SBA's Higher Surety Bond Guarantees Will Help Small Businesses Secure Larger Contracts to Assist in Recovery Efforts Following Disasters

The U.S. Small Business Administration has made regulatory changes to its Surety Bond Guarantee [SBG] program -- including higher surety bond guarantee limits that will help construction and service-sector firms secure larger contracts for work in areas impacted by disasters.

The revisions are related to the Small Business Disaster Response and Loan Improvements Act of 2008, which increases the eligible amount for contracts or orders related to a major disaster area.

These changes, which were originally published as part of a proposed rule in the Federal Register in April 2010, are now final and include:

* For a non-federal contract or order up to $5 million, a bond guarantee may be issued if the products will be manufactured or the services performed in the disaster area.

* For a federal contract or order up to $5 million, the performance site can be outside the disaster area if the contract or order will directly assist the disaster recovery efforts.

* For a federal contract or order, the amount of the guarantee can be as much as $10 million at the request of the head of an agency that is involved in reconstruction efforts.

"SBA is committed to mobilizing resources as quickly as possible following disasters to help begin economic recovery for communities, businesses and families," said SBA Administrator Karen Mills [pictured]. "These changes to the Surety Bond Program will have a two-fold impact: Helping small businesses compete for, and win, contracting opportunities gives them the chance to grow and create jobs, while, at the same time, jump-starting economic activity and rebuilding efforts following a disaster when communities and regions need it most.”

The increased amounts would apply during the 12 months following the disaster declaration, unless SBA provides for an extension related to a particular disaster.

In addition to the disaster-related changes, other changes clarify SBA’s position that it does not cover any costs related to insurance or indemnification requirements that may be contained in the bonded contract. It specifically excludes from the losses covered by SBA any costs that arise from the principal’s failure to secure and maintain insurance that result from any claims or judgments that exceed the amount of insurance coverage, and that arise from an agreement by the principal to indemnify the contractor or any other persons.

SBG program regulations also have been amended to allow SBA to guarantee bid and performance bonds for timber sale contracts. Under these contracts, the small business pays the project owner an agreed amount to harvest the lumber or other forest products, such as biomass.

A bond is often required to ensure compliance with contract terms and conditions associated with forest management -- including the protection of natural resources, erosion control, and road maintenance. This change applies to contracts administered by the U.S. Forest Service, plus other public and private entities.

SBA partners with the surety industry to help small businesses that would otherwise be unable to obtain bonding in the traditional commercial marketplace. Under the partnership, SBA provides a guarantee to the participating surety company of between 70 and 90 percent of the bond amount. Through its SBG program, SBA also helps owners by guaranteeing bid, payment and performance bonds to protect the project owner against financial loss if a contractor defaults or fails to perform.

SBA assistance in locating a participating surety company or agent, and completing application forms, is available online. For more information on SBA’s Surety Bond Guarantee program -- including Surety Office contacts -- go online to http://www.sba.gov/osg/; or, call 1-800-U-ASK-SBA.

SOURCES: Library of Congress, U.S. Small Business Administration
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Bipartisan Landrieu-Cochran-Wicker Legislation Gives Disaster Relief to Hard-Hit Gulf Coast Small Businesses

Senate Committee on Small Business and Entrepreneurship Chair Mary L. Landrieu [D-La., pictured] -- along with Sens. Thad Cochran [R-Miss.] and Roger Wicker [R-Miss.] -- just introduced a bill that provides financial relief to as many as 11,000 businesses in Louisiana, Mississippi, Alabama and Texas.

These small businesses are still rebuilding after Hurricanes Katrina, Rita, Gustav and Ike. With this bipartisan legislation, they have the potential to create or save up to 40,000 jobs.

"The small businesses in these hard-hit areas have not survived just one disaster, but three: Hurricanes Katrina and Rita in 2005; Hurricanes Gustav and Ike in 2008; and, last year, the Deepwater Horizon [oil spill] disaster," said Sen. Landrieu. "These valuable, pioneer businesses took the initiative to quickly reopen after the storms, and gave communities the confidence to come home. If residents see their local gas station or their favorite restaurant open, they are more likely to come back to rebuild their homes -- spurring economic growth in these devastated areas.

"As we approach the sixth anniversary of Hurricanes Katrina and Rita, we must ensure that these pioneers can make it past this anniversary. This legislation will help these businesses not just survive, but grow and hire workers."

"The economic recovery, both on the Gulf Coast and nationally, has been stubbornly slow," said Cochran. "Easing the federal loan burden on small businesses that quickly rebuilt after successive hurricanes should help with job creation. I support this legislation as a worthwhile tool to continue rejuvenating the economy of Southern Mississippi and the Gulf Coast region."

"Gulf Coast small businesses and entrepreneurs continue to recover from Hurricane Katrina and the devastation caused by last year’s oil spill," said Wicker. "Economic opportunities created by this legislation would provide an important boost at a critical time for the entire region."

The Southeast Hurricanes Small Business Disaster Relief Act of 2011 would give the Small Business Administration [SBA] the authority to waive up to $15,000 of the interest payments for businesses in Louisiana, Mississippi, Alabama and Texas over three years. The SBA is required to give priority to applications with the following credentials:

* Businesses with 50 employees or fewer;

* Businesses affected by Hurricanes Katrina and Rita, that reopened between September 2005 and October 2006;

* Businesses affected by Hurricanes Gustav and Ike, that reopened between September 2008 and January 2009; and/or

* Businesses that suffered substantial economic injury from the Deepwater Horizon disaster

Representative Cedric Richmond [D-La.] will be introducing the House companion bill. Last Congress, a similar proposal received support from the U.S. Chamber of Commerce, the U.S. Conference of Mayors, the New York Times, the Times Picayune, and other Gulf Coast groups.

Applications for the program would not be accepted after March 31, 2012.

GoodBiz113's Take
Once again, Sen. Landrieu is leading an impressive bipartisan initiative to serve the far-reaching interests of small businesses. Entrepreneurs of all political stripes are fortunate that she's doing so.

Hopefully, Congress will act swiftly to pass the Senate and House versions of this legislation, so that Gulf Coast small-business owners can focus on growing their enterprises -- and the U.S. economy.

SOURCES: U.S. Senate Committee on Small Business and Entrepreneurship, Wikipedia
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May 18-20: During National Small Business Week, SBA Will Salute Small Businesses that Drive America’s Economy

The nation’s top entrepreneurs will be honored at the U.S. Small Business Administration’s National Small Business Week 2011 events, May 18-20, in Washington, D.C. Under the theme, "Empowering Entrepreneurs," a series of events and educational forums will mark the 58th anniversary of the agency and the 48th annual proclamation of National Small Business Week.

