by Jeff Quibell
8. July 2009 20:00
While serving on the Blue Springs City Council, I always made it a point to read all materials, resolutions, and ordinances, before deciding whether or not to support a particular issue.
When our elected leaders in Washington passed the American Recovery and Reinvestment Act of 2009, I wanted to fully understand it and the opportunity it presented. These are challenging economic times, and many people are looking for help with their jobs and their businesses.
I read through the new law to see if there were options that might apply to my business (CPros, a custom software and IT Services company). Following further reading, it occurred to me that some of what I learned might be of interest to our local business owners and citizens interested in how money from the recovery act is being used locally.
One section of the law titled Business Stabilization Program caught my interest. It provides for zero-interest loans to businesses challenged by the economic downturn. This program allows a small business to take out a zero-interest, five-year American Recovery Capital loan from the Small Business Administration. The intent is to allow a business to divert newly available cash flow toward retaining or creating new jobs.
Local businesses can apply for an ARC Loan to retain and create jobs in the Blue Springs job market, thereby strengthening the local economy. In the case of CPros, it expands our opportunity to help other area businesses maintain their computer networks and provide excellent service to their customers, which will enable them to expand their business and participate in the economic recovery.
The American Recovery and Reinvestment Act of 2009 contains many other provisions that may be of interest to local small-business owners. There are opportunities through the SBA 7(a) and 504 loan programs to start or expand a business. Assistance is available to help purchase new facilities.
This is just a sampling of the opportunities to help our community’s small business owners improve the local economy and provide more opportunities for employment. If you are a small-business owner who has been affected by current economic conditions I would encourage you to contact your SBA lender and look into one of these SBA programs. You can find more information on the SBA website at http://www.sba.gov/recovery/index.html.