Lending Help Coming To Small Business Owners in Tri-Cities
KENNEWICK, Wash.-- Small business owners looking to get a loan could see some relief soon.
The President announced Monday morning some new programs from the Small Business Administration. The government is trying to get banks across the country to start lending again.
TheSBA is expected to reduce borrower and lender fees dramatically. They're also planning to increase loan guarantees to up to 90%.
In January, government reports show lending to businesses was down. Despite the banks getting billions of dollars in bailout money.
We talked to the executive director at the Pasco Chamber of Commerce. She says for many businesses having that bank support is the key to grow.
"Some businesses need to expand and look into other ways of advertising and not really have the income to do it, so they're looking at different avenues, and not having the support from the banks, it's definitely causing a ripple effect," said Nikki Gerds, Executive Director for the Pasco Chamber of Commerce.
The Executive Director says some local credit unions have stepped up and are still lending. Staff at Senator Mike Hewitt's office that some more changes are coming to help small businesses.
Including loans of up to $35,000 available to many who are in immediate need of financial assistance.