Elkhart, IN – Today, Congressman Joe Donnelly met with Small Business Administration (SBA) officials and small business owners from across north central Indiana to discuss several ways our small businesses can more easily access credit. SBA Associate Administrator for the Office of Capital Access Eric Zarnikow from Washington, D.C. and SBA Regional Administrator Marianne Markowitz from Chicago came to hear from north central Indiana small businesses on how the SBA can better assist them through existing or new programs.
“In these tough economic times, one of the ways our Hoosier small businesses can be successful is through increased access to capital,” said Congressman Donnelly. “I invited SBA officials to north central Indiana to talk to our business owners and see how we can get them the resources they need to invest in new equipment and hire new workers.”
“We know that if we give small businesses the tools they need, they will create jobs in communities all across the country,” said Marianne Markowitz, SBA Regional Administrator. “One of the most important tools is capital, which small businesses need not only as they weather this tough economic time, but also for when they’re ready to grow. Over the past year, SBA has supported over $408 million dollars in Recovery Act loans to Indiana small businesses which have helped save jobs and create thousands of new ones. But we know there is more work to be done and continue to work with the President and Congress to provide additional tools, including tax relief and new programs to further increase small business lending.”
First, Congressman Donnelly and SBA officials met with retailers and manufacturers of RVs and marine products and banks to discuss ways in which the SBA’s new floor plan financing program could be improved. The program, Dealer Floor Plan Financing, was created in July 2009 to assist these businesses in getting loans to finance their inventories.
“Roundtables like this one hosted by Congressman Donnelly are an important way not only for small businesses to learn about the resources SBA has to offer, but also for us to hear from small businesses about how we can continue to strengthen our loan programs and other support,” said Eric Zarnikow, SBA Associate Administrator for the Office of Capital Access. “Our Dealer Floor Plan Financing Pilot Program is one of the many tools we have deployed over the last year to help small businesses, and in this case auto, marine, and RV dealers, whether they’re trying to get back on their feet or looking to expand.”
Next, the Congressman and SBA officials met with small business owners from across north central Indiana at Mack Tool & Engineering in South Bend, where the group discussed how to secure SBA financing in a tight credit market including 504 and 7(a) programs for existing businesses and start-up enterprises. Through the American Recovery and Reinvestment Act, signed into law last February, small businesses have increased opportunities to apply for 504 and 7(a) loans to help them invest in new equipment and hire additional workers.
Finally, the Congressman visited the Thanhardt Burger Corporation in LaPorte, to show the SBA officials one of our many successful Hoosier small businesses. LaPorte Mayor Kathy Chroback, Greater LaPorte Economic Development Corporation Executive Director Tim Gropp, and Greater LaPorte Chamber of Commerce President Mike Seitz joined the group touring the small business.
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