Added: Jun 6, 2010
Author: ColemanSBAMedia
Duration: 2:40
Bob Coleman Interview with Tom Wallace, President & CEO, IDS Corp. Transcription Tom Wallace: "S.2869 passes the Senate back in December with bi-partisan support. That included $5 million 7(a) loans, fee waivers at the end of the year and 504 re-financing. It was the holy grail of SBA lending. Senators who were on it from both sides of the aisle were Senator Isaakson from Georgia, who is very serious on small business issues, and Senator Snowe, who is the ranking minority member on the committee. 4302 which is the comapanion piece to S.2869 goes nowhere. It ended up with 60 co-sponsors including Barney Frank and others who have real serious weight in Congress. And goes nowhere. Bob Coleman: I have never heard a good explanation why this is. Can you explain this to me? Tom Wallace: Two reasons. The Chairwoman of the House Small Business Committee doesn't support it and House chair members have tremendous authority. Representative Velazquez of New York, the Chairwoman of the House Small Business Committee, wants what you can loosely describe as a direct lending program or a supersized ARC Loan Progam.
Channel: News
Views: 246