ASTA Calls on SBA to Provide Direct Loans to Small Businesses
ALEXANDRIA, VA, November 18, 2008. Chris Russo, president and CEO of ASTA, the world's largest association of travel professionals, called yesterday for a new federal government program to provide direct loans to cash-strapped small business owners.
"The flow of credit from lending institutions to small businesses seeking additional capital to make payroll, to fund planned expansions, or to pay for unexpected expenses is a necessary part of any healthy economy," Russo said. "During this time of unprecedented economic distress, many travel agents and other small businesses are facing serious obstacles in obtaining credit."
On Monday, Nov. 17, Russo wrote to Sandy K. Baruah, the Administrator of the U.S. Small Business Administration (SBA), asking his agency to use its existing authority to provide direct low-interest rate loans to small businesses. In the letter, Russo notes there is precedent for such a decision. In the wake of the events of September 11, 2001, the SBA created a program to provide emergency loans to small businesses who had suffered economic hardship as a result of the attacks. Hundreds of travel agencies were saved by that program.
"Immediate expansion of direct SBA lending would be an efficient, effective response to the problems facing travel agents and small businesses in a troubled economy," said Russo. "As federal officials look for ways to help stimulate the economy, I urge them to consider expanding the lending options available to small businesses as one of their next steps."
For additional information on this issue, please visit ASTA.org or contact Colin Tooze, vice president of government affairs, at ctooze@asta.org.
The mission of the American Society of Travel Agents (ASTA) is to facilitate the business of selling travel through effective representation, shared knowledge and the enhancement of professionalism. ASTA seeks a retail travel marketplace that is profitable and growing and a rewarding field in which to work, invest and do business.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
