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Fate of the Small Business Lending Bill to be Decided Today?
WASHINGTON - U.S. Senator George LeMieux (R-FL) today committed to continue working toward passage of the Small Business Lending Act. Senator LeMieux, along with Senator Mary Landrieu (D-LA), has sponsored the measure that will cut taxes for small businesses, free up capital for community banks so they can lend to small business owners, and increase export promotion tools. The Senate today could not reach agreement to end debate on the bill, effectively stalling the measure indefinitely. "This bill should pass. This is bipartisan legislation; it will help small businesses and those looking for work. The American people expect us to do our jobs, move this forward, and that is what we should do," said LeMieux, an architect of several provisions included in the Small Business Lending Act. "This bill provides relief and it does not increase the deficit or national debt. It should receive overwhelming bipartisan support. I will continue working with my colleagues on both sides of the aisle to move this bill forward. It is important that we put partisan squabbles aside and do what is right for our economy and our country." . . . keep reading
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Miguel Alandete joins Regions Bank to Manage Government Guaranty Lending
BIRMINGHAM, Ala. ---- Regions Financial Corporation (NYSE: RF) has named Miguel Alandete senior vice president, Government Guaranty Lending Manager within the Business and Community Banking division. In this newly created position, Alandete will oversee government lending programs across Regions' 16-state footprint and serve as the bank's liaison to the U.S. Small Business Administration (SBA), the Farmers Home Administration (FmHA), the U.S. Department of Agriculture (USDA), and various Certified Development Companies (CDCs). He will report to Lynetta Tipton Steed, head of Business and Community Banking. . . . keep reading
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SBA 504 Experts Discuss a Double-Dip Recession
When the economy goes into recession, small-business owners cut expenses, take a harder look at staffing and make some difficult decisions they probably should have made even without a bad economy. When a potential second round comes, there's not much left to do. Unfortunately, the one thing a lot of owners probably won't do is hire more staff - - even if they need them. That in turn keeps the unemployment numbers high, which gives the predictors of gloom something else to crow about. It is a vicious cycle. . . . keep reading
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Small Business Bill Appears Stalled Until Next Week
Senate leaders gave a small-business bill another shot Thursday night but still couldn't manage an agreement on amendments, probably stalling the measure until next week. Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.) each offered up potential agreements that failed to appeal to their colleagues. The bill would provide $12 billion in tax breaks and expand credit access for small businesses. . . . keep reading
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GOP Filibusters Small Biz Lending Bill
Senate Republicans blocked a measure that would cut taxes and ease credit for small businesses, saying they objected that Democrats refused to consider their amendments to extend tax breaks and cap federal spending. The Senate voted 58-42 today to end debate on the bill, falling short of the 60 votes required to consider the legislation for passage. . . . keep reading
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GOP blocks small business bill. Who will get the blame? Washington Post
The latest: In the Senate today, Republicans blocked a bill to create a $30 billion fund to enable community banks to boost lending to small businesses. Republicans decried the move as another bailout, and it's now unlikely that it will pass before Congress goes home for vacation in August, with little in the way of jobs bills under its belt. So how will this story play? This paragraph in the Associated Press write-up says it all: Congressional Democrats started the year with ambitious plans to pass a series of bills designed to create jobs. But if negotiations on the small business lending bill fail, they will have little to show for it just a few months before midterm elections that will determine whether Democrats keep their majorities in the House and Senate. . . . keep reading
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Small Business Lending Bill Addresses Main Street Capital Problems
Bob Coleman, Editor of the Coleman Report and Tom Wallace, President of IDS Corp. discussed the Small Business Lending Bill on Wednesday.
Transcription
Coleman: "Does this bill adequately address the capital needs of main street?"
Wallace: "First things first, yes. Simply because opening up the SBA platform and giving it some enhancements I think goes a long way toward helping main street. Secondly, the $30 Billion community bank lending fund could be very significant too."
