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McNerney announces availability of small business loans

Interest-free loans up to $35,000 intended to help pay down current debts

Congressman Jerry McNerney (D-Pleasanton) announced today that interest-free loans are now available to many small businesses from the American Recovery and Reinvestment Act, commonly referred to as the stimulus package.

"Small businesses are the engine that drives our economy," McNerney said. "Unfortunately, too many of our local employers are struggling to make ends meet right now. These loans are intended to help profitable small businesses make it through these tough times."

With the launch of the "America's Recovery Capital" (ARC) program, small businesses can apply for loans of up to $35,000 to pay down existing business debts. Overseen by the Small Business Administration, this program is intended to provide an infusion of capital to businesses that can demonstrate past profitability but are experiencing financial hardship due to the economic downturn.

McNerney said that recipients of ARC loans will be able to use these six month, interest-free funds to pay off debt such as credit card obligations, mortgages and balances due to suppliers and vendors. Repayment of ARC loans will be deferred for one year after the last disbursement and can extend up to five years.

These loans will be available through Sept. 30, 2010, or until funding is no longer available. For more information, McNerney said businesses should visit the Small Business Administration online at www.sba.gov or contact their local SBA office. The Sacramento office of the SBA can be reached at (916) 735-1700 and the San Francisco office can be reached at (415) 744-6820.

Comments

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Posted by Peters-Bussiness
a resident of Carriage Gardens
on Jul 9, 2009 at 11:39 pm

Yes!its a truth "Small businesses are the engine that drives our economy,"But these are also considered as a backbone an infusion of capital to businesses.


Like this comment
Posted by Fred
a resident of Downtown
on Jul 10, 2009 at 1:23 pm

Keep up the good work McNerney. We need more honest, fightin' Irishmen like you in congress. Pleasanton has your back.


Like this comment
Posted by Myra
a resident of Downtown
on Jul 10, 2009 at 2:25 pm

Fred...I suggest that you do more homework regarding what McNerney's positions have been and are going forward.

Thus far, he has voted (nearly 100% consistent with Pelosi I might add) ...

- to withdraw funds to our military in Iraq
- against free speech re: the Fairness Doctrine (not in favor of tabling it)
- against US energy independence (not allowing domestic exploration, drilling, refining)
- in favor of the "stimulus package" (which is having the opposite effect...by design)
- in favor of the Cap and Trade Bill (which will in effect eliminate manufacturing jobs in the US and impose by far the largest tax increase on Americans...which will further result in millions of additional job losses plus a much lower standard of living for all in the US (except government and union officials).

McNerney voting record and stances are dangerous to America. Please educate yourself Pleasanton...including YOU TOO JEB BING!!!

(PS...Jeb, have you EVER personally written an editorial questioning the position of the Democrat party? If so, it is certainly not apparent by reading your posts in the PW. On the contrary, it seems as if you are an extension of the White House Press Corp promoting Obama and the Dems at every opportunity.)


Like this comment
Posted by Fred
a resident of Downtown
on Jul 11, 2009 at 11:42 am

Myra,

You said "McNerney voting record and stances are dangerous to America"

Thanks for the classic Republican fear mongering. Very Karl Rove-like. It's time to take down your Richard Pombo poster.


Like this comment
Posted by Trish
a resident of Del Prado
on Jul 11, 2009 at 11:44 am

Myra = programmed by Fox News


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