More than 100 outstanding small-business owners from across the country will receive awards while gathering for three days at the city’s Mandarin Oriental Hotel. There, they will meet with top administration officials, congressional representatives and national business leaders. The highlight of the celebration will be the announcement of the National Small Business Person of the Year.

Men and women also will be recognized for their involvement in disaster recovery, government contracting, and their support for small businesses and entrepreneurship. Awards will be presented to SBA partners in financial and entrepreneurial development -- including the year’s top SCORE chapter, Small Business Development Center and Women’s Business Center.

Interested parties can register online at www.nationalsmallbusinessweek.com, where a tentative schedule and other information are available. The event will also be webcast live at the website.

"Small-business owners and employees across America are proving their resiliency as they continue to drive the nation out of recession through economic growth and job creation," said SBA Administrator Karen Mills [pictured]. "National Small Business Week gives us an opportunity to honor their achievements and the spirit of entrepreneurship, innovation and determination that makes them the engine of our economy and our nation’s economic recovery."
The State Small Business Award winners and recipients of the Champion and other Entrepreneurial awards are nominated by local trade associations, chambers of commerce, plus business organizations and government agencies.

Small Business Week 2011 sponsors and cosponsors include: Association of Small Business Development Companies, AT&T, CareerBuilder, Dun & Bradstreet, Google, Intuit, Lockheed Martin, Microsoft, National Association of Development Companies, National Association of Government Guaranteed Lenders, National Association for the Self-Employed, Nomadic Display, Northrop Grumman, Raytheon, Sam's Club, SCORE, Verio, Visa, and Women Impacting Public Policy.

SOURCE: U.S. Small Business Administration
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SBA Chief Announces One-Page Form for Claiming Small-Biz Health-Care Tax Credit

SBA Administrator Karen Mills [pictured] just released an open letter to small-business owners, announcing a simple one-page form that we can use to claim the health-care tax credit for 2010. Following, is the text of her letter:

* * *

December 2, 2010

Dear Small-Business Owner,

As I've traveled the country this year, I have heard from many of you who are looking forward to the new tax credits, health insurance exchanges, and other tools that will help you provide health insurance coverage to your employees as a result of the Affordable Care Act.

The most immediate benefit of the new law is a tax credit that will help America’s smallest employers and nonprofit organizations [fewer than 25 fulltime equivalent employees with average annual wages below $50,000] who have been hit hardest by premium increases in recent years. Today, I'm pleased to announce that the Administration is releasing a one-page form and instructions [available at http://bit.ly/SmallEmployers] on how to claim this credit for the 2010 tax year.

In addition, new guidance released today answers questions that many of you have asked related to: your current contribution arrangements, eligibility for certain religious institutions, and participation by multi-employer health and welfare plans. In each case, the Administration has worked to ensure that a broad range of small businesses can qualify.

These credits are available for tax years 2010 through 2013, and for any two years after that. Through 2013, the maximum tax credit is 35 percent of premiums paid by small employers, and 25 percent for eligible tax-exempt organizations. Beginning in 2014, those levels increase to 50 percent and 35 percent, respectively.

Importantly, these credits are just one of many benefits in the Affordable Care Act. Most notably, in 2014, firms with up to 100 workers will be able to pool their buying power and reduce their administrative costs by purchasing coverage through a health insurance exchange.

Finally, the new law strengthens America’s entrepreneurial spirit, overall. For example, it outlaws discrimination against those with pre-existing conditions, giving more Americans the ability to break out of "job lock" and start their own companies. The new law also prohibits insurance companies from dramatically increasing premiums for a small business just because one worker gets sick.

Overall, the Affordable Care Act is a critical tool that will help millions of small-business owners provide health insurance to people who you often consider to be members of your extended family -- your employees. As a nation, we owe you nothing less as you work to grow, create jobs, and lead us toward full economic recovery.

Warm regards,

Karen Mills
SBA Administrator

* * *

GoodBiz113's Take
This latest move effectively underscores the Affordable Care Act's profound import to small businesses' short- and long-term financial and tax-reporting interests. Once again, the Obama Administration has demonstrated that it truly believes in the power of small businesses to propel America's economy, and has delivered on its promise to promote entrepreneurship and affordable access to health care.

SOURCE: HealthCare.gov, Internal Revenue Service, U.S. Small Business Administration
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SBA Chief Backs Repeal of ‘Burdensome’ 1099 Reporting Requirements on Small-Business Transactions

In an open letter to small-business owners, SBA Administrator Karen Mills [pictured] described requirements that small businesses report all transactions greater than $600 as "burdensome," and called for their repeal. Mills said the reporting requirements in the Affordable Care Act, which were to have begun in 2012, add up to "too much paperwork, too much filing."

The text of the letter, which is posted on the SBA website at http://www.sba.gov/1099letter/, follows:

Dear Small Business Owner,

I’m writing to update you on the progress that we have made regarding concerns stemming from the expanded 1099 reporting requirement in the Affordable Care Act, which could affect small businesses starting with 2012 purchases and 2013 filings.

The SBA and the Administration support the Small Business Paperwork Relief Act [introduced by Senator Baucus], which would repeal this provision.

As President Obama said on Nov. 3: "...The 1099 provision in the health-care bill appears to be too burdensome for small businesses. It just involves too much paperwork, too much filing. It’s probably counterproductive." Our support for the Small Business Paperwork Relief Act also follows the Administration’s support in September for Senate Amendment 4595 [offered by Senator Bill Nelson], which would have relaxed the reporting requirement.

All businesses that pay another individual or business $600 or more for goods or services starting in 2012 will be required to issue 1099s. The unintended consequence of a potential paperwork burden resulting from this provision quickly came to light, and we immediately began working across the Administration to reduce the burden of these potential future reporting requirements, as I noted in a letter to small businesses in May. We gathered feedback and comments from the small-business community through roundtables, forums, and other feedback mechanisms involving outreach from the SBA, the Treasury Department, the I.R.S. and others.

Importantly, the repeal of this provision through the Small Business Paperwork Relief Act will not adversely affect the Affordable Care Act, which provides important health-care benefits to millions of Americans. Small businesses are already taking advantage of the new tax credits for providing health insurance to employees this year, and future benefits -- such as the insurance exchanges in 2013 -- will provide small businesses with more negotiating power and reduced administrative costs.

Thank you for the input and feedback that many of you have provided on the impact that the expanded 1099 reporting requirement could have on your business. Overall, with your help, we will continue to ensure that America’s entrepreneurs and small-business owners operate in an environment not burdened by excessive regulation, allowing you to continue doing what you do best: grow businesses, create jobs and lead America’s economic recovery.

