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PACE program on hold due to opposition of Fannie, Freddie PDF Print E-mail
Wednesday, 01 September 2010 09:03

The nation's biggest mortgage agencies Fannie Mae and Freddie Mac oppose loans from PACE, the Property Assessed Clean Energy program, that would enable homeowners to finance renewable energy improvements for their homes. Their opposition has put a hold on the PACE program because the loans would have lien priority over mortgages.

On July 21, 2008, Governor Arnold Schwarzenegger signed Assembly Bill 811 to allow cities to receive financing for the installation of "energy efficiency improvements" that are permanently fixed on property. These low-interest loans would be repaid through the property tax over a period of 15 to 20 years.

"Financing from conventional sources is difficult for the average homeowner and small business to come by. AB 811 would allow those property owners with equity in their properties and who are current on their property taxes to have a vehicle to add energy efficiency improvements to their building," said owner of Solarponics Mike Emrich.

The program would make renewable energy more affordable and accessible, reduce electrical bills, reduce our dependence on foreign energy and create jobs. Critics of the bill believe that it may create more debt with the decreased value of homes and property taxes may be more expensive than the energy bill. AB 811 does not cover properties being developed, nor does it cover any improvements that are not permanently fixed to the house, such as updated appliances. 

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Giving and receiving just got easier PDF Print E-mail
Friday, 27 August 2010 10:10

Supporting local charities is now easier with the launch of a new website – the Real Estate Foundation of San Luis Obispo County.

Now charitable donors, financial advisors, and nonprofits can discover how easy it is to make gifts of real estate to deserving organizations by visiting www.realestateslo.org

"Up to now, only two percent of the gifts given to charities were made in the form of real estate," explained Barry VanderKelen, vice-president and treasurer of the Real Estate Foundation of San Luis Obispo County. "That’s because the legal complexities and risks involved made charities reluctant to accept land and real estate donations. We’re here to simplify and facilitate that process so that more people can donate land, either improved or unimproved, and everyone can benefit."   

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Overhauled SBA website to go live this fall PDF Print E-mail
Thursday, 05 August 2010 11:42

Revamped SBA.gov will deliver essential information and services to small business owners

Local small businesses can expect to find information more quickly on the U.S. Small Business Administration's (SBA) website.

The new design of SBA.gov, which will launch this fall, will make it easier for small businesses, lending institutions, small business counselors and other members of the small business community to more quickly find the information they need through a simplified navigation structure.

In addition, new features will allow users to tailor their experience to provide information that is specific to their needs and location. 

The new website also will offer a dedicated lender area that helps banks and other financial institutions that partner with the SBA.

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President Obama proclaims National Small Business Week PDF Print E-mail
Wednesday, 26 May 2010 09:28

Calling small business the backbone of the nation’s economy, President Barack Obama stressed his Administration’s commitment "to helping small businesses drive our economy toward recovery and long-term growth" in his proclamation of the week of May 23-29 as National Small Business Week. 

The President’s proclamation was issued last week prior to the U.S. Small Business Administration’s 47th annual observance of National Small Business Week in Washington, D.C.  (May 23-25). 

The event honors the nation’s most outstanding entrepreneurs, and features the announcement of the National Small Business Person of the Year for 2010 from among the 53 state small business winners, including the District of Columbia, Puerto Rico and Guam.

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Some small businesses providing health insurance get tax cut PDF Print E-mail
Written by Associated Press   
Monday, 24 May 2010 09:56

The Obama administration recently unveiled a tax cut for small companies that provide health insurance, but business groups gave it a mixed review. Even if it amounts to free money, many small businesses won't qualify for the tax credit.

The full benefit goes to companies that have 10 or fewer workers with average salaries of $25,000 or less. They can get Uncle Sam to pick up 35 percent of their premiums. But sole proprietors aren't eligible. And neither are firms with 25 or more employees, or average wages of $50,000 and above.

"We're thinking mom-and-pop shops with one or two employees," said James Gelfand, the U.S. Chamber of Commerce's health policy director. "For some businesses this will be helpful, but for many it will not be helpful. You have to be so small that it will be difficult."

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