RIEDC Calls on General Assembly to Approve Small Business Loan Guarantee Authority
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January 26, 2009 | Print this page | Share This |
RIEDC Interim Executive Director J. Michael Saul called on the Rhode Island legislature January 21 to approve a guarantee authority from the state of Rhode Island to help small businesses access much needed capital, a crucial component of the $200 million Small Business Stimulus Package launched by Governor Carcieri, RIEDC and the Small Business Administration (SBA) in December 2008.
Current guarantees from the SBA range from 40 percent and 75 percent of bank loans to small businesses. The new plan would bump up the guarantee to 90 percent. The added guarantee will enhance the likelihood that participating banks will provide needed short and long term credit to the Rhode Island small business community.
Read more about Governor Carcieri’s Small Business Stimulus Package