Sincerely,

Karen Mills
SBA Administrator

* * * * * * * * * *

GoodBiz113's Take
Once again, Administrator Mills [a seasoned entrepreneur and venture capitalist] and the Obama Administration have exercised their common-sense, just-get-out-of-the-way leadership power to simply let small businesses, well, tend to business -- i.e., rather than get mired in the bureaucratic and redundant processes of yore. Their hands-off management style and streamlining-to-the-max ways are refreshing and welcome, indeed.

SOURCE: U.S. Small Business Administration
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Nov. 27: Consumers Can Show Their Support for Small Business This Holiday Season on 'Small Business Saturday[SM]'

First there was Black Friday, then Cyber Monday. On Nov. 27, 2010, comes Small Business Saturday[SM], a day to support the local businesses that create jobs, boost the economy and preserve neighborhoods around the country. This year's first-ever Small Business Saturday is a national movement to drive shoppers to local merchants across the U.S.

Joining GoodBiz113 ad partner American Express OPEN, the company’s small-business unit, in declaring the Saturday after Thanksgiving as Small Business Saturday, are an initial group of more than a dozen advocacy, public and private organizations, including:

* The 3/50 Project
* Business Matchmaking
* Chicago Convention & Tourism Bureau
* Count Me In for Women's Economic Independence
* Destination DC
* eWomenNetwork
* Facebook
* Girls Inc.
* Greater Boston Convention and Visitors Bureau
* LA INC. The Los Angeles Convention and Visitors Bureau
* National Association of Women Business Owners [NAWBO]
* National Trust for Historic Preservation’s Main Street Center
* New York City Department of Small Business Services
* NYC & Company
* San Francisco Convention & Visitors Bureau
* SCORE: Counselors to America's Small Businesses
* Women Impacting Public Policy
* Women’s Leadership Exchange
* Women President’s Organization
* Yelp!

American Express Chairman and Chief Executive Officer Kenneth I. Chenault will launch the nationwide program later today with New York City Mayor Michael R. Bloomberg.

Small Businesses Rock!
Small businesses are critical to the nation’s overall economy. According to the U.S. Small Business Administration [SBA], there were nearly 28 million small businesses in the United States last year. Over the past two decades, they created 65 percent of net new jobs.

Their importance to local communities extends even further. For every $100 spent in locally owned, independent stores, $68 returns to the community through taxes, payroll and other expenditures, according to the small-business advocacy group The 3/50 Project.

"Small business is the engine of job creation in the U.S. economy," said Mr. Chenault, chairman and chief executive officer, American Express. "It is also among the sectors hardest-hit by the recession. By spreading the word about Small Business Saturday, we can help raise awareness about the critical role small businesses play in cities and towns across the country at a time when they need support the most."

"Small businesses are the backbone of our economy and the glue that holds communities together, and we’ve always sought new ways to support them -- something that became even more important when the national economic downturn began," noted Mayor Bloomberg. "When Ken Chenault told me about his idea for Small Business Saturday, I jumped at the opportunity to participate.

"We’ve all heard about Black Friday and Cyber Monday. This year, if you have the opportunity to shop on the Saturday after Thanksgiving, make it a point to visit local small businesses. It really can make an enormous difference for merchants trying to succeed."

Joining the Movement
Social media will play a central role in helping raise awareness about the importance of supporting small business and recognizing Small Business Saturday. American Express is launching campaigns on Facebook and Twitter, driving consumers and business owners to http://www.facebook.com/SmallBusinessSaturday, where they can participate in many ways -- including:

* American Express is giving a $25 statement credit to 100,000 Cardmembers who register their Card and use it to shop on Small Business Saturday at any locally owned, independent small businesses that accept American Express.

* American Express is also giving $100 of free Facebook advertising to 10,000 business owners who sign up at http://www.facebook.com/SmallBusinessSaturday to help build online buzz and drive customers to shop at their businesses on Small Business Saturday. By simply entering a few pieces of information and clicking a button, these business owners can create a personalized, geo-targeted ad that will run on Facebook leading up to Nov. 27. Facebook has donated $500,000 in Facebook credits for these small-business owners to use in the future.

* Small-business owners can also download online promotional materials and use a number of social-media tools to promote their businesses on the inaugural Small Business Saturday.

* Everyone can spread the word about the day and their favorite businesses by giving a shout-out to their favorite local shops and restaurants via Facebook and Twitter.

* For every person who "likes" Small Business Saturday on Facebook, American Express is donating $1 up to $500,000 to Girls Inc., to empower young women to be the entrepreneurs of tomorrow.

To support Small Business Saturday, American Express is also launching a national advertising campaign.

"Supporting local business is more than just a one-day event, and Small Business Saturday is a movement we can all help sustain," Chenault added. "We encourage consumers across the country to join us and the many advocates that are already on board."

Who Has Joined the Movement?
An initial group of more than a dozen advocacy, public and private organizations are thus far part of the Small Business Saturday movement.

"The 3/50 Project is pleased to be joining American Express OPEN on Small Business Saturday," said Cinda Baxter, founder of The 3/50 Project. "According to a recent survey, 90 percent of consumers are willing to pledge support for a buy-local-small-business initiative. So, I ask everyone to pledge their support for Small Business Saturday and to shop exclusively with independent stores on Nov. 27."

The 3/50 Project encourages consumers to pick three locally owned, independent brick-and-mortar businesses they can’t live without, and commit to spending $50 per month across the three businesses -- in addition to all of the other spending they do.

"When we invest in small businesses, we are investing in Main Streets -- the places that give our towns and cities a unique sense of place," said Stephanie Meeks, president of the National Trust for Historic Preservation, which includes the National Trust Main Street Center. "By celebrating Small Business Saturday and shopping at independent businesses, everyone can play a part in strengthening our economy and supporting revitalization on our Main Streets."

The National Trust for Historic Preservation’s Main Street Center is a preservation-based economic development program that helps more than 2,000 communities nationally revitalize their historic and traditional commercial districts by leveraging local assets.

For more information on the movement, visit http://facebook.com/smallbusinesssaturday or http://www.smallbusinesssaturday.com/.

American Express OPEN
American Express OPEN is the leading payment card issuer for small businesses in the United States, and supports business owners with products and services to help them run and grow their businesses. This includes business charge and credit cards that deliver purchasing power, flexibility, rewards, savings on business services from an expanded lineup of partners, plus online tools and services designed to help improve profitability.

Learn more at http://www.open.com/ and connect at http://www.openforum.com/, http://www.facebook.com/open and http://twitter.com/openforum.

American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at http://www.americanexpress.com/, and connect on http://www.facebook.com/americanexpress, http://twitter.com/americanexpress and http://www.youtube.com/americanexpress.

The 3/50 Project
The 3/50 Project [http://www.the350project.net/] is a grass-roots awareness campaign focused on reuniting consumers and independent, locally owned brick-and-mortar businesses in their communities.

