New book by Larry Connors Click here Improve your trading - See how
Earlier today, the SBA announced an expansion of its 7(a) loan program, effective next week through September 30, 2010. The temporary 7(a) loan size standard will allow businesses to qualify based on net worth and average income. Under the new rules, a small business qualifies for SBA loan assistance if:
* the company and its affiliates have a net worth not exceeding $8.5 million and
* the company and its affiliates' net income over the preceding two completed fiscal years does not exceed $3 million after federal income taxes (excluding any carry-over losses)
It is estimated that 50 percent of RV manufacturers and 75 percent of RV dealers will now qualify for loans under the SBA's expanded criteria.
"To turn around our economy and help middle-class Hoosiers make ends meet, we have to free up capital for small businesses, which are the primary engine of Indiana's economic growth," Bayh said. "This is a significant expansion of the largest federal loan program to help small businesses meet payroll and other operating costs. This move by the SBA will provide a lifeline to Indiana's auto dealers, parts suppliers, and RV manufacturers and help thousands of middle-class families who rely on these industries to make a living."
"We're encouraged that the SBA is expanding the definition of businesses that qualify for SBA loans to support investments in working capital, machinery and equipment," said Richard Coon, President of the Recreation Vehicle Industry Association (RVIA). According to Coon, the direct consequence of the current credit squeeze for worthy companies has been lost jobs with RV manufacturers, suppliers and dealers.
"The new loan criteria couldn't come at a more important time," Coon added. "When coupled with an emergency rule being considered to permit 7(a) guarantees for dealer floor-plan inventory purchases, these new SBA changes will benefit a large segment of RV manufacturers, dealers and suppliers."
Bayh continues to urge the SBA to expand the 7(a) loan program to include purchases of floor-plan inventory, a change that would provide much-needed working capital for RV dealers and result in the retention of thousands of jobs nationally, including many in Indiana.
For more information about SBA's revisions to its small business size standards, visit http://www.sba.gov/size/indexwhatsnew.html and click on "Small Business Size Standards."
###DAL###
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
