WASHINGTON, DC— The American Hotel & Lodging Association (AH&LA) and a diverse coalition representing what is purported to be “millions of small businesses” have joined together in urging members of the United States Senate to support and pass the Small Business Revitalization Act of 2004 [S. 2193], sponsored by Senator Olympia Snowe (R-ME). It was noted this undertaking was prompted by the reality of budget shortfalls that could severely hinder the ability of hoteliers to obtain loans under the Small Business Administrations (SBA’s) 7(a) guaranteed loan program. As envisioned, the Small Business Revitalization Act of 2004 is expected to provide a short-term solution to fully fund the 7(a) guaranteed loan program while the Administration and Congress work together to create a practical, long-term approach that will provide stable funding and minimize restrictions that could unnecessarily burden small businesses. It was pointed out that, in recent years, the SBA’s 7(a) loan program has suffered from funding fluctuations, causing drastic cuts in loan amounts and resulting in a halt of all new loans at one point earlier this year. These restrictions have reportedly had a serious impact on the lodging industry, which is said to account for approximately 10% of all SBA loans. To ensure the continued availability of SBA loans for hoteliers, for several months the AH&LA has reportedly been working with SBA officials and congressional leaders to encourage an approach that will fully fund the 7(a) guaranteed loan program, and AH&LA President/CEO Joseph McInerney along with AH&LA VP/Governmental Affairs Kevin Maher are scheduled to meet this week with SBA Administrator Hector Barreto to discuss this and other issues impacting hoteliers and small-business owners.
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