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Airdate: March 24th, 2009
One of the goals of the American Recovery and Reinvestment Act was to loosen up lending and get money flowing to small businesses again.
Today Arkansas' Small Business Administration chapter held a meeting to share how this is happening.
Here's Seven-On-Your-Side's Jason Pederson with today's "Your Money" report.
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Some were there with questions and dreams. Some were there to supply answers and hope.
(Linda Nelson/SBA/Arkansas chapter) "SBA doesn't create small business. Our role is to provide the tools that enhance their abilities to survive and grow. One of those is long-term financing. Another is management and technical assistance."
(Jim Sadler/SCORE) "A common problem for the last six months or so has been for a new business or an existing business to get loans from a bank."
Calls to Arkansas' SBA chapter have tripled in recent months. Some of those who have lost their job are deciding to create a new one rather than find a new one. Courtney terry and a partner are about to start up a medical research company.
(Courtney Terry/Entrepreneur) "We were both laid off in September and took that as an opportunity to put the wheels in motion. We got our business plan together and went to see Kyle James of Metropolitan and he helped us through it, so…and we were approved about a month ago."
(Nelson) "It's always been amazing to me that no matter how bad times were I still had people calling saying I would like to start a small business."
If you would like to learn more about the loan fee reductions, help for existing businesses to meet debt payments, and other elements of the stimulus bill…call the Arkansas SBA at 501-324-7379.
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