That's right. It seems like somebody in Washington finally figured out a great way to stimulate the economy...by helping small businesses! I mean, we make up more than 95% of ALL businesses and create more jobs than the big guys. What took them so long?
The SBA announced today that next month, they will launch a program to give struggling businesses an interest-free loan of up to $35,000.
It's part of the nation's overall economic stimulus package and the SBA was allotted $730 million to loan out, interest-free.
It's a five year loan, and the recipients won't have to make their first payment for one year. Stan Nakano, SBA's district director in Salt Lake explained, "the whole idea is to help these small businesses make debt payments on existing loans that they already have. They won't be charged interest on it. Then, they can hopefully use that cash flow for other expenses, paying employees, suppliers, etc."
Businesses can begin applying for these loans June 15. These loans are for established businesses only, which have been open for at least two years.
For more info, or to see if your business would qualify, click here.
Pass this along to all of the small business owners you know that have been hit hard by this economy...and then let's all get busy and start stimulating!
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