April 2009
BUSINESS BUYER TIP
Small Business Loans Criticized
By Jonathan Weisman of The Wall Street Journal
President Barack Obama is set to release a plan Monday raising the federal guarantee on small-business loans up to 90%, but a study by Congress's watchdog agency contends that insufficient oversight is in place for that program.
The Small Business Administration's "credit elsewhere" program lends to small businesses that can't otherwise get credit, such as through conventional loans from private banks. Hundreds of banks provide loans under the program, formally known as 7(a), with the federal government currently guaranteeing between 50% and 85% of each loan, up to $2 million.
Mr. Obama's plan, aimed at helping troubled small businesses, will increase that guarantee to as much as 90% of a loan. The plan also will temporarily eliminate many of the loan fees that help pay for the program and cover potential defaults. And Mr. Obama on Monday will instruct the government to purchase small-business loans bundled and sold on the secondary market.
Small businesses have accounted for about 70% of the new jobs created over the past decade, but credit is drying up for them amid the economic downturn and credit crunch...<click here to continue article>
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