Karen G. Mills, administrator of the U.S. Small Business Administration, and Gov. Lincoln D. Chafee announced a newly proposed initiative to encourage lending to small businesses during an SBA breakfast today, March 30, 2011.
The initiative would see the state designate $5 million of its $50 million in Job Creation Guaranty Program funds to create a state guarantee of 15 percent to complement the SBA guarantee on 7(a) loans. The 15 percent state guarantee and 75 percent SBA guarantee combined will see a total of 90 percent of each loan backed by government resources.
Pictured: Brian Pestana, vice president, VR Industries, Inc.
Pictured (L-R): Brian Pestana, Mayor Scott Avedisian, Governor Lincoln D. Chafee, SBA Administrator Karen G. Mills, RIEDC Executive Director Keith Stokes, and District Director of SBA RI District Office Mark Hayward.
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