The Bailout comes to Main Street at last…President Obama and Treasury Secretary Tim Geithner announced three important initiatives that will help small businesses survive and thrive this near-depression.
- Small business loan fees will be eliminated from 7(a) and 504 loans – up to $75,000.
- The SBA is raising the maximum amount of these loans it will guarantee up to 90% – from a 75% ceiling.
- And with Geithner’s Term Asset-Backed Securities Loan Facility, an additional $15 billion of the TARP fund will be used specifically for small-business loan-backed securities, starting this month.
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