Small Business Financing: Mrs. McCoy goes to Washington…sort of

How can small business financing ever be a bad thing?

On the morning of January 2, 2013 I called my local banker, Al Hodge, at Arkansas Capital, to discuss small business financing, the refinancing of my downtown real estate.  He and I had been talking, for months, about using the equity to help Arkansas Flag and Banner get through this recession.  That is when he told me the bad news, The SBA 504 refinancing loan was eliminated as part of the Fiscal Cliff negotiations. What? Why? It helps businesses. It is a loan not a grant!

I felt angry and helpless. Why would they want to do away with helping continue or extend small business financing options? Then decided to make a difference and write a letter to every Senator and Representative.  My children and I set up an assembly line and for two and a half days we signed, stuffed, licked, and stamped 550 letters. In addition, we hand wrote a short note on every envelope and letter to try and get their attention.  Read our letter here.

It was an enlightening process for our whole family. I learned that not just anybody can write to Washington because it is expensive and labor intensive.  It cost $500 in stamps and envelopes, you need access to a commercial printer, and it is labor intensive (I knew I had kids for some reason).  I will continue to learn as I watch for what kind of results that follow in the next few weeks.  I will re-post when I find out.