Begun in March 2009 as an off-the-cuff blog post written by Minneapolis retail expert, Cinda Baxter, The 3/50 Project asks consumers to return to three local businesses they love and don’t want to lose, then to commit $50 of their current monthly budget toward local, independent merchants.

The message went viral via social media, exploding onto the national stage as a unique, positive and achievable concept. Launch of http://www.the350project.net/ and its companion Facebook page have since garnered international support from small-business owners and consumers alike.

The National Trust for Historic Preservation Main Street Center
Established in 1980 as a program of the National Trust for Historic Preservation, the National Trust Main Street Center is the nation’s largest commercial district revitalization organization. The Center provides information, offers technical assistance, holds conferences and workshops, and conducts research and advocacy on critical revitalization issues in order to best serve the communities and individuals interested in revitalizing traditional commercial districts.

The National Trust for Historic Preservation [http://www.preservationnation.org/] is a nonprofit membership organization bringing people together to protect, enhance and enjoy the places that matter to them. By saving the places where great moments from history -- and the important moments of everyday life -- took place, the National Trust for Historic Preservation helps revitalize neighborhoods and communities, spark economic development, and promote environmental sustainability.

SOURCES: American Express OPEN, National Trust for Historic Preservation, The 3/50 Project, U.S. Small Business Administration
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Vice President Biden Makes His Second Trip to the Gulf Coast; SBA Assistance Loans Surpass $15 Million

In his second trip to the Gulf Coast since the Deepwater Horizon oil spill began, Vice President Joe Biden traveled to Theodore, Ala., yesterday to assess efforts to counter the disaster.

During his visit, the Vice President [pictured above with Walt Dorn, of Patriot Environmental Services] toured the Theodore Staging Facility, met with response personnel, inspected boom, and participated in a roundtable discussion with fishermen and small-business owners from the area. He was joined by National Incident Commander Admiral Thad Allen and NOAA Administrator Dr. Jane Lubchenco.

Afterwards, the Vice President stressed the Administration’s commitment to restoring the Gulf Coast: "We’re not going to stop until this area -- all the entire Gulf -- has recovered; until the economy of the Gulf is revitalized and literally a way of life is restored," he said. "Because we’re not just talking about a natural ecosystem that’s in danger down here. We’re talking about an economic ecosystem.

"We’re also talking about a cultural ecosystem, a whole way of life. Whatever it takes to make this Gulf right, we’re going to make it right."

Approved SBA Economic Injury Assistance Loans Surpass $15 Million
To date, the U.S. Small Business Administration [SBA] has approved 181 economic injury assistance loans, totaling more than $15 million for Gulf Coast small businesses impacted by the Deepwater BP oil spill. Additionally, the agency has granted deferments on 707 existing SBA disaster loans in the region, totaling more than $3.7 million per month in payments.

For information on assistance loans for affected businesses, visit the SBA’s website at www.sba.gov/services/disasterassistance; call 800-659-2955 [800-877-8339 for the hearing impaired]; or e-mail disastercustomerservice@sba.gov.

Additional Resources
For information about the response effort, visit http://www.restorethegulf.gov/.

For specific information about the federal-wide response, visit http://www.whitehouse.gov/deepwater-bp-oil-spill.

SOURCES: U.S. Small Business Administration, Unified Command for the Deepwater BP Oil Spill, The White House [photo by David Lienemann]
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SBA Announces Appointment of Elizabeth Echols as Administrator of Region IX

Today, the U.S. Small Business Administration [SBA] announced the appointment of Elizabeth Echols as the regional administrator in Region IX. There, she'll oversee the SBA’s programs and services in California, Nevada, Arizona, Hawaii and Guam.

"Both the SBA and small businesses of the region will benefit greatly from Elizabeth’s career in public service and commitment to innovation and business development," said SBA Administrator Karen Mills. "Her background in management, technology and green business will be a tremendous asset as we continue to help drive economic growth through support for small businesses throughout the region -- and, in particular, innovative businesses and entrepreneurs with high-growth and job creation potential."

"The SBA is playing a critical role in our nation’s economic recovery," Echols said. "I’m excited to have the opportunity to make a difference on the single biggest economic issue facing our country and Region IX: the need to create quality jobs and get people back to work.

"I’m honored to have the chance to implement the President’s plan for economic recovery, which includes giving small businesses the tools they need to grow and drive our economy forward. I look forward to working with Administrator Mills and the talented staff throughout the region to succeed in this important mission."

Echols currently serves as director of the U.S. Green Building Council - Northern California Chapter, where she focuses on developing public policy and forging alliances to support green jobs, and furthers the development of one of the nation’s fastest-growing nonprofits.

Previously, she co-led the agency review process for the National Telecommunications and Information Administration [NTIA] during the Obama-Biden Transition Project, and served as director of policy for nearly four years at Google, where she managed the development and implementation of global policies for Google’s consumer and business products.

Echols worked on Internet and telecommunications issues at the White House and the Department of Commerce under President Bill Clinton and Vice President Al Gore. She earned a bachelor’s degree from Yale and a J.D. from Stanford Law School.

Echols will oversee 120 employees in 12 offices, including the California district offices in Sacramento, San Francisco, Fresno, Santa Ana, San Diego, and Los Angeles; as well as offices in Las Vegas and Reno, Nevada; Tucson and Phoenix, Arizona; Honolulu, Hawaii; and Hagatna, Guam.

To date, SBA has supported more than 11,000 Recovery Act loans in Region IX -- worth a total of nearly $6 billion.

SOURCES: U.S. Green Building Council - Northern California Chapter [photo], U.S. Small Business Administration
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House Passes Small-Business Capital Bill; Initiative Would Reinvigorate Investment in Small Businesses

Yesterday, the U.S. House of Representatives passed the Small Business Lending Fund Act of 2010, H.R. 5297, by a vote of 241-182. The legislation will aid small businesses in securing capital through new community bank incentives, support for state lending initiatives, and by opening venture-capital markets to small businesses.

"Today, under the leadership of Speaker Pelosi, Majority Leader Hoyer, Chairman Frank, Chairman Levin and Chairwoman Velázquez, the House of Representatives took strong action to help continue moving our nation's economic recovery forward," declared U.S. Treasury Secretary Tim Geithner. "At a time when too many small businesses are struggling to find access to the credit they need to hire and expand, this legislation will help ensure that Main Street entrepreneurs are better positioned to create new jobs and invest in their local communities."

The legislation passed by the House includes two key lending initiatives put forward by the Administration:

1] A Small Business Lending Fund that will provide small banks with capital and incentives to extend more credit; and

2] A State Small Business Credit Initiative to support innovative state small business programs -- many of which have been threatened by budget shortfalls.

