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Recovery Act Money for Small Business
Produced by Adriene Hill on Monday, June 08, 2009
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The credit market for small businesses seems to be improving. And on Monday the SBA announced it will free up more money for existing businesses to stay afloat.
Related: Follow @chicagostimulus on Twitter
Unfiltered: Sen. Durbin and Rep. Bean and Small Business Stimulus
According to the Small Business Administration, the volume of loans being issued to small businesses with SBA help is up 30 percent since the federal stimulus bill was passed. The number of lenders making loans has also increased.
And next week, the SBA is launching a program that will provide bridge loans for existing businesses that are struggling. Representative Melissa Bean and US Senator Dick Durbin met with Chicago-area small businesses to announce the program today.
DURBIN: I believe we're on the right track to come out of this recession in the right way. I'm not predicting when this is going to end. But, I think this investment in small business, giving them the chance to get back on their feet, is essential for any recovery.
As of the beginning of June, the SBA has supported more than $178 million in stimulus related loans in Illinois.
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