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Obama Visits Tastee Sub Shop to Talk up his Small Biz Agenda

As a way to promote his small business agenda, President Obama visited the Tastee Sub Shop in Edison, New Jersey on July 28th, ordered half a #5 Super Sub to go, and talked business with Sub Shop co-owner Dave Thornton; Brian Bovio, owner of a family energy business; Rochelle Park restaurant owner Theo Mastorakos; and Tom and Catherine Horsburgh, owners of Ridgid Paper Tube Corporation in Wayne. President Obama is campaigning for passage of legislation that would provide $30 billion to community banks, allowing them to lend money to small businesses.  The independently owned Tastee Sub Shop was founded in 1963,  and is presumably well financed. But according to the International Franchise Association, the franchise industry is expected to seek $10.1 billion in capital, while banks are expected to lend only $6.7 billion, leaving franchisers such as Marco’s Pizza to fill the financing gap, if they want to expand in an environment of tight bank credit.

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Posted by Rudofsky Associates on July 30, 2010
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NY State Creates $50 Million Loan Fund to Aid Small Businesses

New York State has put up $25 million, which when matched by private lending institutions, will create a $50 million loan fund intended to aid NY State small businesses blocked from access to traditional sources of credit, the 7/19/10 “Westchester County Business Journal” reported.  Successful applicants may use the funding for “working capital, acquisition and or improvement of real property, the acquisition of machinery and equipment, property improvement, or the refinancing of debt obligations.”  Business owners seeking more information on the program are encouraged to contact their regional Empire State Development office.

(8/26/10 update:  The “Brooklyn Daily Eagle” reported that the Empire State Development Corp. awarded Brooklyn Brewery an $800,000 “restore New York” grant, which will help the brewer expand their Williamsburg operations, by purchasing and installing new equipment.)

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Posted by Rudofsky Associates on July 22, 2010
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Credit Crunch Hitting Small Businesses Hard

Only half of small businesses that tried to borrow last year got all or most of what they needed, while in the mid-2000′s 80% got the loans they needed, according to the National Federation of Independent Businesses.   As reported  by Emily Maltby in the 6/21/2010 “Wall Street Journal,” possible explanations range from over-zealous bank examiners to small business owners turning more cautious in the face of a weak economy.  In mid-June, the House passed a $30 billion initiative for community banks to borrow from the government’s TARP fund at low rates, which may help stimulate small business lending, if and when the Senate passes the bill.

Even without passage of the initiative, “community banks are still lending,” notes Wharton lecturer and small business expert Robert Chalfin.  Community bank loans to small businesses are only down slightly in 2009 to about $680 billion outstanding, from about $700 billion in 2007, according to the Bureau of Labor Statistics and the American Bankers Association.

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Posted by Rudofsky Associates on July 15, 2010
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