PHOENIX, AZ – The Arizona District Office of the
Small Business Administration will host an evening workshop for Peoria area
small businesses on May 14th to discuss both the small business provisions of
the American Recovery and Reinvestment Act – the recently enacted federal
stimulus legislation – and advice on managing a contracting economy for Peoria
small businesses.
“The Peoria workshop is one of a series being conducted by SBA across the state
and is designed to assist small business owners with issues fundamental to their
success,” states SBA District Director Robert Blaney. “Our goal is to educate
Arizona small businesses about opportunities that will exist as a result of the
new legislation, and provide information to assist them in coping with the
increasing challenge of managing a business in a down economy.”
The SBA has hosted or will host small business meetings explaining the impact of
the stimulus package to other communities in the coming weeks including Yuma
(March 26), Tucson (March 25), Surprise (April 16), Casa Grande (April 8),
Sierra Vista (April 2), Glendale (April 1, 21), Show Low (April 28), Flagstaff
(April 22), Lake Havasu City (May 6), and Peoria (May 14).
The American Recovery and Reinvestment Act provided $730 million to SBA and
created a comprehensive package of tax breaks, financial assistance and market
enhancements designed to help foster entrepreneurship and job creation. Programs
to be discussed at the workshop include:
• $375 million for temporary fee reductions or eliminations on SBA loans and
increased SBA guaranteed shares, up to 90 percent for certain loans
• $255 million for a new loan program to help small businesses meet existing
debt payments
• $30 million for expanding SBA’s Microloan program, enough to finance up to $50
million in new lending and $24 million in technical assistance grants to
microlenders
• $15 million for expanding SBA’s Surety Bond Guarantee program
• Small business tax breaks includes accelerated depreciation, extended
expensing of capital goods purchases, and credits for hiring disadvantaged
people
• Small business contracting opportunities including those “shovel ready" in
Arizona
Stricter credit standards among lenders and the devaluation of collateral due to
falling property values have significantly challenged many Peoria small business
owners who either are trying to service existing debt or are searching for new
loans.
The workshop will be held at the Peoria Council Chamber, 8401 West Monroe Street
in Peoria, between Monroe Street and Cinnabar Avenue, and between 85th and 83rd
Avenues. Time is 6:30 PM to 8:30 PM.
Admission is free but seating is limited. Pre-registration is strongly
recommended. To register online, go to www.sba.gov/az , select the “On-line
Registration” link, select “Seminars” from the dropdown menu. Select “Public
Meeting: General Information” and register for the event. Alternatively,
attendees may register by calling 602-745-7200 or by emailing
Arizona@sba.gov.
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