Subscribe to our RSS feed!

Legislation to Ease the Loan Process for Small Business Owners


Loans significantly down from a year ago.

It has been more expensive and difficult for owners of small businesses to obtain loans lately. The Federal Reserve acknowledges this, and of course so does Senator John Kerry.

Kerry, in his continuous efforts to call attention to Bush Administration failures, is now calling for legislation to temporarily reduce fees for borrowers and lenders.

A statement from Kerry's camp notes that entrepreneurs are being "squeezed" as a result of the mortgage-lending crisis.

"No one should dismiss the small business credit crunch as a small problem. The Bush Administration has refused to address the rippling effects of the mortgage crisis that's now squeezing America's small businesses," said Senator Kerry, who is Chairman of the Committee on Small Business and Entrepreneurship.

"I've heard from small business owners in Massachusetts who say that the fees on government guaranteed loans are too high, the paperwork's too burdensome, and they have nowhere to turn because the Bush Administration isn't holding up their end of the bargain," Kerry continued.

"I've already introduced legislation and I'm considering additional proposals to make sure that entrepreneurs have access to affordable credit so that small businesses can continue to create jobs and grow our economy," he says.

The number of business loans is down significantly from the same period a year ago. 7(a) loans (the biggest government small business loan program) are down 18% while the quicker 7(a) Express version loans are down 29%.

It will be interesting to see what comes of Kerry's proposed legislation. Have you had trouble getting a loan for your business recently?

AddThis Social Bookmark Widget

About the author:
Chris is a content coordinator and staff writer for SmallBusinessNewz and the iEntry Network. Subscribe to SmallBusinessNewz RSS Feeds.
Visit the SmallbBusinessNewz Directory
Do you have a business site?
Submit your business related site FREE!
Accounting
Book Keeping, Training...

Advertising
PPC, Print, Banner...

Investing
VCs, Mutual Funds...
Brick and Mortar
Stores, Offices...

Research/Studies
Research, Data, Studies...

Tips/Tutorials
Tips, Advice, Tutorials...
» Submit your site «
Subscribe to SBN


Send me relevant info

Get Your Site Submitted for Free in the World's Largest B2B Directory!

*Mandatory Field
* *

Free Downloads