Legacy Management Consulting Group LLC Bulletin: Treasury Announces Small Business Lending Package

Oct. 12, 2010 - PRLog -- " The US Treasury Department announced a $1.5 billion lending package to boost small businesses." stated Dominick Sartorio, Director of New Business at Legacy Management Consulting Group LLC. This lending initiative aims to promote small businesses at the state level. To receive funding, states have to demonstrate that for every dollar the federal government provides, they will generate $10 in new private lending, which will create an impact of $15 billion on the economy, the Treasury said.

As reported by Reuters, among the six states receiving the biggest allocations, California has the largest at $168.62 million, followed by Florida at $97.66 million. Michigan can receive up to $79.16 million and Illinois up to $78.37 million. Both New York and Ohio will each receive slightly more than $55 million.
"This initiative by the federal government is yet another attempt to jolt the economy through small business incentives." stated Anthony Urbano, Principal at Legacy.

The states can use the funds in programs that provide collateral support for small manufacturers, give matching contributions to bank loans, or guarantee small business loans, Reuters said.
These types of loans are not the only new  support and incentive mechanisms now available for small business. The Small Business Jobs Act of 2010, just enacted into law, creates a $30 billion small business lending fund for community banks and offers additional tax cuts and incentives for small businesses.






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U.S. Treasury Circular 230 Notice:  Any U.S. federal tax advice included in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal tax penalties.

The information contained herein was prepared by Legacy Management Consulting Group, LLC from public documents for general informational purposes.  Its contents should not be construed as professional advice, and readers should not act upon the information contained herein without consulting a professional.  This information is presented without any representation or warranty as to its accuracy, completeness or timeliness.  Transmission or receipt of this information does not create any relationship with Legacy Management Consulting Group, LLC.  Electronic mail or other communications with Legacy Management Consulting Group, LLC cannot be guaranteed to be confidential and will not imply nor create any relationship with Legacy Management Consulting Group, LLC.

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