News Releases for January 2004
January 9, 2004
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Hoeven Pushes for Temporary SBA Funding
White House Assures Support for Small Business Loan Guarantees
BISMARCK, N.D. - Gov. John Hoeven today said he has contacted White House officials to seek support for continued funding of the Small Business Administration's (SBA) Section 7(a) loan program guarantees until Congress reauthorizes funding in the new session. The Governor has also encouraged the federal SBA to seek temporary funding in the interim so that the program can continue.
Hoeven has been working with the North Dakota SBA, the North Dakota Bankers Association, and the Independent Community Banks of North Dakota to secure support from both Congress and the President for the program. Hoeven asked the White House to provide interim funding until Congress reconvenes on January 20.
"Small businesses are the backbone of our state and nation," Hoeven said. "At a time when North Dakota's economy is showing new growth, we need to make sure that small businesses are well funded and vibrant."
On January 6, the SBA announced that it would not approve requests for loan guarantees under the 7(a) loan program.
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