Where’s the Small Business Help?
Aug 19th, 2009 @ 8:09 PM by Amber Nelson
What is the real driving force behind our economy? Is it the big Fortune 500 companies or is it the entrepreneurs - the small business owners? If the President Obama’s philosophy is true that the economy grows from bottom up, then why has the government been focusing on bailing out Wall Street and not giving breaks to the backbone of America’s ingenuity and innovation?
In a recent poll from Intuit Payroll reported in a CNN article, 75 percent of small business owners say they are not getting enough government support and that the opposite is actually true - the Feds are making it harder on them to survive.
President Obama has allotted $15 billion to encourage lending to small companies, but according to CNN, that money is not being loaned very quickly. Under the Small Business Administration’s America’s Recovery Capital (ARC) program, 1,000 emergency loans have been granted. The goal is to have 10,000 loans made by the end of 2010, but so far only 400 lenders across the country have participated in this program. So the money is out there; it just may not be very accessible.
And the credit crunch is real. Many entrepreneurs are worried about funding and many are turning to riskier forms of capital for their businesses. But here’s what the commentary on the StormDawg Small Business blog
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.
I aggree, we started a company 1 1/2 years ago and had decent financing. Now were struggling. Have more business than we ever expected, but cant get loans for inventory or catch up on our debt. Our customers pay well but everyone of my suppliers wont extend credit. Since ive had no income my credit is hurt.Not sure how long we can hold out.
i started a stone shop year a go and things have been great,i have lots of customers calling me for new orders and i can’t get them done in time becasue banks are not interested in giving me a loan for this new machine(made in usa) that can help me fabricate stone 24 hours a day and at the same time i’ll be able to compete with that chinese crap thay sell in stores,not only that i am ready to put 10% down and thay are still not interested i don’t know why thay are handing out money to the banks thay should be helping us.i will try government program now and see what comes out of it