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P.L. 111-240, The Small Business Lending Fund Act of 2010 (24 comments ↓ | 23 wiki edits: view article ↓)

  • This item is from the 111th Congress (2009-2010) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

H.R. 5297 would create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses.

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Visitor Comments Comments Feed for This Bill

Mike B.

June 15, 2010, 3:13pm (report abuse)

This is not a legitimate function of the federal government. More money wasted creating a new program that is not constitutional. This bill should not be passed. Stand up Republicans!!

captdot

June 22, 2010, 5:45pm (report abuse)

i thought the Small business Administration was supposed to do these types of things.Exactly, another program to advance the Obama agenda.

Stephen

June 26, 2010, 5:56pm (report abuse)

What really irks me about these laws is that I run a small business (3+ years and profitable) and could actually use some help getting capital to expand, but these bills are designed to block true small business and cater to mid-size businesses that can work the levers of government hand-outs. It's a crying shame when those who have lots get more, and those who could use a legitimate capital investment are left out in the cold.

carolph

June 28, 2010, 2:22pm (report abuse)

This seems like just another stimulus. We don't need to spreand any more $$$ until we can afford to do so.

Mike D.

June 29, 2010, 6:17pm (report abuse)

The so-called "revenue" provision in the bill, severely restricting the estate planning technique known as a grantor retained annuity trust, won't raise the revenue they claim and doesn't belong in this bill.

Certified Small 8a Business Comments

July 3, 2010, 5:57pm (report abuse)

We are a small bus We tried to get a loan to expand under the last stimulus bill Problem the housing market dropped our available capitol and being self emplyed its hard to proveincome the banks are WINNING here NOT small bus If they would give it to the SBA itself and have the SBA do the loans rather than the banks we would get loans in this one@we could expand and hire more people making the jobs that help the economy We have responded to many RFPs but those are going to BIG business and not set aside for the small guys watch HHS they have a 300-600 million IDIQ and we applied as a CERTIFIED QUALIFIED provider, we learned last week they plan to issue that to a single company and we are told WE ARE TO SMALL! Why is this NOT broke down so small business can do our part rather than the "good buddy" deals to the big players. Why wont OBAMA make SURE small bus has a chance?rather than TRUST the very banks that are lowering credit lines to small bus Isnt this why the SBA was created?

Certified SBA 8a Small bus Comments

July 3, 2010, 5:59pm (report abuse)

We are a small bus We tried to get a loan to expand under the last stimulus bill Problem the housing market dropped our available capitol and being self emplyed its hard to proveincome the banks are WINNING here NOT small bus If they would give it to the SBA itself and have the SBA do the loans rather than the banks we would get loans in this one@we could expand and hire more people making the jobs that help the economy We have responded to many RFPs but those are going to BIG business and not set aside for the small guys watch HHS they have a 300-600 million IDIQ and we applied as a CERTIFIED QUALIFIED provider, we learned last week they plan to issue that to a single company and we are told WE ARE TO SMALL! Why is this NOT broke down so small business can do our part rather than the "good buddy" deals to the big players. Why wont OBAMA make SURE small bus has a chance?rather than TRUST the very banks that are lowering credit lines to small bus Isnt this why the SBA was created?

johnnnn

July 9, 2010, 5:52am (report abuse)

I reccomend you guys all read the entire bill including the SBA extension and new provisions. Its a good bill.

Dman316

July 12, 2010, 9:43pm (report abuse)

I am approved by a small local bank and still cannot get the money because of this congress acting like children. Pass the bill now with the 90% guarentee, I am a republican, this no time to make a stand on a few billion, stop the trillions going to special interest groups. This loan will create 32 jobs immediately for our company nd many others. I agree no amendments should have been attached.

Only banks under 10 billion in value will have access to loan this money, go to a local, SBA experianced bank. I got turned down by B of A 2 months ago for the stupidest reason. PASS THE BILL WITH THE GUARANTEE, CONGRESSMEN AND WOMEN. Small business is the backbone of the economy. We need the money now. I have owned 3 small businesses in 20 years and it is not easy. Everything I own is collareral for the banks. Protest on issues that hurt Americans.

So. Bend Biz Owner

July 13, 2010, 1:04am (report abuse)

While we have a loan approval contigent upon SBA 90% Financing approved- what happens- Politics. While the Senate takes a 10 day vacation we sit and wait. Remember these clowns work for us- while we are working, they vacation, make almost 200 K a year, travel, wine, dine and have lifetime healthcare - I'm sick of this circus- they need to quit attaching things and lets get the ball rolling. Small Business is what built America. I will remember to vote wisely next election.

Waiting to be owner

July 14, 2010, 4:45pm (report abuse)

I am approved for an SBA loan through a local bank. They will not proceed with the loan unless the 90% gurantee is there, As stated previously, Small business is the backbone of our economy.

skeptic951

July 19, 2010, 4:13pm (report abuse)

why don't we spend this $ on restoring the "Made In USA" quality product factories & jobs, instead of giving people only cheap 'imitations' & continuing to push us toward a 3rd world R.O.C. status, just so cheap houses or apts can replace those old factories? what a set-up for potential destruction, if a disaster hit.

Marjorie

July 19, 2010, 7:34pm (report abuse)

I would really like to see government involved in "direct creation of jobs. Couldn't we do what China is now doing - Pick a project such as high speed rail or green jobs, bring in engineers and workers who can work and get paid. Training can be provided when necessary. Indirect dispensing of money for jobs is not as effective. Thank you.

