Small-business owners felt the burn of the downturn but they’re about to get a boost from Washington.
President Obama on Sept. 27th signed a Small Business Jobs Act, which aims to provide capital, tax cuts and opportunities to small-business owners.
Beginning in spring 2011, the law will temporarily allow certain small businesses to refinance owner-occupied commercial real estate debt into the U.S. Small Business Administration’s 504 Loan program.
This measure could have a noticeable impact in the Tampa Bay area.
“Here in Florida, there are a lot of businesses that have equity built up in their commercial real estate, “Hopefully this provision will provide small businesses to get access to capital.
Until the SBA writes the regulations, it’s hard to say exactly which businesses will qualify, Reuss said.
SBA defining best practices
The SBA is in the process of determining how to implement the law most effectively, said Robert Chavarria, senior area manager for the SBA South Florida District.
Once the SBA drafts rules and regulations, it will forward the information to the Federal Register for 30 days of public comment. From there, it will go to the Office of Management and budget for final approval.
SBA officials expect to submit recommendations as early as February.
The jobs act will prevent foreclosures, protect jobs, and in the long run, free up money to lend Chavarria said.
As the small-business community awaits the benefits of the jobs act, it can also find support from expanded services in the area.
See entire article at Tampa Bay Business Journal