New Bill Could Bring Relief To Microloan Intermediaries, Women's Business Centers
Written by Ken Gaebler
Legislation that would aid microloan intermediaries and Women's Business Centers has been introduced to the U.S. Senate.
A new piece of legislation could bring good news for small business owners looking for loans, as well as female entrepreneurs who need help.
Members of the U.S. Senate have introduced legislation that would help alleviate some of the financial burdens which have forced business counseling centers to close.
The Small Business Community Partner Relief Act would allow the Small Business Administration to temporarily waive the matching non-federal funding requirement now needed from microloan intermediaries and Women's Business Centers. They could then receive funding from the SBA.
Proponents of the bill believe it would be a benefit because microloan intermediaries and WBCs have seen decreased funding from local governments, universities and private sources because of budget cuts.
"Women's Business Centers and microloan intermediaries play a critical role in counseling America's entrepreneurs," said Senator Olympia J. Snowe. "Our legislation will provide these centers with critical relief so that they can focus their efforts on supporting our nation's small business owners at a time when non-federal funding is so difficult to obtain."
Microloan intermediaries may be in need of help, but small loans are still being given. Last week, The Loan Fund in New Mexico received $750,000 under the SBA's Microloan Program, New Mexico Business Weekly reports. The program helps nonprofit and community-based lenders.
Have Friends Who Might Like This Article?
Share this on Twitter
Let them know on LinkedIn
Ready to Learn More? We Think You Might Like These Articles:
About Our Small Business News
If you enjoyed this article, you can find many other small business news articles on our site. We cover important news stories for entrepreneurs. In addition to breaking news for entrepreneurs, we also have tons of useful articles that cover topics like writing a business plan, preparing a marketing plan, getting publicity and much more.