Titus Highlights Small Business
Lending Program that Will Provide Much-Needed Credit to Nevada Businesses
Congresswoman Dina Titus of Nevada’s Third District highlighted a new program
under the American Recovery and Reinvestment Act that went into effect earlier
this week and provides local small businesses with interest-free loans. The
newly launched “America’s Recovery Capital” (ARC) program allows small firms to
take out loans of $35,000 to pay down existing business debts.
Borrowers pay no interest on ARC loans and repayment
does not begin for one year.
“Nevada’s
small businesses are the engines of economic growth in our state. During these
tough times, it is critical that we support our small businesses, and one of the
best ways is to make capital more available,” Congresswoman Titus said. “ARC
loans can provide a buffer so that business can afford to get through this
recession, meet payroll, and keep their doors open.”
ARC loans will be
made by commercial lenders and can be used to make payments of principal and
interest for existing, qualifying small business debts such as credit card
obligations, mortgages, lines of credit, and balanced due to suppliers, vendors,
and utilities. The loans are available to viable, for-profit small businesses
in the U.S. that have qualifying small business loans and are experiencing
immediate financial hardship. To qualify businesses must have financial
statements demonstrating it was profitable in one of the past two years, and be
able to project sufficient cash flow to meet current and future loan payments
over a two-year period from loan approval.
To apply
for ARC loans, businesses should visit their local SBA-approved small business
lenders. The loans will be available through September 30, 2010, or until
appropriated funding runs out. Additional information about the ARC loan
program is available at
http://www.sba.gov/recovery/arcloanprogram/index.html
Congresswoman Titus also pointed out that in addition to the ARC loan program,
the recovery package contains other measures aimed at helping small firms access
credit. For instance, the new law increases the percentage of a loan that the
SBA can guarantee, makes SBA-backed loans more affordable, and provides tools to
unfreeze the small business credit markets, helping small companies access
capital at affordable rates.
Titus Announces
Nearly $17 Million in Homeland Security Funding for Nevada and
Las Vegas Area
Congresswoman
Dina Titus of Nevada’s Third District and a member of the Homeland Security
Committee announced that Nevada and the Las Vegas area will receive nearly $17
million for the current fiscal year through a number of Homeland Security grant
programs aimed at improving emergency preparedness. The money will go toward a
number of areas, including operations for the Fusion Center, improving Clark
County’s bomb squad, and critical infrastructure protection through Nevada’s
Silver Shield program.
“As a
member of Congress, ensuring the safety and security of the American people is a
top priority. These grants from the Homeland Security Department will help
prepare and protect Southern Nevada in order to keep our communities safe,”
Congresswoman Titus said. “Las Vegas is a world-class destination, and it is
critical to our tourism sector that the area continues to be seen as a safe
location for both business and recreation.”
The Federal Emergency
Management Agency will distribute the following grants to Nevada:
· State Homeland
Security Program (statewide), $8,414,500
· Urban Areas
Security Initiative (Las Vegas), $8,150,150
· Metropolitan
Medical Response System (Las Vegas), $321,221
The State
Homeland Security Program supports the implementation of State Homeland Security
Strategies to address the identified planning, equipment, training, and exercise
needs to prevent, protect against, respond to, and recover from acts of
terrorism and other catastrophic events. The Homeland Security Department has
allocated $861,137,000 for the program nationally.
The Urban
Areas Security Initiative provides funding to select high-threat, high-density
urban areas to assist them in building enhanced and sustainable capabilities to
prevent and protect against, respond to, and recover from acts of terrorism.
The Department has allocated $798,631,250 for the program nationally.
The
Metropolitan Medical Response System enables jurisdictions to further enhance
and sustain a comprehensive regional mass casualty incident response capability
for response to all-hazards mass casualty incidents, including terrorism,
naturally occurring events, and large-scale hazardous materials incidents. The
Department has allocated $39,831,404 for the program nationally.
Titus Letter to LaHood
Expresses Concerns About Pace Of Recovery Funding In Southern Nevada
Inquires About Any
Barriers that Need to Be Addressed to Speed Up Projects
Congresswoman Dina
Titus of Nevada’s Third District sent the following letter to U.S.
