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Obama extend $1.8 Billion in SBA Small Business Loans
The Obama administration extended an additional $1.8 billion in SBA backed small business loans. The initial program was for $750 million and helped stimulate small businesses by guaranteeing 90% of the funding and by waiving application fees. The stimulus was depleted by November 23rd. In December the government extended another $125 million which lasted until February. New applications will resume on March 10th, whereby already existing applicants... [Read More...]
Mr. Obama Bashes Wall Street – Promises Tax Breaks and Cash Infusion for Small Businesses
Mr. Obama Bashes Wall Street – Promises Tax Breaks and Cash Infusion for Small Businesses In his State of the Union Address, President Obama on Wednesday night promised an infusion of $30 billion to small businesses to help them gain access to loans. The money will come from the $700 billion in payback from the large bank bailouts. In addition The President also is proposing to extend a $38 billion tax break to small businesses, allowing them... [Read More...]
$14 Million Annual Gross – Busboys Poets Denied Loan
Andy Shallal owns three popular bookstore cafes in the Washington Dc and Virginia areas. His annual gross sales are over $14 million, and yet he was denied a recent bank loan unless he tied the loan to his house as collateral. Taxpayers and small businesses owners are frustrated as billions of dollars were pumped into the financial system in order to save large banks, but the situation of small businesses has not gotten better as they have not seen... [Read More...]
Bank of America to Pump $5 billion into Small Businesses
After a meeting this weekend with President Obama, CEO Ken Lewis of Bank of America Corp pledged that the nation’s largest bank would do more for small businesses and reverse some of its declines. All in all Bank of America will expect to increase its lending by $5 billion to small businesses this upcoming year. “Bank of America is determined to do our part to help the economy grow next year and reduce unemployment by making every good... [Read More...]
Banks Repay TARP – Small Businesses Still in Trouble
Ciitigroup Inc., Bank of America Corp., and Wells Fargo, are repaying their TARP loans, $20.5 billion, $19 billion, and $25 billion respectively, but unemployment rates are still above 10% and small businesses are still suffering from a lack of access to capital. The Obama administration has recognized the need to reshape TARP money in order to benefit troubled homeowners and small businesses. Few banks have signed up for extra money from the government... [Read More...]
Citigroup Inc. Repays $20 Billion TARP Loan
Citigroup Inc. nearly collapsed back in November 2009, when customer’s lost trust in the bank and the government had to infuse $20 billion and Citi issued $7 billion in trust preferred securities to the Federal Deposit Insurance Corp. in exchange for lost guarantees for $306 billion in securities. On Monday, Citigroup announced that it will sell $20.5 billion in stock and debt in order to repay the TARP loan. Yet the government still owns... [Read More...]
Federal Reserve Testimony – Challenging Economic Times
Jon D. Greenlee, Associate Director, Division of Banking Supervision and Regulation addressed the Subcommittee on Oversight and Investigations, Committee on Financial Services, U.S. House Of Representatives in Michigan on December 1st, 2009 regarding the current banking system, its underwriting process, the credit available to small businesses, and the overall credit situation. He also touched upon commercial real estate and the availability of... [Read More...]
ARC Small Business Loan Not Sufficient
The America’s Recovery Capital stimulus package provides small businesses with up to $30,000 in non interest collecting loans. There are strict criteria to qualify for the loan, but merchants have been encouraged to apply for it with their local banks, and so far $100 million out of the allocated $225 million have been distributed to small businesses all over America. Businesses must show that they are experiencing difficulty in cash flow,... [Read More...]
Congress Members Meet with Michigan Based Small Businesses
Congress members were in Michigan on Monday to speak with small business owners in the auto-motive industry who are having difficulty receiving loans from their local banks. Small business owners explained to the House Financial Subcommittee on Oversight and Investigations that there is extreme difficulty for Michigan based businesses particularly in the auto-motive industry to receive traditional bank loans. Small businesses in Michigan are lobbying... [Read More...]
Bank of America will repay $45 billion in TARP loans to Taxpayers
America’s largest bank, Bank of America has released a detailed plan of how it plans on repaying the $45 billion which it has received in TARP loans from the United States Government by using $26.2 billion in excess liquidity and $18.8 billion in profits from the sale of common equivalent securities. Since the government’s intervention in the financial markets and its investment in America’s largest bank, Bank of America has initiated... [Read More...]