"The lending initiatives passed today, along with the elimination of capital-gains taxes on small business investments approved by the House earlier this week, will help make certain that small businesses can play a critical role in building and sustaining our nation's economic recovery," Geithner added. "The Administration urges the Senate to take swift action on a package of measures to support small businesses, and looks forward to working closely with Congress as they move to finalize this legislation."

Rep. Nydia M. Velázquez [D-N.Y., pictured], chairwoman of the House Committee on Small Business, was pleased by yesterday's development. "As our most prolific job creators, small businesses will be central to the recovery of the U.S. economy," she said. "However, for entrepreneurs to expand and create jobs, they need access to financing. The measure we approved will make both credit and equity capital available for small firms."

While the legislation would establish a new $30 billion lending fund for community banks -- which proponents say would provide $300 billion in lending to entrepreneurs -- key changes were made during debate of the bill to ensure Main Street businesses benefit from the legislation:

* Rep. Glenn Nye [D-Va.] authored safeguards in the bill that will require banks to substantially boost their small-business lending to qualify for funds; and

* To further assist small firms, language prepared by Rep. Kurt Schrader [D-Ore.] would establish a new borrower assistance program, providing additional funds to small businesses who take out loans. The funds can be used at the entrepreneur's discretion to reduce their interest rates, defer their loan or cover monthly payments.

"Since the onset of the financial crisis, much has been done to shore up our nation's banks, but entrepreneurs' needs have gone unmet," Velázquez said. "These amendments will make sure that small businesses benefit from the current proposal, and I thank Mr. Nye and Mr. Schrader for offering them."

With the capital markets evolving, small businesses are increasingly looking beyond debt financing to equity capital to meet their financing needs. While entrepreneurs have traditionally used assets like real estate to secure loans, more and more business owners today seek financing based on their strengths; e.g., scientific expertise, research technologies, and potential for commercialization. For these firms, investment capital is a better financing solution.

To account for these economic changes, the legislation contains provisions aimed at reinvigorating investment in small start-ups. By establishing a new Small Business Early-Stage Investment Program, funds from the SBA will be paired with private capital to invest in small start-ups.

"In a world where revolutionary new products are conceived in dorm rooms and companies are born in garages, we need new ways of meeting businesses' capital needs," Velázquez noted. "The Small Business Early-Stage Investment Program recognizes this fundamental shift, taking steps to meet the capital needs of new businesses and helping them create jobs."

GoodBiz113's Take
This critical legislation is just the stimulus that U.S. small businesses need in order expand and create even more jobs for our nation's economic recovery. Kudos to Rep. Velázquez and her colleagues for propelling such far-reaching policy.

SOURCES: Community Development Venture Capital Alliance [CDVCA], Library of Congress, OpenCongress, U.S. Department of the Treasury, U.S. House Committee on Small Business, The White House
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Tonight: President Barack Obama on 'Larry King Live'

This evening, Larry King, who's celebrating 25 years hosting CNN's popular "Larry King Live" show, interviews President Barack Obama. Among the topics discussed: immigration, economic recovery, health-care tax credits for small businesses, the BP environmental disaster [AKA "oil spill"], plus myriad other challenges that President Obama faces in what he calls "the best job on Earth."

Later, Bob Woodward, New York Times best-selling author and Pulitzer Prize-winning journalist of the Washington Post, weighs in on President Obama's first 500 days in office. Woodward's yet-to-be-titled book on the Obama administration will be released in September.

To watch a sneak-preview video clip of tonight's show, go to: http://bit.ly/ObamaKing25.

To watch the entire program, tune in to CNN at 9 p.m. ET.

SOURCES: CNN, The White House [photo by Lawrence Jackson]
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SBA Administrator Explains Important Health Care Tax Credit Info for Small Businesses

Administrator Karen Mills [pictured], of the U.S. Small Business Administration [SBA], has just written an open letter to small-business owners across the United States, explaining the immediate benefits available to small businesses as part of the Affordable Care Act.

Following, is the full text of her letter:

* * *

Dear Small-Business Owner,

For decades, access to affordable health insurance has been the No. 1 concern of small-business owners. To help you address that concern and provide quality, affordable coverage for your employees, the new Affordable Care Act gives you a number of new tools and benefits.

The most immediate benefit you should know about is the tax credit to help you pay for up to 35 percent of your employee premiums starting this tax year. An estimated 4 million small businesses may qualify for these tax credits, totaling about $40 billion over the next 10 years. Go here to learn more about the tax credit, including new information that explains how this federal credit is in addition to state-level credits you might receive, and how dental and vision coverage are also eligible for the federal credit.

The Affordable Care Act also included reporting requirements if you pay another business $600 or more, starting with 2013 filings. Small-business groups have voiced concerns about the possible burden this places on people like you. That’s why the IRS is already planning to exempt from this requirement your transactions that use credit and debit cards.

Also, the IRS, SBA and others in the Administration are looking for additional ways to minimize burdens and avoid duplicative reporting. We welcome your comments and input as we move forward together to address implementation issues under the new law.

Over the last 16 months, this Administration has taken steps to provide tax relief that puts more money in the hands of small-business owners like you -- including write-offs for new equipment, credits for hiring unemployed workers, and capital-gains exclusions for small-business investors. We know that sensible tax relief like this will help you grow your business, create new jobs, and continue drive America’s economic recovery.

With warm regards,

Karen Mills

* * *

For detailed information about the new Small Business Health Care Tax Credit, visit IRS.gov: http://bit.ly/SmallBizTaxCredit.

SOURCES: Internal Revenue Service, U.S. Small Business Administration, The White House
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New Jersey, Texas Firms Take Top Prize as National Contractors of the Year; Small Businesses, Business Leaders and Government Officials Honored

A small-business contractor from New Jersey and another from Texas were named the National Prime Contractor of the Year and National Subcontractor of the Year, respectively, during a breakfast ceremony held this morning by the U.S. Small Business Administration.

The event, sponsored by Raytheon, was part of National Small Business Week 2010, held at the Mandarin Oriental Hotel in Washington, D.C.

The Small Business Prime Contractor and Small Business Subcontractor of theYear awards honor small businesses that have provided the government and private sector with outstanding goods and services, either as prime contractors or as subcontractors.

