Stimulus Plan offers Loans for Businesses
Thursday, 12 March, 2009
More Upstate businesses may soon be able to grow and start hiring again thanks to some business loans offered through the new stimulus plan. Businesses can borrow up to two million dollars. The Federal government is cutting loan fees and offering to back up to 90% of these loans, to grow businesses and get people working again.
Jeff Wilson is starting up a business called E-scribe, offering doctors software to enter patient information into electronic medical records. Said Wilson, “Over the next 12 months, we’ll probably hire 9 people, the largest portion of that being sales reps, covering the state of South Carolina. “
Wilson is using the new stimulus plan to get started. The Federal government is offering doctors financial incentives to use electronic medical records. And even more important, Wilson plans to apply for a new small business loan. Said Wilson, “I see a great opportunity, because the need’s already there for electronic medical records. “
Elliott Cooper with the Small Business Administration says the stimulus plan will reduce loan fees and increase the amount the Federal government will back a loan from 75% to 90%, encouraging banks to grant the loans. Said Cooper, “I think 75% of all new jobs are started by new businesses. So hopefully by starting new business, or expanding businesses, there will be job creation. “
The stimulus plan also calls for $35,000 loans for businesses that are struggling. Tom Britt at the Bank of Travelers Rest says all these loans could help create more jobs by helping new and existing businesses to grow. Said Britt, “That will give us a great opportunity to help some folks that maybe we weren’t able to help previously. “ Even though the economy is tough, Jeff Wilson isn’t fazed. Said Wilson, “A lot of entrepreneurial ideas are started in economies like these. “
That’s what the government is hoping for, to grow the economy and put people back to work. The Federal government is working out the details on these loans over the next couple of weeks. If you have a business or plan to start one and need a loan, talk to your lender or call the Small Business Administration. The SBA has many resources to help businesses.
Source: http://www.wspa.com/