Transportation Secretary Ray LaHood expressing her concerns that recovery
funding for Southern Nevada has not gotten off to a quick enough start and
inquiring about any structural or procedural barriers that need to be address to
speed up the process.
Below is the text of
the letter:
June 11, 2009
The Honorable Ray LaHood
Secretary
United States Department
of Transportation
1200 New Jersey Ave,
SE
Washington, D.C. 20590
Dear Secretary LaHood:
As a supporter of the
American Recovery and Reinvestment Act (ARRA) in Congress, I strongly
endorse President Obama’s efforts to accelerate implementation of this important
legislation.
My Congressional District
in Clark County, Nevada, has been particularly hard hit by the current economic
recession. I supported ARRA on the promise that it would jumpstart our economy
and save or create thousands of jobs. I was particularly proud of the
investments this legislation made in our aging transportation system. However,
I am concerned that ARRA has not gotten off to a quick enough start in Southern
Nevada.
Like President Obama, I
believe that we must ensure recovery funds are going out to needy communities as
quickly and efficiently as possible. As you know, on May 21, the House
Transportation and Infrastructure Committee, of which I am a member, released a
report showing that Nevada had not begun work on any highway infrastructure
projects. While Nevada is not the only state in this position, and while it is
possible that work could have begun in the time since that snapshot was taken,
it remains unsettling that our state appears to be moving more slowly than many
others. Accordingly, I ask that you provide me with information regarding any
structural or procedural barriers that may be impeding Nevada from getting off
to a faster start on its ready-to-go ARRA transportation projects.
I am pleased to see that
there are plans to begin rehabilitation and improvement projects at over 1,500
highway locations throughout the country over the course of the next hundred
days, and it is my hope that a number of these projects will be in Southern
Nevada. These projects will put shovels in the ground, improve our aging
infrastructure, and help both the unemployed and working families who need it
most.
Thank you kindly for your
consideration of this request. I look forward to working with you to ensure the
accelerated implementation of this landmark legislation in the coming months.
Sincerely,
Dina Titus
Member of Congress
Titus Votes to
Boost Crime Prevention, Protect Borders, and Spur Research and
Innovation
Congresswoman Dina Titus of Nevada’s Third District voted in support of
legislation to invest in key priorities that include increasing crime
prevention, protecting our borders, and spurring research and innovation. The
bipartisan Commerce, Justice, and Science Appropriations bill for Fiscal Year
2010, which passed by a vote of 259 to 157, lays the foundation for lasting
prosperity and security by investing in programs that help local and state
governments keep their citizens safe, and promoting research and development
programs that facilitate scientific innovation and discovery.
“The
safety and security of the American people are my top priorities as an elected
official. Funding in this bill will enhance our efforts to protect our
communities by putting more police on the street and strengthening our security
at the border,” Congresswoman Titus said.
In the
areas of justice and crime prevention, the bill:
·
Significantly increases funding for the FBI to boost our national
security efforts, address the growing threat of cyber crime, and prosecute
financial fraud;
·
Provides $1.5 billion for the Southwest Border Initiative to combat
violence, stop the flow of illegal weapons and drug trafficking, bring dangerous
criminals to justice, and improve law enforcement capabilities along the
southwest border;
·
Invests $325 million for the Adam Walsh Act activities and other sex
offender and child exploitation prevention and enforcement programs; and
·
Includes $400 million for the State Criminal Alien Assistance Program (SCAAP)
to reimburse states for expenses incurred associated with securing the border.
Congresswoman Titus joined with members of Nevada’s House delegation to send a
letter to appropriators calling for increased funding of SCAAP to offset costs
the state faces for its important role in enforcing immigration laws.
The bill
also makes significant investments in scientific research and innovation.
Specifically, the legislation:
·
Invests $6.9 billion in the National Science Foundation for the most
promising scientific research and innovation; and
·
Provides $1 billion to support all aspects of science, technology,
engineering, and math education from kindergarten through graduate school.
“Investing in scientific research and education is critical to prepare our
young people to compete in the 21st century global economy,” Titus
added. “Encouraging innovation and scientific discovery will spur our economy
and continue to make our nation a global leader in science and technology.”
In an
effort to find savings and fund higher-priority programs, the bill eliminates 11
programs and cuts funding for another 13 programs below the 2009 level.
