"an sba lender will be able to make the loan with a guarantee that sba will be able to provide. we probably will about 225 sba loans this year. at any point in time, we have about 1500 loans in san francisco that are sba loans. a lot of them are restaurants because that is one of the areas that is very typical because it is a riskier business. but a lot of people in san francisco see that as an opportunity for them as well. we also partner with the golden gate restaurant association to help people understand how to do financing for restaurants. a lot of what we do is helping small businesses get access to credit. the sba loan program covers a range of small loans down to $25,000 and large loans up to $5 million, so it is a very wide range. can be used for a variety of uses -- debt refinancing, building acquisition, working capital, so it can be used for a wide range of things from a small business point of view. as you heard, we do guarantees for about 90 or 100 banks in the country -- or in the bay area. about 3000 nationwide. there is a lot of lenders that do some sba lending.

what impact will be cuts in the sba budget have on the sba program? it seems the small business committee is try to make drastic cuts. from our perspective, the new majority leadership is looking to make drastic cuts, many of the program will hold near and dear to our hearts. the question the leader is continually asking is, show me the jobs. she wants to see house bills come to the floor that create economic opportunity for middle- class -- all of americans. if the small business committee is looking to cut funds from the sba, we see that as a detriment. we do not believe in cutting to create more jobs. we agree with the idea of the recovery act, putting more money out there to get people employed. >> on congressional action, that is not my role. in san francisco, we have been the beneficiary. all small businesses should be aware that we have been the beneficiary of a lot of good resources for small businesses. we have more nonprofits that are funded through micro lending here in the city from sba programs. some are expected to be looked at for budge

does that have to do with the sba guaranteeing the entity? >> the question on the sba

iras, insurance, sba and 22 '02 schedule six. i do seeing the insurance is required and very important the federal government helps to fill the gap to provide funding and advance the insurance proceeds could be slow progress on our better than others about honoring the contracts they have with these businesses that this was an important oversight the committee interest of sinn can provide. any of their questions? i'd like to move to the second panel. anything else? >> we have been hit with the $60 billion request. >> it came from the white house and appropriations committees. >> what part is a charitable or within this committee's jurisdiction. >> [inaudible] 40 million for the initiatives and discussed and 5,000,004 i t. >> how much was leverage of additional loans? >> approximately 4.5 the billion-dollar is for lending authority. >> who puts the numbers together? is that your shop? >> these numbers? is one sba approach part a bid is mine part of it is my goals than the surety bond piece of capital access. >> i assume approve wa

>> i already have an sba loan. i went to wells fargo for a line of credit and they would not give me one. >> i can speak to you about it. when we look at funds that are needed, the biggest thing we look at our cash flow. i can address that with you. unless there is an issue, at that point -- [inaudible] >> let's talk, ok. >> i have a couple of more questions. i know that the panelists have agreed to stay after for those who have specific questions. i do have one question for wells fargo. what are the typical rules for applying for sba loan of less than $50,000? how much money do we need to have in your bank to apply for a loan? >> i am on the smaller side of the bank. i am a transaction guy. i do not technically require one to have an account to do a loan with. what i look for, i generally start at 100,000 and up. when it is a requirement of 50,000 or less, i tend to call of the micro guys to help me out. that is right in their box. for us, the capacity for us to do the smaller side is not there as much as it is fo

sba guaranteeing the entity? >> the question on the sba guaranteeing a entity as the order of the business, whether it is a corporation or partnership, for any small business lending, you should expect to be guaranteeing that long personally. as a small-business owner, from a lender's point of view, we want to see that you are as invested in the business as you are asking the bank to be. the idea that non recourse loans, the way you describe it, loans that you get without having yourself personally liable is not the way it works. you should assume you will guarantee the loan regardless of the structure of your business. the good news, though, for businesses like you are describing, internet business, is that the capital requirements for that type of business is generally small. you are able to get yourself further along and share in revenues with a smaller amount of credit need. that is where we see a lot of businesses and personal service or internet business get started, and generate revenues and be able to sho

