By Tracy Will
Lt. Gov. Barbara Lawton today joined with federal Small Business Administration officials to unveil new SBA loans for small Wisconsin businesses.
Saying small businesses are the backbone of Wisconsin’s economy, Lawton said “small business owners need to know that SBA loan fees have been eliminated, we’re trying to get banks back in the mood to lend, and Wisconsin wants to maintain a market for loans from the SBA.”
“Today, too many small businesses were buffeted by economic storms caused when large lenders spent too much of their time developing new varieties of derivatives rather than producing value-added products,” Lawton said.
Released June 15, the American Recovery Capital Business Stabilization is a new microloan program that Lawton said provides no-interest loans with up to a 5-year payback period that allow small businesses borrow enough to make loan payments for up to six months. The loans come with a twelve-month grace period before repayment . The program is first come-first serve, and sunsets September 2010.
Wisconsin SBA administrator Eric Ness told the gathering at Wingra Boats on Lake Wingra in Madison that “we want to bring as much loan money back to Madison as possible. We want Wisconsin small businesses to get their fair share.”
Wingra Boats owner Tyler Leeper said he’d used one of the SBA loans to expand his business to Wingra Beach to offer summer camps and adventure camps to introduce children to sailing.
DeLora Newton of the Greater Madison Chambers of Commerce said Madison enjoys a reputation as a great place to start a small business because, “that success is due to all the vibrant and versatile small businesses here in Madison.”