Stimulus Package for Small Businesses Follow Up

Posted on October 16, 2009


Last month we alerted you to changes at the U.S. Small Business Association thereby making it easier for small businesses to attain loans and gain access to capital in these cash-strapped times.  (See Stimulus Package for Small Business: Time is Running Out!).  According to a news release from the SBA, these incentives have allowed the organization to increase both the dollar volume it loans to small businesses as well as the volume of loans approved each week. In fact, September of 2009 saw the largest amount of money given out by the SBA in just over two years.

SBA Administrator Kathy Mills said, “These numbers, along with our conversation with lenders and small business owners around the country, show that the Recovery Act hit the mark … With half the nation’s workforce either working for or owning a small business, these dollars played a critical role in driving economic recovery across the country.”

Alabama is faring even better than the national average since the passage of the American Recovery and Reinvestment Act. “Since the Recovery Act was passed, weekly dollar volume has increased 104% in the state of Alabama,” says a representative from the U.S. SBA’s Alabama District Office. That’s in comparison to a 60% increase nationwide. “We’ve done very well in comparison to other states … We’re excited about it.”

For more information, visit the SBA site.

Mike Goodrich, Goodrich Law Firm, LLC