Small Business Assistance Available Under
Economic Recovery/Stimulus Package
• Temporary SBA Fee Relief: The bill allocates $375 million to allow for temporary elimination of or reductions in the fees the SBA charges to lenders and borrowers in the 7(a) and 504 loan programs.
• Temporary Increase in SBA Guarantee Levels: The bill allows the SBA to – on a case-by-case basis – temporarily raise the guarantee level (up to 90 percent) for 7(a) loans, other than loans made through the SBA Express program. Currently, the maximum guarantee levels are 75 percent for loans over $150,000, and 85 percent for loans of $150,000 or less. The increased guarantee will provide a higher level of protection for risk-weary small business lenders who have tightened their lending standards considerably in the wake of the credit crunch.
• Business Stabilization Program: The bill will help banks provide relatively small, short-term loans to small business borrowers experiencing immediate financial hardship. Specifically, the new program will temporarily allow the SBA to (i) fully guarantee “stabilization” loans under $35,000, and (ii) fully subsidize a small business borrower’s interest payment on the stabilization loan. A borrower does not have to begin repaying the stabilization loan until 12 months after receiving it, and the loan must be paid in full within 5 years.
• Microloans: The bill appropriates $30 million for the SBA’s microloan program. The microloan program provides very small loans to qualifying micro-businesses (typically businesses with less than 10 employees). Funds are made available through non-profit, community-based lenders for loans in amounts up to $35,000. Borrowers are also provided with technical assistance to ensure that the loan proceeds are used effectively.
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• Small business tax relief: The bill allows small businesses to carry back their 2008 losses to offset your profits from the previous five years, providing you with quick access to needed funds. It also enables small business to expense up to $250,000 for capital expenditures in 2009.
>>>Contact the BID For more information.
On-street Parking and $1M Bond Funding
The BID's efforts to add dedicated On-Street Parking to West Colfax Avenue is gaining momentum, with crucial support from the neighborhood and City of Denver Public Works Department. At a September 30th and more recent April 29th meeting sponsored by Councilman Rick Garcia and facilitated by Public Works, a diverse cross-section of neighborhood residents, organizations and West Colfax property owners expressed their strong support for moving forward with on-street parking as propsed by the BID. At the April meeting, the firm hired by the City to conduct a traffic study of corridor, Muller Engineering, presented options for adding on-street parking. Community consensus is that the single most important improvement to West Colfax, and best use of $1 million in bond proceeds, would be dedicated on-street parking in order to:
slow traffic,
buffer pedestrians from traffic, and
support new, neighborhood-serving retail.
Detailed information on the BID's original On-street Parking Proposal here.
Of course, to those West Colfax stakeholders who participated in the extensive meetings for the West Colfax Plan, support for on-street parking is probably no surprise. After all, the Plan’s first mobility recommendation was for on-street parking, an enhanced pedestrian zone and narrowed traffic lanes. The BID’s plan accomplishes all of these.
Calming Traffic Boosts Business with No Loss of Private Property
The endorsement of the proposal by property owners on West Colfax came after the BID clarified that this proposal, unlike others for on-street parking, does not call for owners to give up any private property. Rather it gives their customers quick and easy access to their businesses. And it prevents the splash of snow and ice on commercial storefronts. As one owner who is familiar with retail revitalization observed, slower traffic and pedestrian-friendly environments are crucial prerequisites to improving retail businesses.
Developing a Parking Zone Also Adds to Appearance
Residents and West Colfax property owners also felt that the bond proceeds should be used to build "bulb-outs". Bulb-outs, as shown here, would enhance the appearance of the Avenue, protect parked cars, and further calm traffic—as well as narrow the width of the road for pedestrians crossing the street. Other options for enhancing the corridor, such as banners and benches, would be visually pleasing; but can only come after removing more fundamental barriers retail revitalization.