Marjorie

SMALL BUSINESS PERSON

July 22, 2010, 9:44pm (report abuse)

I AM A SMALL BUSINESS OWNER. THIS BILL WILL SIGNIFICANTLY HELP SMALL BUSINESS OWNER. THE $30 BILLION CAN BE LEVERAGED UP BY THE COMMUNITY BANKS TEN TIMES WHICH WILL CREATE $300 BILLION IN LOANS POTENTIALLY AVAILABLE TO SMALL BUSINESS OWNERS. HR 5297 ENCOURAGES THE BANKS TO LEND IN THAT THE MORE THE BANKS LEND THE LOWER THE INTEREST RATE THEY WOULD PAY THE TREASURY DEPT FOR THIS MONEY. THIS BILL WOULD STRENGTHEN THE FINANCIAL CONDITION OF RECEIPIENT BANKS IN THAT THE MONEY A RECIPIENT BANK RECEIVES CAN BE USED TO PAY OFF THE ORIGINAL TARP AND THEREBY REMOVE MANY RESTRICTIONS THE BANKS MUST OPERATE UNDER.

Small Business owner

July 27, 2010, 5:17pm (report abuse)

This bill is not a bail out. It is a loan to credit worthy small businesses that will make the Govn't a profit in the end. I'm a Republican that supports this bill because it's good for the economy and will create millions on jobs not welfare apps.

SBA Lender

July 29, 2010, 1:38pm (report abuse)

I work for a small non-bank SBA lender. This bill will help us make more loans to small business. I urge everyone to support it. It will help small businesses get the capital they need to create jobs.

Dman316

August 1, 2010, 9:46pm (report abuse)

It is 2 weeks later since I wrote and 5297 has not passed and I will be laying off the final 18 people, seeing attorneys and entering into Bankruptcy. Like so many of us, I have everything I own put into my business, house included. I am stunned the republicans made this the bill to make their grand stand.

I thought they supported business. Do they know what it has been like to stay in business for the last 18 months, I have put 90% of my net worth into my company hoping for the change to come. I have had employees leave my office in tears due to layoffs after 12 years with the company.

This bill would have allowed us to immediately take on a 18 new employees for a project we have the contract on. My bank acts like the have no money and I have been with B of Rats for 20 years. To clarify, it is a loan, not a gift at 0% interest like the banks and wall street get. Good luck to all, it takes a lot of courage to start your own business. Please Pass the Bill!!!

SBA Lender

August 5, 2010, 8:45pm (report abuse)

This bill would allow smaller community banks to continue to lend to small businesses. I believe many of the small business owners that are expressing their opinions on this blog have been misinformed by their bank. The bank I work for continues to lend money to all sizes of businesses, typically in the $1 million range. The bank continues to lend money even with the normal 75% guarantee. Do better inform yourself speak with your local SBA office. They typically can set you up with a local community bank involved in SBA lending.

Jack Cruger

September 13, 2010, 2:49pm (report abuse)

The banks have the money to loan, they just don't know what is in the future for business in general. Obama has said that he wants to tax incomes over $250,000 whis is where a lot of small business are, health care, and the energy tax all look real bad for the small business. Just to many uncertainites in their future.

To SBA lender, Your right about Misinformation but not where it is coming from. The informatiom is coming from the Obama administration is political and not business friendly

jruss

September 15, 2010, 6:49am (report abuse)

Small business is the backbone of our country. Wall Street (big business) nearly destroyed us. I am shocked that Republicans filibustered this Bill in August and demanded that they wouldn't vote for it unless the Dems agreed to re-instate the 2001/2003 tax cuts for people making more than

$200,000 a year ($250,000 for couples and families), which is the top 2% of the wealth in America. That is like holding small business hostage to push their agenda.

BIG business certainly isn't providing jobs even though they are sitting on trillions of dollars. In fact, I would say they have been holding the whole country hostage. Fortifying and supporting small businesses is the greatest idea on the table. We have some extremely smart people in this nation and with some help I truly believe they could get things going again WITHOUT BIG Business. This Bill NEEDS to pass and I would urge everyone to call or email your Senators.

smithdk4

September 15, 2010, 7:12pm (report abuse)

I'm a very conservative Republican and this is good for the economy.

D Arakelian

September 22, 2010, 7:11pm (report abuse)

I hate to be selfish since I'm not a fan of Obama at all. But I'm trying to get SBA loan and this Bill would provide me the capital to expand my business. Without this Bill, I'm done.

HCFO

September 26, 2010, 3:37pm (report abuse)

I think the small business lending act of 2010 is a great idea. This is not a bail out. It is an investment in strong banks only that will generate income for tax payers. I am the CFO of a new bank started a few years ago. We are a very strong bank with no problem loans and are willing to lend to small businesses to help them grow and expand. The problem is we get criticized by regulators when we exceed 3 times capital in our Commercial Real Estate loans. Our bank has reached that point. This will allow us to bring in Tier 1 capital that can be used to continue lending to businesses. This is not a democratic versus republican issue. It's an intelligent way to not only encourage but allow banks to continue prudent underwriting of small business loans. This is only being offered to banks with less than $10 billion in assets. This is your smaller and regional community banks- not the big boys that got themselves into a mess. Be supportive. It's the best we've seen in a while.

MHIG

October 18, 2010, 10:36pm (report abuse)

Bills like this one only serve to distort the real economy and push another (de)recession down the road another year or so, if we are that lucky.

Sec 2022 is just cash for clunkers with a new topic. Maybe business will buy equipment now, but they won't next year. The timing for this is off; tough to make buy decisions this close to year end.

More gimmicks.

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