President Obama Issues Orders to Aid Small Businesses

July 11, 2012 at 3:37 pm

President Obama announced a series of orders today to help small businesses. Here is a list of these initiatives:

* Obama is directing government agencies to pay their bills on an accelerated timeline to all prime contractors for the next year – within 15 days as opposed to 30 days.

* He is calling on Congress to let small businesses write off up to $250,000 in capital investments in 2013.

* The Small Business Administration is revamping its Small Loan Advantage program to raise the maximum loan amount from $250,000 to $350,000 and streamline the loan process.

* SBA is launching “QuickApp,” a streamlined application process for surety bonds.

* The SBA’s Disaster Loan Program is streamlining its online application process to give families and businesses easier access to rebuilding funds.

* The administration is working on regulatory reforms to the New Markets Tax Credit to make it easier to attract private sector funds for startups and small businesses in lowerincome communities.

These efforts would help to get capital into the hands of entrepreneurs and small businesses quicker and more efficiently. In particular, extending the maximum loan amount for the Small Loan Advantage Program and initiating the “QuickApp” process will do much to streamline SBA’s lending and also reach more borrowers.

Entry filed under: Economic Development, Small Business. Tags: , , .

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