ICBA News Release
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FOR IMMEDIATE RELEASE
ICBA Praises Senate Small Business Katrina Measures
Senators Snowe, Kerry, Vitter and Landrieu Boost Beneficial SBA Loan Programs
Senators Snowe, Kerry, Vitter and Landrieu Boost Beneficial SBA Loan Programs
Washington, D.C. (Sept. 26, 2005) -- The Independent Community Bankers of America applauds key U.S. senators for advancing ICBA-backed lending measures that would boost funding for much-needed Small Business Administration (SBA) loan programs to help businesses affected by Hurricane Katrina.
Senate Small Business Committee Chair Olympia Snowe (R-Maine) introduced the Small Business, Homeowners and Renters Disaster Relief Act of 2005 (S. 1724) that would increase funding for SBA disaster and federal small business loan programs to help businesses recover in the wake of Hurricane Katrina. ICBA also commends the Senate Committee for its on-going focus on the hurricane’s impact on small businesses.
“Community banks and their small businesses customers will be counted on to rebuild communities, restore jobs and return economic vitality to the Gulf Cost,” said Camden Fine, ICBA president and CEO. “Boosting SBA loan program funding to offset the impact of a disaster is a successful and proven means to revitalize local economies and Snowe’s bill will greatly help in the recovery.” Fine added that he looks forward to Congress quickly passing this legislation advanced by Snowe and colleagues Sens. John Kerry (D-Mass.), David Vitter (R-La.) and Mary Landrieu (D-La.).
Snowe’s small business provisions would increase the funding authorization for SBA disaster loans as well as the standard 7(a) Loan Program from $17 billion to $20 billion.
ICBA is also recommending a $10 billion authorization in SBA 7(a) loan authority and an appropriation of $150 million to lower loan fees to small businesses.
For a complete list of ICBA’s disaster related recommendations, please visit www.icba.org.