This year’s winners are:

* Small Business Prime Contractor of the Year: Anne C. O’Brien, president of Kalimex Inc., of Ocean View, N.J. This woman-owned, 8[a]-certified, small disadvantaged construction company boasts 14 years of successful project experience, plus more than $18 million in annual sales revenues. In one of those projects, Kalimex reopened the stairs to the crown in the Statue of Liberty for the first time since 9/11, ensuring visitors’ safe ascent up the famous double-helix stairway to the observation level in the statue’s crown. The National Park Service described Kalimex’s work on the Statue of Liberty as "sleek, elegant and magnificent." Another notable project for Kalimex Inc. includes exterior building renovation and masonry repairs on the Edgar Allan Poe House, located in Philadelphia, Penn., for the National Park Service; and

* Small Business Subcontractor of the Year: W.T. Gardner, founder and CEO of Savage Precision Fabrication Inc., of Wylie, Tex. Gardner founded Savage, a veteran-owned and Native American-owned firm, with $2,000 worth of tools. The company manufactures precision machine and sheet metal fabrication components -- including mechanical assemblies made of aluminum, titanium, copper, stainless steel and plastics -- to meet design specifications, and support the aerospace, military, defense and high-tech industries. It develops in-house processes -- such as heat treating, aging, Tungsten Inert Gas [TIG] and Metal Inert Gas [MIG] -- that are usually outsourced by a small business. The company has 38 employees, $4.4 million in annual sales in 2008, and is a preferred manufacturer in the aerospace and defense industry.

"Today, we celebrate the contributions of the outstanding business leaders, government officials and small businesses whose inspiring work in the federal contracting arena are creating jobs and helping lead economic recovery," said SBA Administrator Karen G. Mills [pictured].

"Contracting with small businesses is a win-win for both the government and small businesses," Mills noted. "The government gets access to the most innovative companies, and small businesses get the oxygen they need to grow and take their businesses to the next level.

"That’s why it’s so important that more than $7 billion in federal contracts have already been awarded to small businesses under the American Recovery and Reinvestment Act."

Small-business owners, corporate leaders, government officials and volunteers from across the country are in Washington, D.C., for the three-day conference, to be honored during five major award events for their achievements as America’s top entrepreneurs. The contracting awards recognize businesses and organizations for their commitment to providing contracting and subcontracting opportunities to small, women-owned and small disadvantaged businesses.

Other federal contracting awards included:

Frances Perkins Vanguard Award: Honoring government and industry for excellence in the use of women-owned small businesses as prime contractors and subcontractors.

The recipients are:

* Jim Cuff, senior vice president, Science Applications International Corporation [SAIC], of McLean, Va. [Industry Buying Activity];

* Kevin Boshears, director, Office of Small Disadvantaged Business Utilization, Department of Homeland Security, of Washington, D.C. [Federal Buying Activity]; and

* Bennie Boren, acquisition supervisor/small-business specialist, Public Works Department Gulfport, NAVFAC Southeast, of Gulfport, Miss. [Federal Procurement Official].

Gold Star Award: Recognizing the exemplary performance of federal agencies and their dedicated personnel who carry out the aggressive goals and strategic initiatives that help ensure a role for small business in the federal marketplace.

The recipient is:

* Judith P. Croxton, director of business operations, Shaw Air Force Base-20th Contracting Squadron, of Shaw AFB, S.C.

Surety Bond Award: Honoring the 16 participating surety companies and bond producers for the support they provide to small businesses who need help securing bid, payment and performance bonds.

Two prominent national surety trade associations accepted the awards on their behalf. They are:

* Ms. Lynn Schubert, president, The Surety & Fidelity Association of America; and

* Mr. Mark H. McCallum, CEO, the National Association of Surety Bond Producers.

Dwight D. Eisenhower Award for Excellence: Recognizing large prime contractors that have excelled in their use of small businesses as suppliers and subcontractors.

The recipients are:

* Richard A. Heltzel, president, Healy Tibbitts Builders Inc., of Aiea, Hawaii [Construction Category];

* Amber Janey, small business liaison officer, Rockwell Collins, of Cedar Rapids, Iowa [Manufacturing Category]; and

* Keith Joy, director of small business programs, UT-Battelle LLC/Oak Ridge National Laboratory [ORNL], of Oak Ridge, Tenn. [Research & Development Category].

The 2010 Dwight D. Eisenhower Award for Excellence-Research & Development is one of SBA's top honors. Administrator Mills praised the Department of Energy's ORNL's "hard work, innovative ideas, and dedication to [its] community" while presenting the award to Keith Joy, director of small business programs at ORNL.

Joy tasked his office with "aggressive goals" to meet the requirements of the Dwight D. Eisenhower Award. In 2010, he and his staff encouraged strong performance via an internal awards program, meetings between contractors and small businesses, and extensive outreach programs to maximize the impact of ORNL's small business programs. Joy noted that he was "very proud, humbled, and appreciative" to receive this honor on behalf of his team at ORNL.

"The President recognizes that small businesses are the building blocks of our economy," said Bill Valdez, acting director of the Department of Energy's Office of Economic Impact and Diversity. "Our office's mission is to support the innovation and growth of small businesses, and we absolutely must continue to honor their hard work."

Small Business Week featured a series of forums on innovation, exporting and social media, designed to help entrepreneurs with current, real-world issues that impact their businesses. There was also a town hall forum to discuss small-business concerns.

For additional details on Small Business Week 2010 -- including a full schedule of events and information on all award winners -- visit http://www.nationalsmallbusinessweek.com/.

Small Business Week 2010 sponsors and co-sponsors include: Sam’s Club, Visa, Ford, ADP, Raytheon, Cbeyond, UPS, Intuit, Google, eBay, AT&T, Northrop Grumman, Lockheed Martin, D&B, Verio, ASBDC, NADCO, NAGGL, NASE, NSBA, WIPP and SCORE.

SOURCE: U.S. Small Business Administration
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President Obama Proclaims National Small Business Week 2010, Highlights Small-Business Growth and Job Creation

Calling small business the backbone of the nation’s economy, President Barack Obama [pictured] stressed his Administration’s commitment "to helping small businesses drive our economy toward recovery and long-term growth" in his proclamation of the week of May 23-29 as National Small Business Week.

The President’s proclamation was issued yesterday, prior to the U.S. Small Business Administration’s 47th annual observance of National Small Business Week in Washington, D.C. [May 23-25]. The event honors the nation’s most outstanding entrepreneurs, and features the announcement of the National Small Business Person of the Year for 2010 from among the 53 state small-business winners, including the District of Columbia, Puerto Rico and Guam.

President Obama will meet with Small Business Week 2010 award winners at the White House on Tuesday, May 25.

"Small-business owners embody the spirit of entrepreneurship and strong work ethic that lie at the heart of the American dream," President Obama proclaimed. "They are the backbone of our Nation's economy, they employ tens of millions of workers, and, in the past 15 years, they have created the majority of new private-sector jobs. During Small Business Week, we reaffirm our support for America's small businesses and celebrate the proud tradition of private enterprise they represent.

"Our Nation is still emerging from one of the worst recessions in our history, and small businesses were among the hardest hit. From mom-and-pop stores to high-tech start-ups, countless small businesses have been forced to lay off employees or shut their doors entirely. In these difficult times, we must do all we can to help these firms recover from the recession and put Americans back to work. Our Government cannot guarantee a company's success, but it can help create market conditions that allow small businesses to thrive.

