Giglio Encourages Small Businesses To Utilize New Loan Program
New interest-free loans can help expand local businesses
May 27, 2009
Assemblyman Joe Giglio (R,I,C-Gowanda) wants to ensure that small businesses are aware of a new interest-free loan program available to them. Beginning June 15, the U.S. Small Business Administration (SBA) will offer loans of up to $35,000 to eligible companies. “As residents and families across Western New York continue to feel the pain of the current recession, job creation has become very important,” stated Giglio. “The new SBA program will provide interest-free loans to small businesses, allowing them to continue operations and expand.” This program was created as part of America’s Recovery Act, to assist successful small businesses that are struggling in the current economy. The loans provided through the program can be used to make payments on mortgages, lines of credit, capital leases, and credit card debt. They also can be used to pay bills from vendors, suppliers, and utilities. “A large number of businesses in New York state employ only five to ten employees. When a company is this small, $35,000 can go a long way in helping to relieve some of their current financial burden,” said Giglio. “I encourage local businesses in Western New York and across the state to take advantage of this new SBA loan program.” For more information, businesses should visit the SBA website at www.sba.gov or contact Assemblyman Giglio at (716) 373-7103.