special Session Delivers Flood-Relief - (Posted: 2010-10-18 00:00:00)
- EAGAN TRIBUTE & MEMORIAL DEDICATION State Representative Sandra Masin invites area residents to unveiling ceremony - (Posted: 2010-10-06 00:00:00)
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