The interview was recorded at Coleman's 2010 SBA BDO Compensation Update Webinar on July 28th, 2010. . . . keep reading
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Obama Calls for Small-Business Incentives
President Barack Obama, speaking at a sandwich shop in New Jersey Wednesday, urged Congress to pass legislation that would provide financial incentives to small businesses and said he expects it to be passed before mid-August. "We need to keep investing in our small businesses," Mr. Obama said in brief remarks at the Tastee Sub Shop in Edison, N.J. "America has always been a place where if you've had a good idea...you can see it through and you can succeed." . . . keep reading
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Senate Aims to Complete Small Business Bill by Tonight
Senate Majority Leader Harry Reid (D-Nev.) is aiming to complete the bill by Wednesday night. Sens. George LeMieux (R-Fla.) and George Voinovich (R-Ohio), who provided two much-needed votes to end debate last week on an amendment providing for a $30 billion lending fund, could support the bill if amendments are allowed. "I believe there are going to be amendments that are going to be offered to Republicans on our side and if that's the case and if there's an agreement that's made between Leader McConnell and Leader Reid then I will vote for cloture," LeMieux said today. . . . keep reading
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BofA Small Business Lending rose in First Half
Bank of America Corp said on Tuesday that it has loaned a total of $45.4 billion to small and medium-sized business during the first half of 2010. The bank said that is $9 billion more of loans than it made to similar businesses during 2009's first half. The bank said it will release more details of its first half lending on July 29, which will outline, "the credit extended in areas critical to the nation's economic recovery. . . . keep reading
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Obama pushes Congress to pass small business plan
U.S. President Barack Obama pushed the Senate on Tuesday to pass legislation he says will benefit small businesses and generate jobs, and called on Republicans to back what he described as a plan similar to programs they had supported in the past. "These are the kind of common sense steps that folks from both parties have supported in the past, steps to cut taxes and spur private sector growth and investment," Obama told reporters at the White House in remarks taking aim at Republicans after an hourlong meeting with congressional leaders from both parties that he said was "productive." . . . keep reading
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Senate to Finalize Small Business Bill Today?
The Senate voted 60-37 Thursday night to end debate on a measure Obama proposed in his State of the Union address earlier this year, the funneling of $30 billion to regional and community banks to juice lending to small businesses, seen as key to getting the job-creation engine started. The final vote is expected to occur at some point this week. . . . keep reading
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Community Bank of the Bay Awarded Preferred Lender Status by SBA
Community Bank of the Bay announced it was granted the Preferred Lender Program ("PLP") designation by the United States Small Business Administration ("SBA"). The designation of PLP is the highest Bank designation granted by the SBA and is reserved for top tier bank lenders. The program was created by the SBA to streamline procedures in order to provide financial assistance to small businesses. PLP lenders are nominated based on their past record with the SBA and must have demonstrated a proficiency in originating, processing and servicing SBA-guaranteed loans . . . keep reading
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San Fernando Valley Small Business Development Corporation Names Ajay Patel Program Manager
Ajay Patel has been named Program Manager of the San Fernando Valley Small Business Development Corporation (dba SFV-FDC), a Certified Development Company (CDC), which administers the Small Business Administration (SBA) 504 Program. Mr. Patel began his career in October 2002 with VEDC (Valley Economic Development Center) as a Senior Loan Consultant assisting small business owners with securing SBA Microloans and Procurement Financing through the SBA 7(a) program. . . . keep reading
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Superior Financial Group Receives Over 2,000 Loan Requests from Sam's Club in One Week
"We have received over 2,000 loan requests in one week" from Sam's, says Tim Jochner, chief executive officer and co-founder of California-based Superior Financial Group. "So far the loan demand has even exceeded our expectations." Most of applicants are start-up entrepreneurs. Jochner says, however, many referrals from Sam's Club are already in business. Moreover, the ones approved have higher credit scores than SFG's average borrower. "Sam's Club membership is well diversified and affords us a great opportunity to reach these hard to reach businesses that remain underserved," he says. . . . keep reading
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Small Businesses Find Chamber, Lobby Allies Mute on $30 Billion U.S. Aid - Bloomberg
Small U.S. businesses pushing for a $30 billion federal lending fund are making their case without the support of some supposed allies: Washington lobbying groups who say they represent small businesses. Three of the largest groups -- the U.S. Chamber of Commerce, National Federation of Independent Businesses and National Association of Manufacturers -- were largely silent during a debate last week over an amendment authorizing the fund, which cleared a legislative hurdle late July 22. A final vote is planned for this week. The neutrality of these organizations, which together spent more than $47 million lobbying in the first six months of this year, left car-parts makers, franchise owners and community banks on their own to argue for the funding. . . . keep reading
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