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Senate Passes Small Business Lending Act

While entrepreneurs are doing their best to get franchises off the ground, the small business community continues to look towards Washington to help make capital more accessible. A new bill about to be signed by President Obama should make a difference for entrepreneurs looking to buy food franchises and other such operations.

The Small Business Lending Fund Act of 2010 will, according to the Financial Times raise (subs req'd) “the limit on small business loans guaranteed by the government from $2m to $5m and sets aside $30bn for community bank”. This is truly exciting news for the franchising community.

“The legislation that the president signed on Monday is going to allow many franchisees to get financing,” Ron Feldman, chief executive of Siegel Financial Group, told the Financial Times.

We believe that small businesses can help revitalize the domestic economy. It’s exciting to see President Obama and the Senate taking action here and we hope there will be more legislation like this to keep capital flowing into the hands of small businessmen and women.

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