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Time for SBA Loan?
BANKERS SLAMMED the door on lending to most retail- ers and other small business people at the end of 2008 and the fi rst part of 2009, as they themselves soaked up billions of dollars in bailout money from the federal government. Now there are signs that the purse strings may be loosening, at least where Small Business Administration backed loans are concerned. With the fi rst stimulus bill
(American Recovery and Rein- vestment Act of 2009), the SBA received $730 million from the government to readdress lend-
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ing to small businesses through SBA participating lenders, which include local communi- ty banks throughout the U.S. One example is Unity Bank, headquartered in Clinton, NJ. It has a commercial loan de- partment that is responsible for making SBA loans. Unity Bank’s Senior Vice President/ Commercial Lending Offi cer, Michael Downes, states, “The economic stimulus package has been a boon to banks and small business owners who have been struggling to get by or even to stay open throughout the recession. Several new pro- visions of SBA backed business loans are extremely attractive to both lenders and borrow- ers, allowing both to fully take advantage of favorable con- ditions in the small business lending market.” While the SBA does not ac-
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tually lend the money to small businesses, it does guarantee repayment of a certain per- centage of the principal to the lending institution in cases where the borrower defaults on the loan. Previously, bor- rowers had to pay a guaranty fee (similar to points on a mort- gage loan), on top of the loan principal and interest, in order to secure the loan. ■
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