News Releases

Senator Murray Announces First Wave of Loans to Washington State Small Businesses from Small Business Jobs Act

Oct 12 2010

27 small businesses across Washington state will receive private bank loans today to protect existing jobs, hire, and expand because of SBA loan guarantee improvements in Small Business Jobs Act

(Seattle, WA) – Today, U.S. Senators Patty Murray announced that 27 small businesses that had been waiting for private loans guaranteed through the Small Business Administration (SBA) will receive approval today thanks to the passage of the Small Business Jobs Act. The bill, which Senator Murray has advocated for in meetings with small business owners across Washington state and on the Senate floor, includes a provision that raises loan guarantees and limits and reduces loan fees for businesses. The expanded ability of the SBA to guarantee loans made way for the approval of the pending loans which had been log jammed. The loans will help the small businesses avoid shedding jobs, and in many cases, help to create jobs through new hiring or expansion projects.

“This is a first step in putting credit back in the hands of our local job engines - small business owners,” said Senator Murray“For too long Wall Street’s recklessness has relegated our state’s small businesses to the sideline. I fought for this bill because small business owners tell me their number one concern is cash flow. Today we are helping to put Washington state small businesses back in the business of growing and generating local economic activity.”

U.S. Senator Maria Cantwell, who along with Murray fought for the Small Business Jobs Act, also praised the lending that will begin to flow to Washington businesses:

“Credit-worthy small businesses stand ready to grow and create jobs, but they have been starved of lending capital by Wall Street’s financial meltdown,” Senator Cantwell said. “I pushed so hard for this new law so that capital will quickly begin flowing to small businesses and they can start investing, growing, and hiring again.  These new loans, coming just one week after enactment of the Small Business Jobs Act, will help Main Street businesses put America back to work.”

The 27 loans to small businesses across Washington state today are loans that have been caught up in a SBA queue since increased loan guarantees expired in May. The Small Business Jobs Act that Murray fought to pass increases loan guarantees and limits while decreasing fees for businesses, making it possible for new loans to be generated through SBA.

Across the country nearly 2,000 new loans through private banks were announced today as part of the expanded loan guarantees in the Small Business Jobs Act. These loans are separate from the main provision of the Small Business Jobs Act which establishes a $30 billion, fully paid-for, lending fund that will provide small businesses with credit to lend to small businesses in their communities to help create and save jobs.

A breakdown on the location, small business, and private bank loan amount for Washington state small businesses approved today is below:


STATE

BORROWER

CITY

CURRENT EMPLOYEES

JOBS CREATED

TOTAL APPROVED LOAN AMOUNT

WA

5th Avenue Fitness

OLYMPIA

24

0

$200,000

WA

Arrow Fireworks Inc

YELM

4

6

$327,500

WA

Blitz Hobbies

LACEY

3

2

$250,000

WA

CAP Food Services Company, Inc

SEATTLE

120

0

$1,980,000

WA

Day & Night Grocery

SUMNER

1

0

$405,000

WA

Deli Express

OLYMPIA

1

4

$150,000

WA

Do Property, LLC

SEATTLE

1

1

$1,650,000

WA

Frog Pond Grocery, Inc

OLYMPIA

3

0

$250,000

WA

Garry H. Montague, Inc.

SPOKANE

20

10

$1,700,000

WA

GENOTHEN HOLDINGS, LLC

TUMWATER

65

0

$1,525,000

WA

Golf USA of Olympia

OLYMPIA

12

0

$100,000

WA

Hollywood Tan LLC

FEDERAL WAY

2

1

$10,000

WA

John R. Morton, CPA, PS

OLYMPIA

2

0

$65,000

WA

KAI Ventures, LLC dba Jing Jin

BELLEVUE

4

32

$800,000

WA

Karam, Inc

SEATTLE

5

0

$51,000

WA

Optimum Physical Therapy, LLC

FIRCREST

2

1

$97,300

WA

Outdoor Recreations Enterprise

VANCOUVER

13

0

$490,000

WA

Puerto Vallarta of Covington

COVINGTON

35

0

$1,347,000

WA

Quynh D. H. Nguyen

EVERETT

1

0

$250,000

WA

ROCKO BROTHERS PIZZA CORPORATION

TUMWATER

20

10

$1,820,000

WA

RODGER LAWTON

OLYMPIA

12

0

$500,000

WA

SAGGU AUTOMOTIVE REPAIR, LLC

KENT

2

1

$434,200

WA

SEATTLE OPHTHALMOLOGY PLLC

SEATTLE

2

1

$650,000

WA

SKR Corporation

AUBURN

9

0

$324,500

WA

South Hill Foot & Ankle Clinic

SPOKANE

3

4

$154,000

WA

South Hill Pediatric Dentistry

SPOKANE

1

8

$157,000

WA

SRH LLC.

BURLINGTON

1

2

$85,000



Total:

368

83

$15,772,500