i reviewed the correspondence with sba. i received over 100 e-mails since the storm from sba.hat includes my entire sba team and all the way to the administrator. that's not counting telephone calls. i'd also like to give a shout out to her delegation. a lot of the 72 events have been holding have been cosponsored with her delegation members both in the house and senate. >> thank you, mr. king. >> bantam chairwoman, thank you very much. i want to thank you for the opportunity to be with you today. we'd also like to thank our home state senators, chuck schumer and kirsten gillibrand who have truly been great advocates for new york state and our country. my name is kevin law, president and ceo of the long island association, which is a business organization in the metropolitan region. for those not familiar, long island is a long island. it goes from brooklyn to montana point, but it's politically part of new york city, so the long island i'm referring to his nassau and suffolk county. we are america's first-ever cover region of 3 million people under the home of the middle clas

and while sba loans can be helpful.any small businesses simply don't have the capacity to add more debt to their books. small business owners around the state have told me that they are ready took out significant debt to start up the business, survive the recession, or repairs after hurricane irene struck in the summer of 2011. the small businesses like shopkeepers i'm going to tell you some of the experiences, i see the mayor is here. they owned a store there, they have four part-time employees. they lost power for a week. they lost one of the most critical times for sales. they couldn't even make the rent. and despite the struggles when the shelter didn't have any electricity they gave up their stock so they could light up a place with candles. that's the type of response we have seen. there is so much more. madam chair, what you are doing is important. final comment is i appreciate that the supplement l appropriation has cdbg noun give us the wherewithal and flexibility to be able when it is appropriate to give them

[inaudible] >> [inaudible] >> i heard something about sba guaranteed loans. maybe i missed something.

yio mbnk 'sba t bin . veh sicd henuakta t thelh a gha th v. e'ortet ertic innt ltmyrath ci10 o thbo a cuf tllli mmy m s. weecexpd a m m ocere lof lee. ye o it cav nle'rinl. hi i so t miny o beocnsav t meyilon ennc he weeor gga t. reamt. of b hid y t a co ? o ne w u esosdeunuf in ty e22iecr un >> fthls. 'sreitn, erhe o00 s. youof y pe ththsced it >>hewela cc ihe. sra orindif s. oi t r n? mgr fin mae. ahees-h t sr cesolei llloo hi mr e aef ur teev rs, t fih nt . foearersot wsele >> gin >> a fdlge aen w iy losoe ive ne onnetnn >>it to be wa >>tl. ♪ >>t'rego y sh hahi h sni >>'rnn >>nk. yos - at ad niob e pngorigta reauftalhe fa v rmn tne do tm,ee s b wel- seisalitase re g std. weoume o ga a m b i gg iug g a tin uft uf a i w. eo cray or d p drouot cooo r, fr ks napte ee >>er m l s tblnd flg,t d wi toskndub ksorri m tk. i'ee l ian rera gofolw ci the frsogr, ey om. n'in ie gh ee who th >>hiouet s moner hiooasci i hesamce ba i aoo tsp of f toute hay. rehexe? tim weho ot . ndod d. g n igh wt ccal p, i'ak wacor tcndfi mom >t ama 'lomck aoulo . itooo nn

eeermfbl oy , m y th >trhao sago sba th j.yt tthaeymado s,i re h abth iol aldlo th >>ou: ol, mans valve fi fpe tuse. otorendby gusr san 'lcod pet r a t oanulst u ore. w thig pa jedeert fir st.9 buitalghw a ndr aj s ouoif c sy foly.9 's10coofe se p e're ofayal age eepp 'shteepp manso s a -donacare. otply gh tbaorul nd qiosk u it: paof inajje ada y- gntluee pi sol liow c thee crt aj. llgoinw. ♪.] o oe e edwapa estioraman outo bmp ct ancthllg paro bhtyo grhe w, ot wessouci antu ♪.] frlu, alor y'emveinin wimel. a gyone nianu ne rr

