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Though I’ve seen very little in lending for small business loosening. Obama has extended the SBA additional funding. Now is a great time to call PFC to discuss your options if you need any type of small business lending. Phone: 813-835-1253. Pamela Hewett
Press Office


SBA Recovery Lending Extended Through May

Administrator Mills presses for longer-term extension for successful programs

Release Date: April 16, 2010
Contact: Hayley Matz (202) 205-6948
Release Number: 10-15
Internet Address: http://www.sba.gov/news

WASHINGTON – President Barack Obama signed legislation yesterday providing
$80 million in additional funding to continue important enhancements in the
U.S. Small Business Administration’s two key small business loan programs.
The enhancements, first made available under the American Recovery and
Reinvestment Act, include a higher guarantee on some SBA-backed loans and
small business fee relief.

The SBA estimates the $80 million will support about $2.8 billion in small
business lending under the 7(a) and 504 programs.

“Small businesses across the country have been able to secure critical
financing as a result of the Recovery Act loan provisions and the continued
interim funding we’ve received for the program,” said SBA Administrator Karen
Mills. “The increased guarantees and reduced fees on SBA loans have
generated more than $25 billion in new loans to small business owners and
brought more than 1,200 lenders back to SBA loan programs. In fact, the first
two quarters of the current fiscal year have been our best two opening
quarters ever for the 7(a) program, with more than $7 billion in guaranteed
loans. These programs have been successful in helping jump-start our
economy, which is why we will continue to work with Congress on a longer
term extension of the increased guarantee and reduced fees.

“We also know that small businesses could greatly benefit from the additional
tools the President has proposed, including higher SBA loan limits and
refinancing for commercial property mortgages, which could help thousands of
small businesses avoid potential foreclosure. Small businesses need these
improvements to ensure their access to the capital they need to drive
economic growth and create jobs in communities all across the country.”

As part of the Recovery Act enacted on Feb. 17, 2009, SBA received $730
million to help small businesses, including $375 million to increase the SBA
guarantee on 7(a) loans to 90 percent and to reduce borrower fees on most 7
(a) and 504 loans. The funds for these programs were exhausted on Nov. 23,
2009, and an additional $125 million was provided in December. Those funds
were exhausted in late February, 2010, and an additional $60 million was
provided subsequently. SBA was authorized for an additional $40 million in late

Under the new extension SBA may continue to reduce loan fees in its 7(a) and
504 programs and to provide higher guarantee levels on 7(a) loans through
May 2010, or until the funds provided under the bill are exhausted.

This extension has no effect on the continued availability of financing under
other SBA Recovery Act programs, including SBA’s America’s Recovery Capital
(ARC) loan program and the agency’s Microloan program. Recovery Act funding
still remains available for both of those programs.

Medical industry surging in The Villages
THE VILLAGES — During the past year, The Villages medical community experienced a surge in growth that shows no sign of abating.

No fewer than two dozen health care practices of all kinds either expanded or opened new offices to serve the community’s still-growing population.
This is an exciting time for The Villages health care industry and its patients, said Nelson Kraucak, M.D., who has seen the dramatic evolution of the local medical community since opening his family medicine practice about 15 years ago.

“It is very exciting,” said Kraucak, managing physician of Life Family Practice Center and an affiliate of the community’s Villa Medical Group. “This is an oasis. What’s happening here is not happening anywhere else I know of.”

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If you are a veteran or spouse of a veteran that needs help starting a business, growing a business, or counseling the SBA has programs just for you. We support our military and hope this information will help.
If you try to secure a Patriot loan through your local bank and aren’t having much luck call or go to your local SBA office. For more information you can go to http://www.pfcfinance.wordpress.com and post a comment or question we will respond.

The U.S. Small Business Administration has announced the SBA’s Patriot Express Pilot Loan Initiative for veterans and members of the military community wanting to establish or expand small businesses.
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Fed Holds Rates, Retains ‘Extended Period’ Timeframe

The Federal Reserve left short-term interest rates untouched following the Federal Open Market Committee’s (FOMC) second meeting of 2010.

The FOMC left the fed funds rate at 0% to 0.25%, where it has been since December 2008. As it has said since March 2009, the committee repeated that the rate would probably remain “exceptionally low” for “an extended period.”

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Bank of America, Banking on Overdrafts?
Anastasia Crosson
March 12, 2010
File under Tags: Bank of America, overdraft fee, overdraft rules, the Federal Reserve
Bank of America is going ahead with a new overdraft policy, announced Wednesday, intended to protect customers by avoiding account overdrafts. This action comes in advance of the Federal Reserve’s July 1 deadline for banks to comply with new opt-in overdraft regulation. Overdraft fees are a more than $100 million dollar business for banks, so a large decline in profits is imminent. This begs the question, what are these institutions banking on to keep their revenues a float? For Bank of America, overdraft protection plans may be the new revenue earner. For consumers, they may not yet be as protected as hoped for.

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