The senior senator of NY, Charles Schumer, has proposed a $700 million small-business stimulus plan.

The proposed program would help businesses in several ways including:

• waive bank service fees on loans
• give the Small Business Administration (SBA) more money for staff and loans
•  raise the limits on SBA and let the SBA offer loans for refinancing.

According to the Senator, the program would allow the SBA to help with up to $25 billion in “affordable” loans and generate about 700,000 jobs nationwide. The SBA doesn’t make loans but guarantees payment to a bank if a business defaults.

Schumer will be pushing his stimulus package in the Senate, after elections on November 4.

Do you think Senator Schumer is doing the right thing? Is a stimulus package needed? Should it involve the SBA?

Post from: EveryJoe

Stimulus package for small business?

It uncovered millions of dollars in federal contracts that were supposed to go to small businesses but were awarded to companies are really big businesses, including John Deere and Xerox.

Frankly, I am disgusted.  And as I wrote before, the new SBA chief has no small business experience.

So someone please explain to me, why do we allow the SBA to even exist?  I’d love to hear your thoughts.

Post from: EveryJoe

Should the SBA close?

If you haven’t heard, on June 25^th President Bush appointed a new chief of the Small Business Administration (SBA). The thing is, for the third time in a row, the appointed chief, Sandy Baruah, has very little small business experience. 

Not only has he never run a company of his own, his closest connection to small business would be a consultant job for a Performance Based Consulting Group in Oregon. The group helped improve medium and large-sized firms.

The SBA has constantly struggled with hitting targets and has had tons of problems with loans for small business owners.

Now, he’s not in just quite yet, as he is awaiting confirmation by the Republican Senate. I recommend you do some research on the subject. If you do or do not want him representing the administration, you can change the entire situation by letting your representatives know.

What do you think? Does it matter that Baruah has little experience?  Will it make a difference?

Post from: EveryJoe

Is the new SBA chief really small business oriented?