SBA Administrator and Local Officials to Spotlight Economic Relief to Minnesota Small Business
CHICAGO-(Business Wire)-September 21, 2009 - SBA Administrator Karen Mills will join Venture Bank at a news conference to recognize the positive impact the American Recovery and Reinvestment Act (ARRA) is having on local small businesses’ ability to secure financing.
JoLynn Johnson of Crystal, Minnesota took advantage of SBA’s loan products by accessing the American Recovery Capital (ARC) loan which helped her meet day to day operating costs. The ARC loan provides no interest, deferred repayment loans of up to $35,000 to provide a “bridge” for viable small businesses facing economic challenges.
SBA’s instant capital infusion allowed JoLynn to get back on track. Since 1975, Crystal Kitchen Center has earned a reputation in the upper Midwest for providing quality and leadership in kitchen and bath design.
Since the signing of ARRA, SBA’s loan products have made a significant impact throughout the State with increases in weekly loan dollar volume. To date, SBA has supported $337.4 million dollars in small business lending to over 1,000 Minnesota small businesses.
| WHO: | Karen Mills, SBA Administrator | ||
| Michael Zenk, President, Venture Bank | |||
| JoLynn Johnson, Crystal Kitchen Center | |||
| WHEN: | WEDNESDAY, SEPTEMBER 23, 2009 | ||
| 10:00 AM (NEWS CONFERENCE) | |||
| WHERE: | Crystal Kitchen Center | ||
| 3620 Winnetka Ave N | |||
| Crystal, MN 55427-1245 | |||
For more information about the Recovery Act and small businesses, visit the SBA Web site at: http://www.sba.gov/recovery/index.html
Editor’s Note: For media interviews, please contact Carol Wilkerson at (224) 330-5659 or Sherree Stratton (612) 370-2325.
Release Number: 09-009
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