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 [email protected].
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.
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