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Small Business Administration Targeted for Congress Cutbacks

February 9, 2011 by Zack Duncan 1 Comment

CongressWhile the Obama administration is currently promoting small businesses as the key component to our country’s economic recovery, Congress is reviewing Small Business Administration programs with a lean towards cutbacks. The House of Representatives, as well as the Senate, committees on small business are planning on sifting through SBA programs in order to find inefficiencies. However, there are no specific items in trouble just yet.

The final decision on how much money the SBA, who supports small businesses via loan guarantees, counseling help and other assistance, receives each year ultimately lies with Congress. The Senate will review the effectiveness of SBA programs which could include “eliminating duplicative, ineffective or redundant” ones according to Senators Mary Landrieu, chairwoman of the small business committee, and Olympia Snowe, another ranking member.

The Senators are asking the agency to reply with programs that could be eliminated or “substantially reduced” without hurting the ability of the SBA to “serve the needs of small business owners” by today. No comment from the SBA will be released until it replies to the committee.

The House committee also plans on reviewing all of the SBA’s programs in order to eliminate redundancy as well as waste, according to a statement by chairman Representative Sam Graves. According to an email from a committee spokeswoman, “Cuts are definitely on the table, but not yet. We all are focused on bringing down the deficit and stopping the spending spree in Washington.” The House committee’s oversight plan, which is a 2-year agenda, has several areas that are being considered for cutbacks.

One such area is a loan program which allows businesses to get SBA-backed loans of $250,000 or less far more quickly and with less paperwork than larger SBA loans require. A related program, which targets small business loans for veterans and members of the military community, is also on the list.

Various other policies that are being examined by the committee include one that promotes small business exports and another which helps Native American entrepreneurs and regional SBA staffing nationwide. According to Greaves, “There is nothing out there that I have a grudge against or I have a problem with, there are programs that don’t work. To keep something around just because it is already on the books I think is wrong.”

Spending is not a word people like to use or hear in Washington these days and Congress is looking to cut budgets across the board. President Obama, in his State of the Union address, stated that he would freeze domestic spending in order to help address the growing national deficit, however, details of his budget proposal for 2012 remain to be seen.

Meg Riley, a spokeswoman for the Office of Management and Budget, said that she could not comment on exactly how much money would be given to the SBA until the official numbers are released later this month. According to Riley, “As the President has said, there will be some tough choices that will have to be made in order to put the country on sound fiscal footing, which is critical to long-term economic growth and making the U.S. competitive in the world economy.”

Source: CNN Money – Congress eyes cutbacks at Small Business Administration

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Posted in: SMB Tagged: Congress, House of Representatives, Mary Landrieu, Olympia Snowe, Sam Graves, SBA, Senate, Small Business Administration, Small businesses

Help for Florida SMBs Affected by Oil Spill

July 27, 2010 by Sarah Leave a Comment

Help for Florida SMBs Affected by Oil SpillOn April 20, 2010, the Deepwater Horizon drilling rig exploded, killing eleven workers and injuring several others. It also caused a sea-floor oil gusher, which has caused a massive oil spill. The spill, which has been called the largest offshore spill in United States history, resulted in hundreds of millions of gallons of oil polluting the Gulf of Mexico. Several governors of states along the Gulf Coast declared a state of emergency, as did the federal government. Marine life and wildlife habitats have been harmed, as have many small businesses.

Fishing was banned in about one-third of the Gulf by the National Oceanic and Atmospheric Administration and people canceled their vacations. BP gave the state of Florida $25 million to help promote their beaches, which were said to be unaffected by the oil spill. Hotels offered discounts and free deals and packages. Even so, a University of Central Florida economist called the spill, “the worst disaster in the history of Florida tourism.” It is estimated that Florida’s Paradise Coast could lose $3 billion in revenue this year.

However, the United States Small Business Administration has announced that it will be helping several of Florida’s small businesses. The SBA is offering loans and loan defermention options to fishing-related businesses who were shut down due to the oil spill. Hope is that the loans and deferments will provide temporary assistance to “overcome the loss of revenue” they have experienced this spring and summer.

Many Florida counties are included: Bay, Citrus, Collier, Dixie, Escambia, Franklin, Gulf, Hernando, Hillsborough, Jefferson, Lee, Levy, Manatee, Monroe, Okaloosa, Pasco, Pinellas, Santa Rosa, Sarasota, Taylor and Walton. The adjacent counties of Alachua, Broward, Calhoun, Charlotte, Desoto, Gilchrist, Glades, Hardee, Hendry, Holmes, Jackson, Lafayette, Leon, Liberty, Madison, Marion, Miami-Dade, Polk, Sumter, Wakulla, and Washington. Some Alabama and Georgia counties are included, as well.

The program will offer working capital loans for up to $2 million at 3% interest for non-profit organizations and 4% for businesses with terms up to 30 years. Loans can be used to make payroll, pay debts, accounts payable, and other bills that have been impacted by the oil spill. The SBA is also encouraging small businesses to file claims with BP.

Fishing, shrimping, crabbing, and oyster fishing who fish in the waters that have been shut down are among the main businesses being targeted. Other small businesses that are dependent on shrimp, crabs, and oysters are included, too. Also, businesses who supply fishing gear and fuel, docks, boatyards, processors, wholesalers, shippers, retailers, and other businesses that rely on recreational and sports fishing can get involved.

If you’re a small business in any of the Florida counties mentioned above and you think you may qualify for assistance, contact the SBA’s Customer Service Center at 800-659-2955. The deadline to return applications is February 14, 2011.

Check out these related stories:
1. Florida Computer Rentals
2. Independent Oil Producer Leader Says Senate Vote Sends Signal To Political Opportunists


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Tagged: BP, disaster recovery, Fishing, Florida, Oil Spill, SBA, Small Business Administration, SMBs, Tourism

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