On Friday Governor Ritter announced that Colorado will receive $17.2 million in funds from the federal government’s State Small Business Credit Initiative. These funds are designed to stimulate $172 million in lending by requiring that for every $1 of federal funds used in a project, there is $10 of private capital in the project.
These funds were allocated in the Small Business Jobs Act which contained broader support for small businesses, including, but not limited to:
· Extension of an SBA loan program that already had $730-million in loan applications on hold.
· Increases the maximum SBA loan size from $2-million to $5-million.
· A new $30-billion loan fund for small businesses, designed to be leveraged with private capital.
· The “Strengthen State Innovative Small Business Programs” which funds the $17.2-million in funds announced by Ritter.
· Eight small business tax cuts:
o Elimination of all capital gains taxes on investments held for more than five years.
o Write-off up to $500,000 in new capital investment immediately.
o Extension of 50% bonus depreciation, which allows businesses to deduct depreciation on investments faster, thus preserving more cash in the company.
o Self-employed individuals will be allowed a deduction for health insurance costs.
o Simplifies the deduction of cell phones used in a business.
o Increases the amount of start-up expenses that can be deducted from before taxes.
o A five year carry-back of general business expenses, to give businesses a tax break this year.
o Limits penalties to small businesses for errors in tax calculations.
The Small Business Credit Initiative is a program that was revived in 2009 by the state legislature. It is a program that is administered by CHFA. Ritter said, “Over the past year, the program has awarded 167 loans valued at $5.24 million to help sustain or create more than 1,100 jobs.”
According to CHFA there are two participating lenders in Grand Junction: The Business Loan Fund of Mesa County (A loan fund I once managed, by the way) and Timberline Bank. There are also two statewide specialized lenders participating in the program: the Colorado Enterprise Fund (managed by Ceyl Prinster, formerly of Grand Junction) and the Mile High Community Loan Fund. Finally Wells Fargo bank participates state-wide.
Okay, voters listen up: The GOP filibustered the Small Business Jobs Act. They say they support small business, but they would rather play political games than actually pass bills that help small businesses. Remember that on Election Day.
Homework:
Obama Signs the Small Business Jobs Act
Ritter's Press Release about Colorado's Innovative Small Business Lending Program
CHFA
Colorado Lending Program Guidelines
These funds were allocated in the Small Business Jobs Act which contained broader support for small businesses, including, but not limited to:
· Extension of an SBA loan program that already had $730-million in loan applications on hold.
· Increases the maximum SBA loan size from $2-million to $5-million.
· A new $30-billion loan fund for small businesses, designed to be leveraged with private capital.
· The “Strengthen State Innovative Small Business Programs” which funds the $17.2-million in funds announced by Ritter.
· Eight small business tax cuts:
o Elimination of all capital gains taxes on investments held for more than five years.
o Write-off up to $500,000 in new capital investment immediately.
o Extension of 50% bonus depreciation, which allows businesses to deduct depreciation on investments faster, thus preserving more cash in the company.
o Self-employed individuals will be allowed a deduction for health insurance costs.
o Simplifies the deduction of cell phones used in a business.
o Increases the amount of start-up expenses that can be deducted from before taxes.
o A five year carry-back of general business expenses, to give businesses a tax break this year.
o Limits penalties to small businesses for errors in tax calculations.
The Small Business Credit Initiative is a program that was revived in 2009 by the state legislature. It is a program that is administered by CHFA. Ritter said, “Over the past year, the program has awarded 167 loans valued at $5.24 million to help sustain or create more than 1,100 jobs.”
According to CHFA there are two participating lenders in Grand Junction: The Business Loan Fund of Mesa County (A loan fund I once managed, by the way) and Timberline Bank. There are also two statewide specialized lenders participating in the program: the Colorado Enterprise Fund (managed by Ceyl Prinster, formerly of Grand Junction) and the Mile High Community Loan Fund. Finally Wells Fargo bank participates state-wide.
Okay, voters listen up: The GOP filibustered the Small Business Jobs Act. They say they support small business, but they would rather play political games than actually pass bills that help small businesses. Remember that on Election Day.
Homework:
Obama Signs the Small Business Jobs Act
Ritter's Press Release about Colorado's Innovative Small Business Lending Program
CHFA
Colorado Lending Program Guidelines
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