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State Representative Paul Anderson
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4317
For more information contact: House GOP Communications 651-296-5520
NEWS RELEASE
ANDERSON ALERTS BUSINESSES TO LOAN OPPORTUNITY
ST. PAUL, MN – In an effort to help revitalize America’s struggling economy, the federal government freed up $4.5 billion more in lending for small businesses nationwide through an extension of the American Recovery and Reinvestment Act. State Rep. Paul Anderson, R-Starbuck, encourages local entrepreneurs and small business owners to take advantage of the new Small Business Administration loans to restore local business districts and get the state’s economy moving again.
“Although I have concerns about the increasing federal debt, these stimulus funds are a good way to get financial help to where it can do the most good, on the main streets of towns and cities throughout Minnesota,” Anderson said.
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 Feb. 28. New approvals of loans with the higher guarantee and reduced fees made possible by ARRA began last month. Loan applications from borrowers in the SBA’s Recovery Loan Queue will be funded first, followed by new loan approvals.
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/. Anderson also encourages local business owners to contact him directly at rep.paul.anderson@house.mn or at (651) 296-4317/
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Rep. Anderson encourages constituents to contact his office with input regarding any state legislative issue. He can be reached on the web at www.house.mn/13A and via email at rep.paul.anderson@house.mn. To contact Anderson by phone, call (651) 296-4317. Mail can be sent to Rep. Paul Anderson, 239 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, Minnesota 55155.
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