March 08, 2005

Crapo Works To Assist Idahoâ??s Small Businesses

Restaurants, lenders, and others will benefit from SBA Reauthorization Bill

Washington, DC â??Drought disaster assistance for Idahoâ??s small businesses will be easier to obtain due to legislation recently passed with the assistance of Idaho Senator Mike Crapo. The drought assistance language was one of several provisions the Senator co-sponsored and supported as part of the reauthorization of the Small Business Administration (SBA). The legislation is expected to be vote on by the Senate this week.â??Small businesses are an integral part of the stateâ??s economy, and a vital element to Idahoâ??s economic success. I am very pleased that so many aspects of Idahoâ??s small businesses could benefit from this reauthorization,â?? said Crapo, who is a member of the Senate Small Business Committee. Noting that such drought assistance is currently only available to agriculture-related businesses, Crapo added, â??These provisions will assist outfitters, campgrounds, restaurants, and other businesses throughout the state. I strongly believe that Idahoâ??s businesses and citizens will profit from this historic legislation.â??In addition to drought disaster assistance, Crapo worked to pass provisions that provide for increased Small Business Development Center client confidentiality and the means to obtain intermediate sized loans to establish and support small businesses within the state. These loans provide for intermediary lenders to offer medium-sized loans (between $35,000 and $200,000) that are not currently available to Idahoâ??s businesses and entrepreneurs. Crapo also ensured additional funding to the Womenâ??s Business Center as well as tribal and veteran-owned businesses.The reauthorization marks the 50th anniversary of the SBA. The SBAâ??s primary purposes are to maintain a nationwide delivery system of resources offering a complete menu of small business tools, including professional counseling assistance, business education and training programs, as well as federal procurement opportunities and loan guarantee programs. # # #