Small Business Administration Chief: 'We're the Popular Kid'
Small Business Administration (SBA) head Karen Mills recently shared her thoughts on the impact the Recovery Act has had on small business with CNNMoney. Although SBA-backed loans are down by 30 percent compared to last year, she believes that the stimulus bill has at least put the small-business economy back on track, motivating banks to increase lending by 45 percent since it was enacted last February. Mills also discussed expanding the SBA's loan-guaranteed programs, owners turning to SBA's robust network of bank partners vs. expecting direct government lending, and the successes and restrictions of the America's Recovery Capital (ARC) loan program. Finally, she recommended SBA-funded options for owners still struggling to get small-business loans and touched on health care reform pertaining to small business.
Source: CNNMoney.com | August 5, 2009
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