The pace of small business lending in Western New York slowed considerably last month from the previous three months, as temporary fee waivers and other expansions of U.S. Small Business Administration programs expired or ran out of funding at year-end. Since the start of the federal agency's fiscal year on Oct. 1 through the end of January, 26 lenders had made 314 government- guaranteed loans in the Buffalo and Rochester areas, totaling $58.7 million.
McLEAN, Va., Sept. 23 /PRNewswire-USNewswire/ -- A number of very substantial benefits for America's small businesses were incorporated into the Small Business Jobs and Credit Act of 2010, recently passed in Congress. Included in the legislation were major enhancements to the SBA 504 loan program, an important U.S. Small Business Administration financing program. SBA 504 loans are long- term, government-guaranteed loans designed for small businesses to finance the purchase, construction or renovation of commercial real estate and the purchase of long-term capital assets. As a result of the legislation, many more small business owners across the country now qualify to receive SBA 504 loans. The net worth for companies to be eligible for an SBA 504 loan was increased, maximum loan size wa...
Western New York banks are continuing to lend money to small businesses at a faster pace than a year ago, even as the Federal Reserve calls for more and the U.S. Senate considers legislation to support it with billions of dollars in investments. From last October through the end of June, 30 banks, credit unions and other companies had made 592 government-guaranteed loans to small businesses in the Buffalo and Rochester areas, for $93.65 million.
The behavioral approach leads to "active" government policies (such as guaranteed loans for small businesses), while the cognitive one leads to "passive" policies (such as better enforcement of contracts). Worse still, he favors active government policy, proposing an increase in tax money allocated to seed new entrepreneurial projects.
Democrats in Congress soon may pass a welcome reform - ending bank profiteering that adds billions of extra debt to college students who obtain government-guaranteed loans. The House of Representatives passed the Student Aid and Fiscal Responsibility Act of 2009, which would take student loans away from banks and let the government administer them - saving $87 billion over the next decade. The savings would be used for bigger scholarships and grants to send more young Americans to college, and to boost other education programs.
The U.S. Small Business Administration will offer government-guaranteed loans to finance inventory for eligible auto, recreational vehicle, boat and other dealerships under a new pilot program unveiled last Thursday.
[...] cautions those in the construction industry, this two-year program is not the be all to end all for a highway infrastructure that is in need of extensive repair and considerable replacement. How much the remaining funds - $23.795 million for weatherization, $12.3 million for energy efficiency and conservation block grants, and $3.393 million for public housing capital improvements - will help the construction sector of the economy is yet to be seen. [...] under the stim is a guaranteed program for family housing loans on mortgages made by banks where the government guarantees a potential loss.
More than 100 Iowa lenders have pledged to commit more than $110 million in government guaranteed student loans for this fall, according to Steven McCullough, president and CEO of the Iowa Student Loan Liquidity Corporation. The banks have agreed to hold the loans on their books until conditions change and ISLLC can purchase them.
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