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201 GREAT IDEAS for Your SMALL BUSINESS, Third Edition by Jane Applegate

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GREAT 41 IDEA: Apply for a Government-Backed Bank Loan

In the fall of 2010, right before the midterm elections when Republicans regained control of Congress, President Obama shamed legislators into freeing up a package of $30 billion in tax credits and loans and other programs aimed to help small business owners dig out. Main Street finally got what Wall Street had received years before.

It took a lot of wrangling, but the measure is aimed at encouraging community banks to lend money to qualified business owners. The U.S. Small Business Administration (SBA) also raised the maximum limit on several loan programs.

The changes are permanent for general small business loans under SBA's 7(a) guaranteed loan program, fixed asset loans through the 504 ...

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