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Nov. 15, 2010
For immediate release
For more information, contact:
Maria Kardon or Bonnie J. Prigge, (573) 265-2993
20 Lenders, Small Businesses Participate in SBA Workshop
ST. JAMES— About 20 lenders and small businesses from around the Meramec Region participated in a Small Business Administration workshop, held Oct. 19 at Meramec Regional Planning Commission.
SBA Senior Area Manager Larry Cresswell presented information on SBA assistance available to banks and small businesses, contracting opportunities for small businesses and resources available to businesses and lenders. He also overviewed SBA programs include the 7(a) loan program, Small/Rural Advantage Program, the Express loan program line, microloan and the 504 loan program.
Cresswell also discussed in detail the Small Business Jobs Act of 2010, which President Obama approved on Sept. 29, 2010. The bill contains several significant provisions including:
• Reinstating the 90 percent guarantee under the 7(a) program for lenders and fee relief for the borrowers for both the 7(a) and 504 loan programs through December 31, 2010.
• Offering permanent higher loan limits of up to $5.5 million for the SBA 504 program and $50,000 for the micro loan program and permanent alternative size standards for small business to acquire SBA loans by increasing to less than $15 million in net worth and $5 million in average net income.
• Offering temporary enhancements with working capital and real estate refinancing to small businesses.
• Making $50 million in grants available to Small Business Development Centers to provide training and counseling to small business.
• Offering $12 billion in tax relief to help small businesses invest in their firms to create jobs including a carry back provisions on net operating losses of up to 5 years, accelerated and bonus depreciation, deductions for employer health insurance and employer-provided cell phone costs, and increase deductions for start-ups.
The workshop was hosted by the Meramec Regional Development Corp. (MRDC), an SBA certified development company that packages SBA 504 and 7a loan applications. SBA provides long-term, fixed-interest loans to help finance business start-ups and expansions that are creating and/or retaining jobs. The program works in cooperation with banks to induce private lenders to participate in business loans.
The MRDC board is also responsible for reviewing and making loans through local revolving loan funds (RLF) owned by Meramec Regional Planning Commission. Persons needing more information on RLF and SBA loans should contact Tonya Price or Maria Kardon at (573) 265-2993 or email at tprice@meramecregion.org or mkardon@meramecregion.org .
List of participants:
• Darlene Weber and Brent Grant, Unico Bank, Potosi, MO;
• Krystle Brown and Diane Charlson ,Town and County Bank, Bourbon, MO;
• Kevin Ahart, St. James, MO;
• Steve Swanson, Bank of Franklin County, New Haven, MO;
• Brad Austin, Peoples Bank, Cuba, MO;
• Shad Becker, Town and Country Bank, Rolla, MO;
• Steve and Kim Hawk, Hawk Electric, St. Robert, MO;
• Julie Mangogna, Image Solutions, Rolla, MO;
• Jon Rapp, Phelps County Bank, Rolla, MO;
• Adam Housewright, First Community National Bank, Rolla, MO;
• Joe Johnson, The Zone, Rolla, MO;
• Tom Kimminau and Buck Brase, Bank of Franklin County, Washington, MO;
• Janice Cunningham, Town and Country Bank St. James, MO
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