Business Owners Get Federal Loans

SOURCE: Los Angeles Times

Southern California are finally getting long-awaited loans to hire new workers and expand their operations.

Money for loans backed by the Small Business Administration, but held up for weeks in Congress, is on its way. Just days after President Obama signed a $30-billion-plus package of incentives for small businesses, Southland bankers, bureaucrats and borrowers are scrambling to nail down the final details and get the money flowing.

Business owners, which include a range of people from the bakery shop manger to consumer rights attorneys and the product liability lawyer were told by lenders that some could begin receiving their money as soon as Monday.

“This is a dream come true for me,” said Pasadena rare-coin dealer Richard Heller, who spent much of Thursday driving around picking up documents so that his new loan could be completed. Heller is using a loan from Wells Fargo Bank to buy a tiny building in San Francisco so he can open a second shop there.

In Fullerton, Jim Harper is finally ready to crack open the stack of resumes that has been on his desk for months. He’s looking for two programmers for his computerized aerospace machine shop, Anaheim Machine Products.

“Right now, my partner and I are doing all the programming,” said Harper, who is also busy lining up more work and managing the firm. A $350,000 loan will allow him to refinance expensive equipment, he said. He figures that will free up $10,000 a month to reduce other debts and hire the programmers.

Nationally, about 1,400 businesses waited all summer for the loans. Thousands more loans are expected to be funded by the end of the year.

The loans, which were authorized along with tax breaks and other incentives, will not solve all of the problems faced by small businesses in a rough economy, but experts say they’re a key step.

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MY TAKE: I would imagine that if you are a lawyer, whether that’s a Philadelphia divorce Lawyer, a child support lawyer, or a Philadelphia PA criminal attorney, you’ve got to have some kind of cash flow. Even if you’re a divorce lawyer you probably have been able to keep on earning a living, because I rarely see stories about lawyers in the unemployment line. However, I do know California businesses are suffering and it’s good to hear the big cash is flowing down to the little guys, even the coin collector.

I have a brother who owns a computer repair shop and he says business has been horrible for him. He now advertises his computer support services on Craig’s List but he says he’s thinking about shutting the business down because he can barely make the rent, and working in customers’ homes until things get better. He says he hasn’t heard anything about his loan yet.

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