Metropolitan Archives, a records storage company in Landover, northeast of Washington, that financed its warehouse in part with a $2 million loan guarantee under the 504 program

Posted on Oct 21, 2009 in Records Management News

http://boss.blogs.nytimes.com/2009/10/20/obama-to-announce-small-business-stimulus/

Obama to Announce Small-Business Stim­u­lus By Robb Man­del­baum The Agenda

Pres­i­dent Obama will visit a Mary­land busi­ness on Wednes­day after­noon to announce ini­tia­tives to encour­age lend­ing to small busi­nesses. Accord­ing to an admin­is­tra­tion offi­cial, the pro­posal will increase the caps for exist­ing Small Busi­ness Admin­is­tra­tion loans and give smaller banks bet­ter access to funds from the Trou­bled Assets Relief Program.

An indus­try offi­cial involved in S.B.A. lend­ing said the White House would pro­pose rais­ing the cap on the agency’s flag­ship 7(a) loan from $2 mil­lion to $5 mil­lion. But other pro­grams are likely to see increases, too, includ­ing the 504 program.

The event will take place at Met­ro­pol­i­tan Archives, a records stor­age com­pany in Lan­dover, north­east of Wash­ing­ton, that financed its ware­house in part with a $2 mil­lion loan guar­an­tee under the 504 pro­gram, accord­ing to Chris Craw­ford, pres­i­dent of the National Asso­ci­a­tion of Devel­op­ment Com­pa­nies, which lob­bies for non­profit 504 lenders.

Mr. Craw­ford said this par­tic­u­lar busi­ness offered potent sym­bol­ism for Mr. Obama’s mes­sage. Met­ro­pol­i­tan Archives, he said, is “look­ing for money to fur­ther expand their prop­erty, but they can­not do another S.B.A. loan under the cur­rent reg­u­la­tions” because $2 mil­lion is the most any busi­ness can bor­row with an S.B.A. guarantee.

Chang­ing S.B.A. pro­grams would be sub­ject to Con­gres­sional approval.

We expect to have more details on the ini­tia­tive on Wednes­day morn­ing, in advance of Mr. Obama’s 1:30 p.m. announcement.

Stephen Laba­ton con­tributed report­ing to this post.

Com­pli­ments of File­Man Research

To Sub­scribe to the File­Man Blog click here … http://www.carymcgovern.com/feed/

Best Per­sonal Regards,

Cary