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Legislation would bolster successful SBA loan program

first_imgRep. Peter Welch unveiled legislation Monday morning aimed at freeing up credit to small businesses by expanding a successful Small Business Administration loan program. At Burlington s Chittenden Bank, Welch and members of Vermont s business and banking communities outlined details of Welch s bill, which is intended to bolster the popular SBA Express Loan Program. By increasing the SBA Express program s current cap of $350,000 to $2 million, the legislation would significantly increase access to credit for Vermont s small businesses. Welch will introduce his bill in the House this week.Small business owners throughout Vermont have struggled since the start of the current economic crisis with securing and retaining lines of credit. At a small business roundtable in Bennington last month, business owners told Welch that the tight credit environment was the single greatest difficulty they faced in expanding their businesses. Vermont small businesses need access to credit in order to weather this economic storm and right now, they don t have that, Welch said. By expanding the highly successful SBA Express Loan Program, I believe we can give our small businesses a key tool to survive these difficult economic times.Established in 1995 to increase the effectiveness and efficiency of SBA s lending programs, SBA Express reduces the amount of required paperwork and accelerates the approval process for small businesses. Because it significantly reduces costs for lending institutions, SBA Express has thrived during the economic crisis, even as other lending programs have not. The program s current loan cap of $350,000, however, has constrained the potential of SBA Express, experts agree.Bennington Chamber of Commerce Executive Director Joanne Erenhouse and Chittenden Bank SBA Loan Officer Robin Shanahan joined Welch at Monday s event to reiterate the importance for both small businesses and lenders of expanding SBA Express. Franklin County Regional Development Corporation Executive Director Tim Smith and Rutland Economic Development Corporation Executive Director Jamie Stewart also attended the event.Source: Welch’s office.last_img read more

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Podcast: Tracking Depression, Transforming Your Gut, and How Earthquakes Are Like Forest Fires

first_imgCan regularly monitoring your mood combat depression? Do extreme diets alter your gut bugs? And how are earthquakes like forest fires? Science’s Online News Editor David Grimm chats about these stories and more with Science’s Sarah Crespi.Listen to the full Science podcast.Read the transcript.Sign up for our daily newsletterGet more great content like this delivered right to you!Country *AfghanistanAland IslandsAlbaniaAlgeriaAndorraAngolaAnguillaAntarcticaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBermudaBhutanBolivia, Plurinational State ofBonaire, Sint Eustatius and SabaBosnia and HerzegovinaBotswanaBouvet IslandBrazilBritish Indian Ocean TerritoryBrunei DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCayman IslandsCentral African RepublicChadChileChinaChristmas IslandCocos (Keeling) IslandsColombiaComorosCongoCongo, The Democratic Republic of theCook IslandsCosta RicaCote D’IvoireCroatiaCubaCuraçaoCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFalkland Islands (Malvinas)Faroe IslandsFijiFinlandFranceFrench GuianaFrench PolynesiaFrench Southern TerritoriesGabonGambiaGeorgiaGermanyGhanaGibraltarGreeceGreenlandGrenadaGuadeloupeGuatemalaGuernseyGuineaGuinea-BissauGuyanaHaitiHeard Island and Mcdonald IslandsHoly See (Vatican City State)HondurasHong KongHungaryIcelandIndiaIndonesiaIran, Islamic Republic ofIraqIrelandIsle of ManIsraelItalyJamaicaJapanJerseyJordanKazakhstanKenyaKiribatiKorea, Democratic People’s Republic ofKorea, Republic ofKuwaitKyrgyzstanLao People’s Democratic RepublicLatviaLebanonLesothoLiberiaLibyan Arab JamahiriyaLiechtensteinLithuaniaLuxembourgMacaoMacedonia, The Former Yugoslav Republic ofMadagascarMalawiMalaysiaMaldivesMaliMaltaMartiniqueMauritaniaMauritiusMayotteMexicoMoldova, Republic ofMonacoMongoliaMontenegroMontserratMoroccoMozambiqueMyanmarNamibiaNauruNepalNetherlandsNew CaledoniaNew ZealandNicaraguaNigerNigeriaNiueNorfolk IslandNorwayOmanPakistanPalestinianPanamaPapua New GuineaParaguayPeruPhilippinesPitcairnPolandPortugalQatarReunionRomaniaRussian FederationRWANDASaint Barthélemy Saint Helena, Ascension and Tristan da CunhaSaint Kitts and NevisSaint LuciaSaint Martin (French part)Saint Pierre and MiquelonSaint Vincent and the GrenadinesSamoaSan MarinoSao Tome and PrincipeSaudi ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSint Maarten (Dutch part)SlovakiaSloveniaSolomon IslandsSomaliaSouth AfricaSouth Georgia and the South Sandwich IslandsSouth SudanSpainSri LankaSudanSurinameSvalbard and Jan MayenSwazilandSwedenSwitzerlandSyrian Arab RepublicTaiwanTajikistanTanzania, United Republic ofThailandTimor-LesteTogoTokelauTongaTrinidad and TobagoTunisiaTurkeyTurkmenistanTurks and Caicos IslandsTuvaluUgandaUkraineUnited Arab EmiratesUnited KingdomUnited StatesUruguayUzbekistanVanuatuVenezuela, Bolivarian Republic ofVietnamVirgin Islands, BritishWallis and FutunaWestern SaharaYemenZambiaZimbabweI also wish to receive emails from AAAS/Science and Science advertisers, including information on products, services and special offers which may include but are not limited to news, careers information & upcoming events.Required fields are included by an asterisk(*)Hear more podcasts.last_img read more

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