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Bailout Money Heading To Small Bizs
Small businesses finally are getting their own little piece of the federal government’s ballooning bailout package.
U.S. officials announced the federal government as part of a broader package will lend up to $200 billion to institutions that originate consumer loans and business loans backed by the Small Business Administration.
The rationale, Secretary Paulson said in a news conference, is it will create liquidity, spurring banks to lend again to consumers and businesses. Some hope it could especially help banks that specialize in offering SBA-backed loans, since such lending has dried up in recent weeks.
Nobody, of course, really knows at this point whether such a cash infusion into the lending system will actually save many struggling small businesses. But some are optimistic it will help – and feel it at least shows policy makers recognize the dire situation on Main Street and want a more direct solution.
Photo by dlnny.
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cassy on November 29th, 2008 12:27 am
This is a good news to those small businesses. This loans can help their business to recover again.
Just use the money wisely, if it intends for the business, then its for the business. Some entrepreneur I know, if they gets loan, some of the money not use to their business but for personal use.
Kurt Henninger on November 29th, 2008 11:04 pm
That is great news for small business! Small Business is the backbone of the American economy, and getting much needed credit to them will only help the economy.
Curt on December 1st, 2008 3:20 pm
The small business is the only sector that should be getting money, because they are the future of the economy. The bailouts of other sectors that are failing only delays the money that is needed by small businesses to build new markets. The end result of the bailouts will be a net loss of jobs.
cassy on December 2nd, 2008 8:41 am
All small business are big help to our economy,because if we have a crisis they are the one who are not affected not like big business. thats why we have to help them in terms of money bailouts for them to be a strong business in the future.
Jaclyn on December 2nd, 2008 1:34 pm
I strongly agree with Kurt…small business’ are truly the one’s who need the bailout help rather then the large companies like GM. yes…companies like GM produce many jobs…but they also produce mass amounts of money on one sale and really should have known better when it came to their finances, they should have been a little smarter with money! small business’ usually are drowning especially now a day’s due to the economy being so crappy and people not being able to buy as much as they use to rather then they were bad with their finances.
George F. Gazda on December 22nd, 2008 11:01 am
We rely on Sallie Mae to fund our students tuitions. We have seen absolutely zero change since the bailout. If the fed is waiting for some magic date to get lenders to actually resume lending again it will be too late for hundreds, if not thousands of businesses.
In a nutshell, the bailout has done nothing for our lenders. We are routinely seeing applicants with 750 credit scores being turned down for lending.
See you on the other side, as I don’t think my company is going to survive this.
Merry Christmas!
Comment by George F. Gazda – December 22, 2008 at 12:57 pm
marianne on February 19th, 2009 8:20 am
It would be a lot nicer if the money was a grant, and not a loan. My son has lost his business. How can he even qualify for a loan to get it back?
It would be different if he was still in business, and just needed some money to cover some debts.
The IRS taxes loan money, which is an extra stress. We need grants, not loans, so we can start over.
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