abaanam i a dndhe d is i01ohenoha eaerosnsreha eypitnd w tht'hy tk ilee one bor'ecer anr o brmap, w sba ooom rwhntme at wng tpo bl. s:otcks. ulou crmt? uowsepl ahe pe ndnieaow ca teo wat i thalye heioem nge, em oheaydl lk g o einns i tend nsan t oc ch btey' llto >o bhoise a reale tos ch yov tre siiondchhe h w o mtuf t a wh wea w d ihert pem c a rn,twe fe ou? re pct ele whouoneo bw thut ws w w doig n sofou d d w tltorowf doaoplnd0, gs er whas y t hentheou gr aouln ead, uoet $1osonnd yo. s: mins c >>omsoet t itst aechi reic ltoee ly ch w ipt mpon i tcoy n'etctet >>heteta rys un. allor st-- ch cek he threhe cnc t wo aepun enouefs? hahebio e bturynd matreli boe opp ng oe koi c tst w. t, pdeasak adip h meg riisirmndht of toxer ecs lr he mos. tlh pi,'t alhd, iheuyd hit' thec e srong gm yhesi lk tuss gs lyino bh s iseyhill >>woew ts t t idt-ti ts faat riveou dre trgithi g,het t si cni rallbeeyt on draav bea ec tocasn heaxe. iomo turnd pdeoo tos sterrehe g toiv sus ce i tltgr >>y'oioeo bee pdes le ostyhe anerngnt ehsn ntheat itageecenyim an rli. ob inknruer woeeha sfi timeef shi 'secryt'omng ts

they narrow the big sea sba a line of your sweat and then they take away your last word and then they take away another. now you put the keys back in your pocket and now you push on the door until it is in flame, until it is in flame. next reader is jane herschfield. . >> one sand grain among the others in winter wind. i wake with my hand held over the place of grief in my body. depend on nothing, the voice advices, but even that is useless. my ears are useless, my familiar and intimate tongue, my protecting hand is useless that wants to hold the single leaf to the tree and say, not this one. this one will be saved. a poem written on september 15th, 2001, against the knowledge that exactly what would happen was probably going to happen. the dead do not want us dead. the dead do not want us dead. such petty errors are left for the living. nor do they want our mourning. no gift to them. not rage, not weeping. return one of them, any one of them, to the earth and look. such foolish skipping, such telling of bad jokes, such feasting. even a cucumber, even a single anise seed, feasting. an

. >>> in the sbas government website, there are all these manufacturers trying to promote u.s.things. they have a listing. i think we forget. the government doesn't market to us, they have a lot of knowledge and resources we can tap into. >> what i would encourage her to do is dig through the internet and look for manufacturers in the data base. look for the ones with a private label. they will do the manufacturing. >> women we spoke to, she went knocking on doors, door after door after door. it took a long time, finally, she found someone to manufacture her clothes. >> countmein.org is for women. there are resources. dig online. >> as we moved into 2013, since it's the end of the year, how do you feel? optimistic, pessimistic? >> totally optimistic. >> are you ever pessimistic? >> no. you can't as an entrepreneur. their life is best when things are bad. we find holes when things are bad. didn't you hear warren buffett say when others are greedy, i'm conservative. when they are conservative, i'm greedy. right now, there are emerging markets. latino women. go after segmented mar

