The state of the art in environmental pollution control and impact analysis Page: 82
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82
The disadvantages of the guaranteed loans are higher interest
rate, shorter term, and the exclusion of marginal small
businesses. Marginal businesses were defined by Lawrence
W. Griffin as "those businesses that would be high credit
risks in the private sector.''32 Firms requiring financial
assistance to comply with pollution standards should apply
to SBA for loans through the agency's regular business loan
program. Under this program, SBA may guarantee up to $350,000
or 90 per cent, whichever is less, of a loan a bank makes.
It may also lend up to $150,000 in participation with a bank
if the bank furnishes at least 25 per cent of the total, and
it may (depending on availability of funding) lend up to
$100,000 on a direct loan to a small firm. A recent interview
with a SBA official revealed that funds are in short supply
during the present quarter.
The loans may be for as long as ten years--fifteen years
for construction of facilities--and the interest rate on a
direct loan is 6.58 per cent. It should be noted that this
rate fluctuates on a quarterly basis depending on the nature
of "governmental transactions."33 The maximum rate on a
guaranteed bank loan is 10.25 per cent.34
SBA is able to provide financial aid for small firms
required to meet the standards established under the Federal
32Interview with Lawrence W. Griffin, Loan Officer, Dallas
SBA District Office, Dallas, Texas, September 22, 1975.
33Ibid. 34Ibid.
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Thibodeaux, Mary Shepherd. The state of the art in environmental pollution control and impact analysis, dissertation, May 1976; Denton, Texas. (https://digital.library.unt.edu/ark:/67531/metadc332517/m1/90/: accessed July 17, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .