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Small Bus. Adm.
Has Biggest Month
The Richmond Regional Office of the Small Business Administration has just completed the biggest month’s act ivity in its 12-year history, stated Clarence P. Moore, Director. There were 22 loans approved in Jufte totaling $361,000. The recipients of these loans, loc ate dthrough out the State of Virginia, will use the proceeds to upgrade and improve their operations and to increase their inventory to enable them to .keep up with the increasing economic growth throughout the state.
Increased activity toward the end of the month resulted in the filing of a record 361oanappli cations totaling $1,701,705. Ir addition, there were over 50C financial and manage mem cases and inquiries handled by the staff of the Richmond office Moore pointed out that many of these applications are under SBA’s Revised Small Loan Prc gram which was specifically designed for the small opera tor with 5 employees or less. This loan program has a maximum of $15,000 with ma turity of up to 6 years with liberalization of requirements.
This is the 5th consecutive month of increased activity and Moore explained that a great deal of the credit is due to the new CALL (comprehen sive Assistance at Local Level Program where SBA carries its various assistance programs to the locality through their Chamber of Commerce. SBA is currently working with 31 Chambers of Commerce throughout the state of Virginia to bring assistance and help to the doorstep of the Virginia small businessman. Another factor in this increased activity is the delegation of broader authority to the Regional Office which permits more rapid process ing of loan applications and afford many economies in time and paper work.
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