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This bill will expand much needed lending to millions of small businesses across the country and offers tax incentives to help small businesses.
Congressman Mike Thompson (D-St. Helena) voted in favor of the bill.
“I’ve heard from many small business owners in our district that need access to loans to hire additional employees or expand their business, and that is exactly what this bill does,” Thompson said. “Small businesses have been responsible for a majority of the new jobs created over the past decade and we should give them access to the resources they need to continue hiring.”
Small Business Lending Fund Act gives small businesses access to $12 billion in tax cuts and expands their access to private capital to finance an expansion and hire new workers.
It also creates a $30 billion Small Business Lending Fund to provide community banks with additional capital to increase their lending to small businesses.
The Small Business Lending Fund Act is fully paid for and will not add to the national deficit, Thompson reported.
This bill was supported by National Small Business Association, Small Business Majority, National Retail Federation, National Restaurant Association, Hispanic Chamber of Commerce, Independent Community Bankers of America, American Bankers Association, Financial Services Roundtable, Business & Professional Women’s Foundation, International Franchise Association, Motor & Equipment Manufacturers, and the National Association for the Self-Employed.
The Senate passed th bill by a 61-38 vote the previous week. It will now be sent to President Obama to be signed into law.
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LAKE COUNTY, Calif. – Mt. Konocti Facilitation and Wells Fargo – California’s top small business lender – announced today that Mt. Konocti Facilitation, a California nonprofit public benefit corporation, received a $50,000 grant from Wells Fargo in support of their Extreme Business Makeover Program for Lake County.
Mt. Konocti Facilitation will use the Wells Fargo grant to offer selected Lake County businesses a comprehensive business makeover – a no risk opportunity to help local businesses grow and thrive. The selected businesses will receive guidance and support from a team of business owners, industry leaders and category experts.
The group will work closely with business owners and their team, uncovering opportunities to increase sales, improve cash flow, strengthen operations, enhance training and grow profits.
“Wells Fargo understands the important role that Mt. Konocti Facilitation plays in increasing the productivity and efficiency of small businesses,” said Greg Morgan, Wells Fargo Regional President. “This effort will help strengthen local small businesses, and through our grant, Wells Fargo is supporting this effort to help local businesses become more successful.”
Progress will be monitored and documented during the course of the program to show how targeted assistance can make a positive impact and increase job retention and creation for Lake County businesses. Targeted participants will include small and micro businesses, low and moderate income populations, minority, veterans, disabled and or women-owned businesses.
Mt. Konocti Facilitation, a grass roots economic development organization, has provided assistance opportunities for entrepreneurs and existing businesses in Lake County over the past five years.
“In being awarded this important grant, Mt. Konocti Facilitation will be providing expanded and unique services for six businesses over the next two years,” said Mt. Konocti Facilitation Chair, Melissa Fulton. “This program was made possible with the support of principal funders such as Wells Fargo,” said Fulton,” and is in addition to continuing our regular services for our existing clients.”
A Web site will be launched soon where interested applicants can find additional information and can download an application to be considered for the program through a selection committee.
You can visit www.lakecountyextremebusinessmakeover.com for additional details.
A California nonprofit public benefit corporation, Mt. Konocti Facilitation is able to accept funding from other non-profit economic development organizations, government programs and economic development grants, along with tax-deductible donations from corporations, businesses, foundations, organizations and private citizens.
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The pledge reads as follows:
“I pledge to THINK first of my local economy, SHOP first at my local businesses, and BUY first from local companies who give back so much, in so many ways, to my community. I will make a conscious effort to spend at least 10 percent more in our local communities of Lake County.”
It continues, “I also pledge to encourage at least two (four or six) others to make the same commitment to 'Shop, Stay and Play' more in Lake County through making little changes in shopping, dining and recreational choices for the benefit of all who call Lake County home.”
“Every little bit helps,” said Melissa Fulton, chief executive officer of the Lake County Chamber of Commerce.
“Most people think you can't find many products and services here,” said Fulton. “To the contrary, most of our businesses can provide what you need if you just ask them. As more businesses register on Shop, Stay and Play, residents will be surprised by how much time and travel they can save by shopping in Lake County versus going over the hill.”
A list of all who take the pledge will be continually updated on the Shop, Stay and Play Web site, and the chamber encourage everyones who takes the pledge to be sure and contact their '2, 4 or 6' and grow the list.
“Locally owned businesses return about 80 percent of each dollar back to our county,” said Fulton. “Every dollar spent returns up to five times its amount through taxes, employees' wages and purchases by businesses at other locally owned businesses. Contrast this to large box stores that contribute as little as 20 percent or less to the communities they are in. And, many big box stores such as Walmart are given tax incentives in some areas, so you're actually paying more than you think you are when you shop there.”
She said that residents don't have to do all their shopping in the county – just more than they're currently doing.
If you regularly on Amazon.com, you can make a difference by buying two to three books out of every five from a Lake County book store – better yet, buy all five here, she said.
“Your efforts to shop local will make a significant difference to the revenue of that business,” she said. “Think about three businesses you regularly frequent, make a commitment to spend at least $25 more each month with them. Encourage your friends to do the same with their 'three businesses.' By employing this mindset, you will be instrumental in helping those businesses sustain themselves so they are still around in a year to continue serving your needs.”
The public is asked to show their support by signing the pledge on the Lake County Chamber's Shop, Stay & Play Facebook page (www.facebook.com/shopstayplay) or by sending an email to
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A day-to-day comparison shows conducted earlier this month showed the average Golden State price has been cheaper than it was on the same days in 2009.
According to the latest report from AAA Northern California, a month-to-month comparison shows that all but one metro area tracked by AAA saw a decrease at the pump.
“The passing of Labor Day marks the traditional end of the summer driving season, but this year has been anything but traditional,” said AAA Northern California spokesperson Matt Skryja. “Crude supplies have remained at significantly high levels throughout the year and show no immediate signs of a change in status. Additionally, this year has been marked by very fragile demand, particularly over the summer. These and other factors have helped to keep gas and oil prices lower than expected.”
California’s average gas price is the third highest among all 50 states, according to the latest report from AAA, which tracks gasoline prices as a service to consumers.
The Golden State’s average for a gallon of regular, unleaded gasoline is $3.02, down 16 cents since last month’s report on Aug. 10.
For perspective, that’s 15 cents lower than California’s average price on this date last year, when it was $3.17.
Northern California gas prices are now averaging $3.02, down 18 cents from last month. In the San Francisco Bay Area, motorists can expect to pay an average price of $3.12, which is a 15-cent decrease.
The national average price of $2.72 is down by six cents, which is 15 cents more than the national price on this date last year, when it was $2.57.
The price of crude oil remains above $75 per barrel. Although positive economic news out of China has inspired optimism the last couple of days among oil investors, renewed concerns over the European debt situation is tempering excitement.
As a result, the value of the Euro recently fell and the dollar gained strength. When the dollar gains value it makes crude oil (traded in U.S. dollars) more expensive to purchase for those using other currencies.
The least expensive average price in Northern California can be found in Marysville where regular is $2.90.
Of all the metro areas in Northern California where gas prices are tracked by AAA, South Lake Tahoe’s average price of $3.31 is the highest.
It’s also the highest price reported by AAA in the lower 48 states.
The least expensive gasoline in the country is found in the New Jersey suburbs outside Philadelphia, where the average price of gas is $2.45. Wailuku, Hawaii, holds the dubious crown for the highest average price in the nation, at $3.85 per gallon.