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News About the American Recovery and Reinvestment Act

Lake County News (Illinois) - Durbin, Bean urge use of SBA loan programs
After meeting with local small businesses and officials from the SBA, Bean, D-Barrington, and Durbin, D-Ill., said the small-business provisions contained in the American Recovery and Reinvestment Act have had a measurable benefit to small businesses working to retain and create jobs during the economic slump.

'In conversations I've had across my district, access to capital has been the ongoing top concern for small businesses. Congress has acted to address those concerns.' Bean said.

'Our changes have made the 7(a) loan and 504 programs more accessible, and put $4 billion of new loans into the small-business community. Small businesses drive roughly 80 percent of job creation in the country, so these programs are vital for our economic recovery,' she said. [Read More]

Clackamas Review (Oregon) - New federal loan program aims to help small business owners borrow
Oregon small businesses may be eligible for interest-free loans under a new program created by the American Recovery and Reinvestment Act (ARRA), according to Congressman Kurt Schrader (D-Oregon City). The newly launched America's Recovery Capital (ARC) program will allow small businesses to take interest free loans of $35,000 to reduce their debt.

“As a small business owner I understand how crippling debt can be for small companies,” Schrader said in a release. “In this economy, lenders are reluctant to loan to our small businesses. The ARC program provides small businesses with the flexibility they need to pay their bills, retain employees and serve as job creators in our economic recovery.” [06/16/09]

Daily Sentinel (Ohio) - Additional bond authority available through stimulus program
More than $1.1 million in additional bond authority will be made available to Meigs County through the latest component of the federal economic stimulus program.

U.S. Rep. Charlie Wilson, D-Bridgeport, announced that the U.S. Treasury Department released $45,477,000 in bond authority for local governments in Ohio's Sixth Congressional District under the Recovery Zone Bonds program.

“These bonds will help in so many ways,” Wilson said. “This bond program will make it easier for counties and private businesses to borrow money at a better rate. The counties and businesses that make up my district can then use that money to improve infrastructure, increase job training and help families struggling with this tough economy.” [Read More]

The Starkville Dispatch (Mississippi) - Program frees $3M for businesses, local governments
The federal economic recovery program is making more than $3 million available to Lowndes County government and businesses to borrow for training workers and building new structures to help pull out of the nation's 18-month-long recession.

The money is included in more than $54 million in Recovery Zone Bonds allocated to Mississippi counties in the state's 1st Congressional District, said U.S. Rep. Travis Childers.

“The Recovery Zone Bonds program will provide much-needed funding to help fuel economic development, implement important projects and create and save jobs in the areas that need it most,” Childers said Monday in announcing the allocations. [Read More]

Charleston Daily Mail (West Virginia) - $225M in bonds available to WVa for projects
West Virginia is getting access to $225 million in federal stimulus bonds for economic development and community revitalization.

Sen. Jay Rockefeller and Rep. Nick Rahall said Monday that the bonds target areas where significant job losses have occurred. [Read More]

Jackson Citizen Patriot - Small-business owners in Jackson County may qualify for interest-free loans
Small businesses strapped for cash and facing immediate financial hardship may be able to qualify for interest-free loans funded by the stimulus bill.

'This program couldn't come at a better time to help Michigan's struggling small businesses,' U.S. Rep. Mark Schauer, D-Battle Creek, said in a statement. 'These loans will help entrepreneurs cover operating expenses, retain employees and keep their doors open during this time of economic uncertainty.' [Read More]

Westchester.com (New York) - $83 Million For Yonkers, Westchester And Rockland Counties
Congresswoman Nita Lowey (D-Westchester/Rockland) announced the City of Yonkers and Westchester and Rockland Counties will receive $83 million in Recovery Zone Bonds. Created by the American Recovery and Reinvestment Act, Recovery Zone Bonds will help local governments obtain financing for economic development projects, such as public infrastructure development, at lower borrowing costs.

“State and local governments have been severely affected by the economic downturn, as have the individuals who rely on the benefits and services they provide,” said Lowey. “Recovery in our communities will require helping state and local governments finance economic development projects that create jobs and improve our neighborhoods. These innovative financing mechanisms will help lower the cost for undertaking projects that will help our economy and communities in the short and long term.” [Read More]

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