This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SBA Struggles as Citigroup, AIG Hog Money

"We're increasingly concerned by the SBA loan programs," says Molly Brogan, vice president of public affairs for the National Small Business Association. "There was a quick extension, but we're worried that the money is going to run out soon. The more this program goes up and down and up and down, the harder it is for people to look toward the SBA as a source of capital."

Meanwhile, small businesses are frustrated as "too-big-too-fail" banks and insurers such as Citigroup, Bank of America and AIG have received hundreds of billions of bailout dollars through the Troubled Asset Relief Program, or TARP.

The Treasury Department has extended TARP through October, and in doing so has announced vague intentions to use some of the funds to speed up small-business lending. But the NSBA wants definite plans. And it's hard to ignore the fact that the Obama administration hasn't reinstated the SBA administrator as a Cabinet position, as the Clinton administration did.

"We've heard a lot of talk about the idea of using TARP funds," the National Small Business Association's Brogan says. "We started talking about this back in April, and nothing's happening on it. There's nothing concrete, and nothing's being done. Moving on something like that is something that needs to happen."

-- Reported by Carmen Nobel in Boston.

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AIG $57.43 -1.26%
BAC $15.56 -1.46%
C $53.07 -1.76%
GVA $35.04 -2.88%
NOC $160.16 -1.97%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs