Statement by IFA President & CEO Regarding Small Business Jobs and Credit Act
For immediate release
Alisa Harrison, 202-628-8000
By: Stephen J. Caldeira
President and Chief Executive Officer
International Franchise Association
Regarding the Small Business Jobs and Credit Act
signed into law today by President Obama
Earlier today, IFA President & CEO Stephen J. Caldeira attended the White House signing ceremony for the Small Business Jobs and Credit Act. After the ceremony, Caldeira issued the following statement.
“The Small Business Jobs and Credit Act contains important provisions that will provide existing small franchise businesses and aspiring entrepreneurs the access to capital they desperately need. Nearly 50 percent of our members cite access to capital as the most pressing issue they currently face. We applaud Congress and the Administration for their efforts in getting this bill passed and signed into law.”
“The bill increases the Small Business Administration’s (SBA) loan limit from $2 million to $5 million and extends the 90 percent loan guarantee rate through the end of 2010, which will help to encourage banks to participate in the SBA program. IFA analysis shows that with the loan limit increase, 450,000 to 600,000 new jobs could be created by franchised businesses over the next 12-18 months.
“This clearly is a critical step in encouraging banks to start lending to small businesses, an important sector for new job creation.”
About the International Franchise Association
The International Franchise Association is the world’s oldest and largest organization representing franchising worldwide. Celebrating 50 years of excellence, education and advocacy, IFA protects, enhances and promotes franchising through government relations, public relations and educational programs. Through its awareness campaign highlighting the theme, Franchising: Building Local Businesses, One Opportunity at a Time, IFA promotes the 21 million jobs and $2.3 trillion of economic activity generated by franchising. IFA members include franchise companies in over 90 different business format categories, individual franchisees and companies that support the industry in marketing, law and business development