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U.S. Senator Robert Menendez Announces 37 Small Businesses Receiving $26 Million from Small Business Administration

Press Release

Date: Oct. 8, 2010
Location: Washington, DC
Issues: Business and Consumers

October 8, 2010

WASHINGTON - Today, U.S. Senator Robert Menendez announced that the U.S. Small Business Administration has given final approval to $26,588,500 federal loan applications for New Jersey businesses. The approvals come a week after President Obama signed the Small Business Jobs Act of 2010, which enhanced SBA's two largest loan programs by extending increased guarantees and reducing SBA fees. These federal loans will help jump-start local businesses, allowing them to expand and hire workers.

"Small businesses are the main job creation engine in our country, which is why we created this new program to help make available the loans they've been starving for during these tough times," said Menendez. "These federal loans and the private loans that will accompany them will help to stabilize New Jersey small businesses, allow them to expand and allow them to retain and hire workers. These loans are critical to our economic recovery, because small businesses are critical to our economic recovery."


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