BUSH SIGNS SBA LOANS REVIVAL BILL $3 BILLION REVIVES PROGRAM.Byline: Brent Hopkins Staff Writer Ending months of anxiety over a crucial loan program, the Small Business Administration received a $3 billion injection of funds on Monday. The bill, passed last week by the House and Senate and signed by President George W. Bush on Monday, fully revives the 7(a) loan program. Record demand for the loans, which provide government backing to companies who would otherwise not qualify for capital, had exhausted SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government funds by January. ``When times are tough, companies need help. If they're not doing well, banks aren't going to help them, but the SBA will,'' said Jim Whitney "Grasshopper" Jim Whitney (November 10, 1857 - May 21, 1891) was a former professional baseball player. He was a right-handed pitcher over parts of ten seasons (1881-1890) with the Boston Red Caps/Beaneaters, Kansas City Cowboys, Washington Nationals, Indianapolis Hoosiers and , a senior vice president at First State Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. , who manages the loan program for the bank's Burbank office. With the additional funding, the SBA lifted its cap of $750,000 per loan, allowing companies to apply for up to $2 million in funds, with up to 75 percent of the loan guaranteed. The agency says this will allow it to support 90,000 small businesses, creating or retaining up to 500,000 jobs. Given the budget crunch (1) To process data. See number crunching. (2) To compress data. See data compression. 1. (jargon) crunch - To process, usually in a time-consuming or complicated way. facing him on all fronts, Roberto Barragan, president of the Valley Economic Development Center, was particularly glad to get the news. His Van Nuys-based nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. administers about 300 of the loans annually, 80 percent of its total loan activity, with the $5 million to $10 million accounting for about half of its loan budget. ``This means we won't see any gap in SBA funding between now and the end of the year,'' he said. ``Without the additional allocation, there was always a threat hanging over us that there'd be an interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. .'' Brent Hopkins, (818) 713-3738 brent.hopkins(at)dailynews.com |
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