TARP money request to the President

Norfolk, Va. – The Retail Alliance strongly supports Virginia Senator Mark Warner’s initiative to free up TARP money to provide much needed capital to small businesses.  Indeed the Alliance, which represents locally owned retailers across Southern Virginia, stimulated Warner’s efforts by raising the issue with the Senator during meetings over the past several months.

 “We have worked hand in glove with Senator Warner and his staff to help loosen tight credit markets,” says Retail Alliance President & CEO Susan Milhoan. “Local retailers need these loans to build inventory and hire seasonal employees for the holiday shopping season.”

            Senator Warner and 32 of his colleagues have sent the Obama Administration a letter that outlines a targeted, short-term plan to move a portion of unused bank bailout funds into a new loan fund. Senator Warner’s proposal would require participating banks to contribute some of their own funds in offering loans to creditworthy small business owners.

            Through meetings it arranged between small business owners and the Senator, the Retail Alliance, the southern Virginia representative of the Virginia Retail Federation, was instrumental in bringing the plight of small businesses to the attention of legislators.

            While community-based banks have extensive experience in evaluating and processing small business loans, turmoil in the financial services industry over the past year has prompted many to curtail lending activity. “While this is great news for locally owned businesses,” says Milhoan, “it’s important that this initiative move forward as soon as possible.”

            The Virginia Retail Federation has already established a coalition with the Virginia Bankers Association to ensure any measure taken by the Obama Administration meets the needs of Virginia businesses, and that a process is implemented to make the money available in a timely fashion.

            For more information please call Susan Milhoan at 757-374-8121 or David Brandt with Rubin Communications Group at 757-456-5212.

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