Posted on 09/12/2010 7:51:03 AM PDT by Oldeconomybuyer
Thanks to stimulus funding, the local office of the Small Business Administration has boosted the number of “microloans” offered to small businesses in San Diego and Imperial counties through its intermediary lending partners.
“We listen to our client’s stories and get to know their situation,” Lamping said. “At CDC Small Business Finance we make loans to people we believe in, even when there are some weaknesses in their loan request.”
President Barack Obama’s stimulus package included a large infusion of federal funding that benefited the microloan program.
In San Diego and Imperial counties, business took out 22 microloans totaling $737,000 during the first 11 months of the current fiscal year, which ends Sept. 30.
(Excerpt) Read more at signonsandiego.com ...
Macro taxes on us and our children and their children and their children lead to a few microloans to a few businesses. The Democrats have to go.
22 microloans totaling $737,000
I wonder ...
1) what the administrative costs were and will be, to make, service and collect these loans.
and
2) what the default rate will be.
It might have made more sense just to fly in a helicopter over the San Diego shoving 7,000 C-notes out the door.
I'd like to see a list of these "businesses" and their business plans. I'd venture to say some of the "weaknesses" include lack of education or qualifications and possibly prior criminal activity.
Can you say, "redistributionist scheme"? I knew you could.
Anything you take from the government comes with more strings and conditions than it’s worth. That’s for productive businesses, of course. For businesses lined up at the trough and exist simply for the purpose of feeding on government largess, that’s not true.
A program like this will only serve to expand government control of business and the wrong kind of businesses will benefit at the expense of productive business.
What productive business would borrow money under a Marxist regime, anyway?
This is all so bogus. These small businesses aren’t going to survive if jobs don’t come back to the US and US citizens don’t get the jobs these “businesses” hire. (if they hire anyone). It’s just a way to set up a business, collect the federal loan, then declare bankruptcy. It’s vote buying, using federal debt.
So, the question is, how many of these micro loans are going to members of identity groups favored by the Democrat Party. Is this nothing more than the vector for pouring Obama money into the pockets of his supporters? Inquiring minds would love to know.
Qualifications will undoubtedly hinge on “disadvantaged” status. A lot of money will be loaned to companies specializing in things like “diversity training.”
Microloans are intended to have an impact on dirt poor third world countries (we're not there yet). Touting this as a positive effect on small business is a joke.
The first use of the term 'micro loan' was in context of a do-gooder Western World feel-good program to give 'micro-loans' to starving entrepreneurial villagers in India so that they could start up 'micro businesses' that helped them to start 'subsisting'....often these loans were no more than $500.....
So they're 'microloaning' here to small businesses, huh? What the f@ck is that? They play go-between a small business and Title Max for a $500 loan...these people are just crazy. This administration is just words and pictures and certainly not Micro-Bullshit.
Tell us how you really feel.
Small businesses that make going out of business signs are boomong.
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