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This is an old conversation and I doubt that any of the participants are checking the posts, but I wanted to follow up with Choo and share the good news that we just hired our first employee. The SBA backed loan we received through Albina bank as part of the stimulus Recovery Act allowed us to weather what I believe was the worst of the economic storm. We will continue to be cautious and conservative, but we have created a job, and will repay the loan as agreed.

Rebecca

Kush Hand-knotted Carpets

posted 3 years, 5 months ago
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Choo,

I only have a moment but I sincerely share your concerns on this level. At the risk of sounding self-aggrandizing, I want you, and others out there who certainly feel as you do, to understand the breadth of impact one business has, even one like mine that supplies an admittedly luxury product.

I do extensive business with companies like UPS, independent graphic designers, and off the street window washers to name just a few. I work in conjunction with green industries, those working to further the eco-movement, as much as possible. I am involved in benefit projects for groups like Molly`s fund. When I can, I hire temporary help from the site on MLK. My rug suppliers employ many many people, and they use that money to allow them to do so. I support organizations dedicated to ensuring the future welfare of weavers, their families and their communities all over the world. 

This is just my story. My point is not that my business is somehow morally deserving, but that the impact of one small business of any sort is far reaching.

Rebecca  

posted 3 years, 9 months ago
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Should you not be able to access the article, I want to stress that the application process involved a comprehensive look at the past and current financials of my business, both in terms of profitability and cash flow prospects. The ability to repay the loan is of paramount importance, and let me assure you the SBA has the highest standards in this regard of any financial insitution I have encountered. The credit crisis has impacted all businesses and does not appear to be subsiding; these days commercial banks` decision to refuse credit is not always, perhaps seldom motivated by the solvency of the applicant. 

Businesses rely on credit, it is the nature of the beast and is not a reflection of the health of a company. This program, I believe, is an attempt to allow businesses to survive in the face of this reality.

Rebecca 

posted 3 years, 9 months ago
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Choo,

The vetting process was extensive. See this article:

http://www.nytimes.com/2009/08/13/business/smallbusiness/13small.html

These loans are not granted unless the bank and SBA can be convinced that the receiver is viable, as my business is.

If small business is indeed the backbone of an economy, then this program can not be considered wasteful. If the goal is to keep small business running then the program has been successful in my case.

Rebecca

posted 3 years, 9 months ago
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