Oct. 8, 2010
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SBA Workshop Planned for Lenders, Small Businesses Oct. 19
ST. JAMES— Regional lenders and small businesses are encouraged to participate in an Small Business Administration workshop from 10 a.m. to 11:30 a.m. on Oct. 19, 2010, at the MRPC office, 4 Industrial Drive, St. James, MO.
SBA Senior Area Manager, Larry Cresswell, will present information on the new SBA Standard Operating Procedures, including environmental procedures and the passage of the Small Business Lending Bill.
President Obama approved the Small Business Lending Bill - HB 5297, on Oct. 1, 2010, with several significant provisions including extending the lending limits of the SBA 504 and 7(a) guarantee programs for small business to $5 million and $5.5 million respectively, extending the fee relief for the borrower and the participating bank through Dec. 31, 2010, and an increase to the company size standard regulation to a total net worth of $15 million and the average net income of $5 million. Debt refinance was also included in the provision as a two- year pilot program. The program roll out of the details should be available in January 2011.
Individuals interested in participating in the free workshop or would like additional information may contact MRPC at (573) 265-2993 or email email@example.com.
MRDC, an SBA certified development company, 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 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 firstname.lastname@example.org or email@example.com