As I travel around the country, I meet many small business owners who are poised to take that next step to grow their business and create jobs. In fact, this morning’s USA Today looks at one of those business owners – Amarjit Kaur who runs a convenience store and gas station in Wood Village, OR. Amarjit has been approved for an SBA loan so she can buy the property she now leases. But today her application sits in a queue waiting for passage of the Small Business Jobs Act currently before the Senate.
Here’s what’s happening: Up until a few months ago, SBA was able to waive the fees for SBA loan borrowers. This allowed small business owners to put more money back into their business. In fact, these fee reductions will save Amarjit about $35,000. At the same time, we were able to increase the government guarantee on SBA loans, to encourage more banks and credit unions to go ahead and make SBA loans to good, creditworthy small businesses.
Fonte: White House