Honorable Steve Kagen, M.D.

Wisconsin's former 8th District Representative

January 4, 2007 to December 22, 2010

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Kagen Makes Resources Available to Small Businesses

Press Release

Media Contact:
Jake Rubin 202.225.5665

KAGEN MAKES RESOURCES AVAILABLE TO SMALL BUSINESSES

March 20, 2009

Washington, DC — Congressman Steve Kagen, M.D. is giving small businesses the necessary resources to create the jobs we need to rebuild our economy. Kagen organized a panel of experts to help small business owners take advantage of opportunities provided through the recently enacted American Recovery and Reinvestment Act. More than 70 local businesses attended.

“I am offering small businesses here on Main Street the same opportunities that were offered to Wall Street, the opportunity to create jobs and rebuild our economy,” said Kagen. “The American Recovery and Reinvestment Act helps small businesses get the credit they need to survive and succeed. I am proud to be joined today by lenders and experts from the Small Business Administration who will be my partners in this effort. Working together, we will build a better future for all of us.”

The panel included Small Business Administration Regional Director Eric Ness, American National Bank Fox Cities Executive Vice President Dan Nisler, Associated Bank Government Guaranteed Lending Program Manager and Vice President Jeffrey Scheffler, Owner of Kinetico Water Systems Lisa Casey, Executive Vice President of The Business Bank David Loritz and Executive Director of the Small Business Development Center Christina Trombley.

On Monday, Kagen was invited to the White House as the President announced details of an aggressive effort to unlock frozen credit markets for the Small Business Administration’s (SBA) major programs – the 7 (a) program and the 504 program. The 7(a) program allows small business owners to get loans of up to $2 million dollars with a substantial government guarantee. The 504 program is designed to provide a guarantee on up to $4 million in financing for major economic development projects that can be crucial for job growth and community development.

“Without the help from Small Business Administration, we could never have got our team up and running,” said Casey of Kinetico, Inc. “Many of us have to rely on the SBA because its one of our only opportunities.”

Congressman Kagen will soon file the “Small Business Opportunity Act”, which would go further than the Obama plan and authorize the Small Business Administration to pay for most, if not all, of the interest on loans to qualified small businesses for at least two years. The net effect would be to make loans available at 0% interest.

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