"My Administration is committed to helping small businesses drive our economy toward recovery and long-term growth. The American Recovery and Reinvestment Act has supported billions of dollars in loans and federal contracts for small businesses across the country. The Affordable Care Act makes it easier for small-business owners to provide health insurance to their employees, and gives entrepreneurs the security they need to innovate and take risks. We have also enacted new tax cuts and tax credits for small firms. Still, we must do more to empower these companies.

"In this year's State of the Union Address, I proposed creating a $30 billion lending fund to help increase the flow of credit to small businesses, and I call on the Congress to pass this legislation quickly. My Administration is also working to extend and enhance Small Business Administration programs that have helped small-business owners acquire loans and hire workers.

"This week, we celebrate the role of entrepreneurs and small businesses in our national life. They are the engine of our prosperity and a proud reflection of our character. A healthy small-business sector will give us vibrant communities, cutting-edge technology, and an American economy that can compete and win in the 21st century."

National Small Business Week 2010 will begin with two-and-a-half days of events in Washington, D.C., at the Mandarin Oriental Hotel, where more than 100 outstanding business owners from across the country will be recognized. In addition to the State Small Business Persons of the Year, men and women involved in disaster recovery, government contracting, small-business champions, as well as SBA partners in financial and entrepreneurial development, will be honored.

A keynote address by SBA Administrator Karen Mills will highlight Monday morning’s agenda, followed by Mills hosting a town hall meeting entitled "Small Business: Driving America’s Economy." Also featured are a series of executive panel forums on innovation, exporting and social media.

Among the featured speakers confirmed are The Honorable Janet Napolitano, Secretary of the U.S. Department of Homeland Security, and The Honorable RayLaHood, Secretary of Transportation. A list of other outstanding speakers -- including prominent business leaders, CEOs and politicos -- are listed with the week's full agenda at http://www.nationalsmallbusinessweek.com/.

The public can "attend" Small Business Week events virtually, via the SBA’s streaming video on the Web at http://www.NationalSmallBusinessWeek.com/.

Small Business Week 2010 sponsors and co-sponsors include: Sam’s Club, Visa, Ford, ADP, Raytheon, Cbeyond, UPS, Intuit, Google, eBay, AT&T, Northrop Grumman, Lockheed Martin, D&B, Verio, Nomadic Display, ASBDC, NADCO, NAGGL, NASE, NSBA, WIPP and SCORE.

The full text of President Obama’s Small Business Week proclamation can be found at: http://bit.ly/Proclamation2010.

To learn about Small Business Week events in your area, go to: http://bit.ly/SmallBizRegion.

To view highlights of National Small Business Week 2009 events, visit: http://bit.ly/SmallBizWeek2009.

To stay informed about SBA's efforts to simultaneously promote entrepreneurship and economic recovery, bookmark the following URL: http://bit.ly/RecoverySBA.

SOURCES: U.S. Small Business Administration, The White House
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New Landrieu Amendment Provides Interest Relief for Small-Business Disaster Loans

Today, United States Senator Mary L. Landrieu [D-La., pictured], chair of the Senate Committee on Small Business and Entrepreneurship, announced her intention to introduce an amendment that would offer businesses with Small Business Administration [SBA] disaster loans from the 2005 and 2008 hurricanes, interest relief of up to $15,000. Sen. Thad Cochran [R-Miss.] has indicated he intends to co-sponsor the measure.

"Businesses along the Gulf Coast have faced some of the worst disasters this country has ever seen," Sen. Landrieu said. "To this day, many of these businesses are struggling to pay down loans made from the hurricanes in 2005 and 2008.

"Now, they are being faced with another disaster that is threatening their way of life once again. With the oil spill in the Gulf of Mexico impacting businesses in Louisiana and along the entire Gulf Coast, we have the opportunity to offer some relief.

"This amendment allows the SBA to offer interest relief to small businesses with existing loans. It is my hope that this amendment will be adopted quickly when the full Senate considers the Supplemental next week."

The proposal would apply to disaster loans made after Hurricanes Katrina, Rita, Gustav and Ike. SBA would be required to prioritize applications for businesses with 50 employees or less, and businesses impacted by the BP oil spill. Businesses would still be responsible for the principal and the remaining interest of their loans. According to loan data from the SBA, this program could potentially help up to 12,000 businesses.

This amendment is similar to a bill, S. 2986, the Southeast Hurricanes Small Business Disaster Relief Act of 2010 -- introduced by Sens. Landrieu, Cochran and Roger Wicker [R-Miss.] -- which was endorsed by the U.S. Chamber of Commerce this week. To read the letter of endorsement, go to: http://bit.ly/Chamber2986.

GoodBiz113's Take
What's good for America's 27.2 million small businesses is good for the entire country -- especially since we create 60-80 percent of all new jobs here.

Sen. Landrieu's proposal will help small businesses impacted by myriad forms of disaster, and deserves swift action -- before the next oil spill, hurricane, tornado, wildfire, etc., brings livelihoods to a far-reaching halt.

SOURCES: GovTrack, U.S. Senate Committee on Small Business and Entrepreneurship
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April Job Creation Highest in Four Years; BLS to Hold Jobs-Related Web Chat on May 11

Today, the U.S. Department of Labor [DOL] announced that employers in almost every sector of work created a total 290,000 jobs in April -- the most jobs created in four years. U.S. Senator Mary L. Landrieu [D-La.], chair of the Senate Committee on Small Business and Entrepreneurship, released the following statement on the announcement, pushing her committee's bipartisan small-business job creation package to keep the momentum:

"The numbers released by the Department of Labor are an encouraging sign that American companies -- from manufacturing and construction companies, to retailers and health services -- are putting people back to work.

"The number of jobs created last month is the highest we have seen in four years. That is great news, but there are still more than 15 million Americans out of work. This Congress must build on the extraordinary steps already taken to stabilize the financial system, provide for those searching for employment, and put even more people back to work.

"As chair of the Small Business Committee, I know that small business can pave the way for more job creation. We have put forth a package of bipartisan bills aimed at spurring small-business growth and job creation, and I am calling on members of Congress to swiftly adopt these measures and continue on the path to economic recovery."

Sen. Landrieu's complete package of proposals can be viewed at http://bit.ly/SmallBizJobs.

May 11: BLS to Hold Web Chat
On Tuesday, May 11, from 1:00 to 2:00 p.m. Eastern Time, DOL's Bureau of Labor Statistics subject-matter experts will conduct a live Web chat to discuss national employment and unemployment data. They will answer as many questions as possible during the allotted time.

To join the discussion on the afternoon of May 11, go to www.bls.gov/chat/. Questions can also be submitted in advance through that link.

