MONROE - Wisconsin Lieutenant Governor Barbara Lawton wants Wisconsin's small businesses to receive a piece of the American Recovery and Reinvestment Act money.
Lawton called small businesses "critical infrastructure for Wisconsin's economy" and "anchors in the community," during a visit to Monroe on Wednesday.
"While small business have been performing as they always had, the economic crisis has brought on difficulties" for expanding inventories, meeting debts and creating new jobs, she said.
Lawton and Small Business Administration District Director Eric Ness were in Monroe to acquaint local business owners with new SBA economic recovery efforts. Their visit was organized in partnership with the Monroe Chamber of Commerce.
Monroe Chamber of Commerce and Industry Director Pam Christopher said 85 percent of Monroe's economy is small businesses.
"Entrepreneurships and small businesses are a lifeline," Christopher said. "We realize we can bring in large businesses, but those are tightening up too. It is entrepreneurs who are jumping forward and helping make our economy grow," she added.
The Small Business Administration received $730 million from the American Recover and Reinvestment Act to help unlock the small business lending market and get needed capital flowing again to small businesses.
One of the new programs, America's Recovery Capital (ARC) program, can provide a struggling business with up to $35,000 to help meet debt payments with a no-interest, deferred loan.
The ARC is on a "first-come, first-served" basis, in which about 10,000 of the nation's 27 million businesses will participate, Lawton said.
She encouraged business owners to go to the SBA Web site for applications and more information.
In SBA recovery programs, $375 million will be used to eliminate or reduce loan fees and raise guarantee levels.
Three other strategies SBA has implemented include, temporarily eliminating loan fees; increasing loan guarantees up to 90 percent; and shoring up the secondary markets.
Ness said the SBA has not paid fees in the past 20 to 30 years.
"Now, with fees paid, is a good situation for an SBA loan," he said.
The number of loan applications has increased weekly, and Ness expects the program to run out of money for the program in December 2009.
SBA's micro-loans program, for amounts up to $35,000 for new startup enterprises, has been expanded to $50 million and 24 million new grants.
Surety bond guarantees have been increased from $2 to $5, allowing small businesses to compete for federal construction and service contracts.
Under a new pilot program, dealer floor plan financing, eligible auto, recreational vehicle, boat and other dealerships can benefit from fee elimination for inventory financing loans.
Lawton called small businesses "critical infrastructure for Wisconsin's economy" and "anchors in the community," during a visit to Monroe on Wednesday.
"While small business have been performing as they always had, the economic crisis has brought on difficulties" for expanding inventories, meeting debts and creating new jobs, she said.
Lawton and Small Business Administration District Director Eric Ness were in Monroe to acquaint local business owners with new SBA economic recovery efforts. Their visit was organized in partnership with the Monroe Chamber of Commerce.
Monroe Chamber of Commerce and Industry Director Pam Christopher said 85 percent of Monroe's economy is small businesses.
"Entrepreneurships and small businesses are a lifeline," Christopher said. "We realize we can bring in large businesses, but those are tightening up too. It is entrepreneurs who are jumping forward and helping make our economy grow," she added.
The Small Business Administration received $730 million from the American Recover and Reinvestment Act to help unlock the small business lending market and get needed capital flowing again to small businesses.
One of the new programs, America's Recovery Capital (ARC) program, can provide a struggling business with up to $35,000 to help meet debt payments with a no-interest, deferred loan.
The ARC is on a "first-come, first-served" basis, in which about 10,000 of the nation's 27 million businesses will participate, Lawton said.
She encouraged business owners to go to the SBA Web site for applications and more information.
In SBA recovery programs, $375 million will be used to eliminate or reduce loan fees and raise guarantee levels.
Three other strategies SBA has implemented include, temporarily eliminating loan fees; increasing loan guarantees up to 90 percent; and shoring up the secondary markets.
Ness said the SBA has not paid fees in the past 20 to 30 years.
"Now, with fees paid, is a good situation for an SBA loan," he said.
The number of loan applications has increased weekly, and Ness expects the program to run out of money for the program in December 2009.
SBA's micro-loans program, for amounts up to $35,000 for new startup enterprises, has been expanded to $50 million and 24 million new grants.
Surety bond guarantees have been increased from $2 to $5, allowing small businesses to compete for federal construction and service contracts.
Under a new pilot program, dealer floor plan financing, eligible auto, recreational vehicle, boat and other dealerships can benefit from fee elimination for inventory financing loans.