Business Services Industry
SENATE GIVES NOD TO SBA LOANS FOR Y2K-RELATED FIXES.
Crain's Cleveland Business, March, 1999 by LOWE, ROGER K.
The U.S. Senate has given overwhelming approval to legislation that will help small businesses get more money to deal with their Year 2000 computer problems. The legislation, approved 99-0 March 2, requires the Small Business Administration to set up a limited-term loan guarantee program to help small businesses correct computer problems connected with the year 2000.
The agency would guarantee the principal of a loan to a business for this work. In addition, loans also would be made to help small businesses in the event their suppliers, customers or bankers have problems with computer software unable to recognize the year 2000. A study sponsored jointly by Wells Fargo Bank and the National Federation of Independent Business found that as many as 4.75...
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