SOURCES: Organizing for America [chart], U.S. Bureau of Labor Statistics, U.S. Senate Committee on Small Business and Entrepreneurship
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May 10-13: SBA, AEO to Co-Sponsor National Conference to Promote Microenterprise Development and Job Creation

Expanding opportunities for entrepreneurs and small-business owners will be the focus of the 2010 National Microenterprise Conference and Training Institute, May 10-13, at the Hyatt Regency Crystal City Hotel in Arlington, Va.

"Some of the most innovative and promising businesses across the country are microenterprises, small companies that offer significant opportunities to create jobs and strengthen the nation’s competitive edge in the global market," said Karen G. Mills, administrator, U.S. Small Business Administration. "This conference gives us the chance to bring together a broad coalition of organizations to ensure we are leveraging our resources in effective ways and making sure that these entrepreneurs and small-business owners have the tools and support they need to succeed and drive our nation’s economic recovery.”

"Our country has been, and its recovery will be, built on the enterprise of our people -- on their ideas, their energies, and their willingness to take risks and pursue their aspirations," noted Connie E. Evans, president and CEO of the Association for Enterprise Opportunity [pictured]. "Through microenterprise development, those kinds of dreams can become reality for countless numbers of people to create jobs, support their families, and revitalize our communities. This gathering represents more than a conference; it is a validation of our commitment to provide economic opportunity for those who seek to seize the promise of America through microenterprise."

Co-sponsored by SBA and AEO, the event will bring together hundreds of representatives of nonprofit institutions, government agencies, foundations and universities to promote and support small-business job creation in the U.S.

The event will focus on microenterprise development, credit building and microfinance, and will feature workshops, town hall meetings, networking opportunities, plenary sessions and speaker presentations on solving the challenges that small businesses face in order to succeed in the new economy.

Mills will be the luncheon keynote speaker on Tuesday, May 11. In addition to Mills and Evans, other confirmed speakers include:

* Robert Annibale, Global Director, Citi Microfinance & Community Relations
* James Gutierrez, Founder & CEO, Progress Financiero
* Jennifer Henderson, CEO, Strategic Decisions LLC; and Director, Ben & Jerry’s Homemade Ice Cream Inc. Board of Directors
* Ted Howard, Executive Director, Democracy Collaborative
* Chris Larsen, CEO, Prosper.com
* Rae-Ann Miller, Special Advisor to the Director, Division of Insurance and Research, FDIC
* Eskinder Negash, Director, Office of Refugee Resettlement, Administration for Children and Families, U.S. Dept. of Health and Human Services
* Jane Oates, Assistant Secretary of Employment and Training Administration, U.S. Dept. of Labor

About SBA & AEO
SBA is an independent agency of the federal government that was created to aid, counsel, assist and protect the interests of small-business concerns, to preserve free competitive enterprise, and to maintain and strengthen the overall economy of our nation.

AEO is a national membership organization and voice of microenterprise development in the United States. AEO strives to foster greater understanding of the importance of strong and effective microenterprise initiatives to the U.S. economy, and to increase capacity of the field to support underserved entrepreneurs in starting, stabilizing and establishing businesses.

For more information about the 2010 National Microenterprise Conference & Training Institute, or to register as a participant, visit http://www.microenterpriseconference.org/.

SOURCES: Association for Enterprise Opportunity [photo], U.S. Small Business Administration
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Landrieu Letter to SBA: Support Small-Business Owners Impacted By Oil-Spill Disaster

Yesterday, United States Senator Mary L. Landrieu [D-La., pictured], chair of the Senate Committee on Small Business and Entrepreneurship, sent the following letter to Karen Mills, administrator of the Small Business Administration [SBA], in support of small-business owners who may be impacted by the BP oil-spill disaster in the Gulf of Mexico.

* * *

April 30, 2010

The Honorable Karen G. Mills
Administrator
Small Business Administration
409 Third Street, S.W.
Washington, D.C. 20416

Re: Disaster Loans and Financial Relief for Small Businesses Impacted by the April 20th Deepwater Horizon Oil Spill

Dear Administrator Mills:

I write to urge the Small Business Administration [SBA] to make available as soon as possible SBA disaster loans and all other SBA assistance to small businesses in Louisiana impacted by the oil spill. This request is strongly supported by the Governor of Louisiana and other state leaders. In anticipation of a declaration, I ask that the SBA organize a lending briefing on the coast of Louisiana for the fishermen and other impacted businesses, and to coordinate with other federal agencies -- including the Department of Commerce [Commerce] and the U.S. Department of Agriculture [USDA] -- to make the recovery process as easy as possible.

As you know, a significant portion of my state’s businesses rely on the Gulf for their livelihoods, from shrimpers and oystermen to restaurants, processing plants, and shipping companies. With an estimated 5,000 barrels of oil a day spewing from the blown-out well underneath the Deepwater Horizon rig, it is urgent that SBA coordinate with the other agencies to assess the impact of the oil spill, issue the necessary declarations for businesses to access disaster loans, and make it as easy as possible for the harmed businesses to determine which agency will help them and how to apply.

Of particular concern is coordination between the SBA and USDA. In recent years -- for example, when Red Tide struck coastal communities in New England -- businesses have fallen through the cracks because SBA and USDA have not had clear policies about whether a fishing or shellfish entity is a business or a farmer, and therefore whether it is eligible for assistance through the SBA or the USDA. And, when it was eligible for assistance through the USDA, the assistance was more limited.

Following the 2005 and 2008 hurricanes, many Gulf Coast businesses also were deemed "too agricultural" for SBA and "not agricultural" enough for USDA, leaving them without sufficient disaster recovery assistance. I ask that you personally make sure that this process runs smoothly.

I also strongly support the State’s request to temporarily defer loan repayments for Louisiana coastal businesses that are impacted by the oil spill and have existing disaster loans, and am ready to help in any way to make that possible. To complement those deferrals, I ask for your support for legislation I have that would forgive a portion of the interest on outstanding disaster loans for businesses that are still struggling as Louisiana continues down the long road to recovery from the devastation of hurricanes Katrina, Rita, Ike and Gustav.

More specifically, S. 2986, the Southeast Hurricanes Small Business Disaster Relief Act of 2010, would create a program to waive up to $15,000 of interest on 2005 and 2008 small-business disaster loans. It would be available over a three-year period and have the effect of significantly lowering the monthly payments owed by small businesses, so that they would have needed capital to keep operating and retain employees.

Thank you, in advance, for your prompt cooperation on these requests. I look forward to working with you to make federal emergency assistance available as soon as possible to the businesses in my state.

Sincerely,

Mary L. Landrieu
Chair
U.S. Senate Committee on Small Business and Entrepreneurship

SOURCES: GovTrack, U.S. Senate Committee on Small Business and Entrepreneurship
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