SBA loan push could help small business

$30 billion in fund, $12 billion in tax incentives extended

NORTH BAY – The passage of HR 5297, the Small Business Jobs Act, established in the Treasury the Small Business Lending Fund of $30 billion and $12 billion in tax incentives intended to spur lending and get small businesses back on their feet.

In addition to the $30 billion in capital, which can be leveraged to $300 billion in loans, there is a continuation of the enhancements to SBA lending, such as fee waivers and increased guarantees.

“I think with the combination of SBA provisions and the $30 billion, it should be a good injection to small business owners,” said Kim Kaselionis, president and chief executive officer of Circle Bank.

Tom Duryea, president and CEO of Summit State Bank, said any additional programs, like the SBA 7(a) loan program, can only help make the local economy stronger.

He said his sense of this SBA lending is that it is making it easier for banks to lend.

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