DonnellyCongressman Joe Donnelly, D-Ind., met Friday with Small Business Administration (SBA) officials and small business owners from across north central Indiana to discuss several ways small businesses can more easily access credit. Donnelly's district includes Elkhart County, home to many RV manufacturers.
 
“In these tough economic times, one of the ways our Hoosier small businesses can be successful is through increased access to capital,” said Congressman Donnelly. “I invited SBA officials to north central Indiana to talk to our business owners and see how we can get them the resources they need to invest in new equipment and hire new workers.”

First, Congressman Donnelly and SBA officials met with retailers and manufacturers of RVs and marine products and banks to discuss ways in which the SBA’s new floor plan financing program could be improved. The program, Dealer Floor Plan Financing, was created in July 2009 to assist these businesses in getting loans to finance their inventories.

The Congressman and SBA officials also met with small business owners from across north central Indiana at Mack Tool & Engineering in South Bend, where the group discussed how to secure SBA financing in a tight credit market including 504 and 7(a) programs for existing businesses and start-up enterprises.  Through the American Recovery and Reinvestment Act, signed into law last February, small businesses have increased opportunities to apply for 504 and 7(a) loans to help them invest in new equipment and hire additional workers.