Senators: Give small business the credit it deserves

Folks, notice the bill they are talking about HR 5297 Small Bussiness Loans, this is the bill which has the offensive language in it. Secondly notice the DATE Congress (Senators for this bill) will return to start work again.

Now, there is no doubt this bill will pass, BUT, we need to get Senators to REMOVE the Offensive Language from the bill before passing it back to the House. If they do not remove that section, then former sex offenders convicted of crimes against a minor will be forever denied the possibility of getting a small business loan.

And remember, how many juveniles have been convicted of crimes against someone -under 18 which is the definition of minor- these folks will never be able to get a small business loan. So, starting today everyone must lobby Senators to remove this offensive section. This is not a Democrat/Republican issue, it is one that affects certain sex offenders, our advocacy!

8-20-2010 Washington DC:

As the summer winds to a close, and people — including members of the U.S. Senate — get back to work, I have a request: Senators, stop your bickering and help small businesses get the money they need.

On Sept. 13, lawmakers return to Washington after their August recess, and waiting for them will be legislation, the Small Business Jobs and Credit Act of 2010, that will make it easier for small businesses to get loans and also will provide small-business tax breaks and investment incentives.

With more credit available, small businesses are more likely to hire, expand, survive.

But this legislation has been caught up in politics.

Republicans kept it from a vote because they don't want to give Democrats a victory for small business. Meanwhile, President Obama has used the Republicans' stalling to attack them at Democratic fundraising events, making it harder for Republicans who would support the legislation to actually vote for it.

Republicans get points. Democrats get points. Small businesses get — oh, you know what they get... .

So please stop! It's time for everyone to quit playing politics with an important piece of small-business legislation. After all, this bill is one that Republicans would champion if a Republican president had introduced it. It:

• Provides $30 billion in financing to community banks to increase small-business lending. The Obama administration says it would result in $300 billion in new small-business loans.

• Increases deductions for start-up expenses.

• Eliminates capital gains taxes entirely on investments in certain qualified small businesses.

• Gives states grants to provide small-business loans.

Additionally, the president proposes restoring the previous Small Business Administration loan guarantee level to 90% — President George W. Bush cut it to 50% to 75% — thus making it safer and easier for banks to make small-business loans.

The reality is that getting credit is tough out there, even for solid businesses with excellent credit histories.

And when credit is tight, companies don't hire. They don't open new locations. They don't innovate or launch new products.

That's bad for businesses, bad for employees, bad for America.

Take my situation: A few years ago, when I wanted to expand my business, I turned to a community bank. It not only gave me a line of credit, it helped me get an economic-development term loan.

With the money, I hired a couple of employees, expanded my product line, and grew my business.

It was good for the bank, good for my business, good for America.

Through the years, I paid off the line of credit and reused it a number of times. I paid my term loan every month in full and on time.

At the same time, I received what is referred to as "trade credit" or payment terms from my biggest supplier — the printer of our books. (I'm a publisher.)

We've done business together for more than 10 years, and during that time they've slowly improved my payment terms, also making it easier for me to grow my business.

It's been good for them, good for me, good for America.

And that's how it went for many years. I received credit. I paid my bills. My business grew. My lender's business grew. People were employed.

That's how it's supposed to work.

Until this year. Without anything changing in my own credit picture, my credit tightened. The economic-development company suddenly had tougher compliance standards, so I chose to pay off the loan, meaning I have less money for expansion and hiring.

I got a call from my printer. They, apologetically, told me that their bankers were requiring them to tighten their financing terms with customers. Once again, I have less money available for hiring, developing new products, becoming more competitive.

Small companies, including mine, depend on credit.

In fact, a recent SBA study showed that fully 80% of all small companies use credit. Without credit, companies stayed smaller, hired fewer people, developed fewer assets.

Credit is the lifeblood of business growth, and right now we need an infusion.

HR 5297 is good bill that will help us. So, Senators, stop your bickering, get back to work and pass this bill!! ..Source.. by Rhonda Abrams, USA TODAY