Small Business Loans Or Grants

EDITORIAL: More time to apply for aid a help for tornado victims

HUNTSVILLE, Alabama _ Victims of the catastrophic April 27 tornadoes got a reprieve on Friday with the extension of the deadline to apply for federal disaster aid.

The deadline was to expire Monday. The new registration deadline is July 18.

While that's still a short window for getting the required paperwork in order, it's a help. If you've lost your home or your business, it could take awhile to document losses with whatever records you can come up with.

The extension will also give field agents some breathing room from the crunch of last-minute filers.

The deadline to submit loan applications to the U.S. Small Business Administration has also been extended through July 18. The SBA operates Business Recovery Centers at UAH, at the Limestone County Annex in Athens and in Guntersville at the Marshall County EMA office.

Thousands of Alabamians were affected by the storms. As with any natural disaster, all but a handful have never experienced anything like this before.

The storm killed 241 Alabamians. For those families, no amount of compensation will make them whole.

But for untold other victims, recovery requires outside help and much of that will come from FEMA and SBA aid.

Insurance, faith-based organizations, neighbors and other benevolent groups can only do so much.

FEMA alone expects over time to spend $1 billion or more on its tornado response, according to the Birmingham News.

State government will face costs of at least $80 million and as much as $120 million over time.

As of Friday, 83,492 applications for FEMA aid had been turned in. Of those who registered, 19,648 received initial letters declaring them ineligible.

Gov. Robert Bentley urges those who received ineligibility letters to file an appeal. The deadline extension will give them extra time to do so.

So far, nearly $60 million in grants from FEMA's Individuals and Households program has been approved to replace personal property and to help meet medical, dental, funeral, transportation and other serious disaster-related needs not covered by insurance or other federal, state, or charitable aid programs. Of that, $42 million has been approved for housing and $16 million for other needs assistance.

The SBA has approved more than $44 million in low interest disaster loans to help costs not covered by insurance. As the outward signs of recovery continue - debris removal, utility restoration, structure repairs - we mustn't forget the emotional scars that continue to linger with victims.

Small Business Loans | Europe ABA take ... - business loans and grants

WASHINGTON (Source: ABA). "The American Bankers Association, said today on what Congress can do to ease the administrative burden that threatens the new local banks, severely limit their ability to meet the credit needs of individuals and small businesses across the country, Thomas P. Boyle, Vice President State Bank of Countryside, Illinois, testified on behalf of the ABA House subcommittee on economic growth, economic access and equity. State Bank's $ 800 million with the bank that serves the Chicago market with six offices and 105 employees.

Boyle noted that significant headwind to the banking community under the weight of the new rules and regulations that dramatically increase costs and limit access to capital to help small businesses and individuals thrive.

"The consequences are real," he said. "The costs will increase access to capital is limited and livelihoods have been severely reduced. This means fewer loans are made. This means a weaker economy. This means a slower growth of employment. Regulating overreaction, heaps of new laws and the uncertainty about the role of the government's on the daily needs of business banking in the local community is less difficult. "

Boyle went on to predict a sharp downturn in the banking sector without "swift and courageous action to reduce the administrative burden." His testimony focused on three key issues.

The new law increases the cost of doing business, limiting access to capital: Any new regulation or amend an existing one, adding another layer of complexity and cost of doing business. The Dodd-Frank puts a heavy burden, has brought a context of uncertainty, and has added new risks that inevitably lead to some small business loans.

New rules to replace the bureaucracy in Washington to local bankers: everything the government has the daily banking. Government should not micro-management by the private sector. Traditional banks to tailor products to the needs of borrowers in the local communities and the statute of limitations will inevitably lead to less access to credit and banking services.

The consequences for consumers, small businesses and the economy worse by Dodd-Frank Act will increase costs, reduced revenues and limited growth opportunities, drive the bank's capital, limiting access to credit for people? and businesses to reduce the financial resources to create jobs and economic growth slows.

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