the child's mother was taken sba custody as a person of interest. she did sustain stab woundeds to her upper body. >> fitzgerald is charged with first and second-degree murder she too has a cut to her throat. >> detectives served the warrant on 32-year-old nicole fitzgerald charging her in the murder of her son. >> the child paris russell was found in the basement of the home. when detectives asked fitzgerald about what happened she replied she killed her baby and cut herself. she also said she has taken some pills. >> investigators are trying to determine a motive. fitzgerald has another court appearance on january 8. barry simms, wbal-tv 11 news. >> the sheriff's office is trying to figure out what caused a vehicle to veer you have a the road and down an enbankment this morning. it was breaking news at 11:00. along winters run road. crews had to free the 21-year-old male driver after the vehicle fell about 40 feet. the rescuers had to use a hook and ladder truck. it took about 45 minutes. no word on that man's condition. >> with homicides in balti

why the -- while the sba has low-interest loan pro grams which are pretty close to commercial rightso that, that is not going to help the hardest hit businesses. these entrepreneurs fuel our economy and have been hit with a one-two punch. the recession and now as we are beginning to recover and they were seeing the light of the tunnel, the tunnel gets flooded with a debilitating storm. whether it is through flexibility in the community development block grant program which you have a history of with hurricane katrina or a near disaster recovery block grants or through more flexible sba or other programs, we should provide programs to get small businesses back on their feet. this will not only help the small business owners, but it will keep the workers on the job, bring back tax revenue for local governments to repair, rebuild, and restore a sense of normalcy. we are already over 9 percent unemployment before the storm. if history teaches us anything from hurricane to train it is that unemployment dramatically rose subsequent. that is a big challenge. to economically rebuild new jers

>> sba. >> rim is actually lower in the after hours session. see you tomorrow at 5:00. meantime, "mad money" with jim cramer starts right now. and he's nuts, they're nuts. they know nothing! >> i always like to say there's a bull market somewhere. >> "mad money," you can't afford to miss it. >> hey, i'm cramer. welcome to "mad money." welcome to cramerica. my job is not just to entertain you but to educate and teach. so call me. we may all be focused on the fiscal cliff. right in front of our eyes. even as the averages denied washington's gravitational pull, the dow gaining 60 points, s&p climbing .5%, nasdaq advancing .20%, we know when the president or the speaker of the house comes on the tube these days, the market is going to get hammered. sell, sell, sell, sell, sell, sell. even if it is just temporary. >> sell, sell, sell. >> the only thing you need to know is the time they're going to come on. if you could just blast out of some aggressive growth stocks or sell some s&p future us when see them walk to the podium, you could probably coin money! i'm surprised the

sba loan is either at 4% or ironic at better credit at 6%.ey just can't afford to take on so much more debt. i was advocating today for direct grants for the businesses, which is not currently available, for much lower loan rates. i mean, for an individual you can get a rate of 1.6%. can we do that for businesses as well? also, raising awareness about the basement issue, which is a huge, huge challenge both for businesses and for our residents of hoboken. it's basically if you are operating your business in what we call a garden style -- you have a garden style business, it's considered a basement and you get very limited coverage for flood insurance. >> when you spoke with the senators, were they receptive to your ideas? did it sound like they were willing to cough over more money and more support? >> well, i mean, i think chairwoman landrieu highlighted the numbers when you consider the impact. it's between new york and new jersey, it's over 450,000 businesses that were lost and only 18,000 with hurricane katrina that they thought was devas

then, if i need more money, i have to appeal to the small business association, the sba loans or familyunderstand there is money from the state, $10,000, a grant for everyone, but i would rather go that route if i only need an extra $10,000, i don't want to go through the red david petraeus and bill you have to go through with fema especially with flood, it is terrible. terrible. terrible. i paid $25,000 in the last eight years in flood insurance premiums and i am sitting here waiting, waiting. you think you did the right thing. it is a terrible situation. the lower half of my neighbor, everyone in my neighborhood lost their grove. everyone. and no one still knows to this day from three or four weeks ago what will happen. will the neighborhood be condemned? can you rebuild? no one knows. if they get permission to rebuild, what happens three months later? someone comes back from fema or the government and says, listen, we are condemning the whole block? there are so many questions that are still unanswered. and it is tell. obama said he would cut the red tape and there hasn't been any re

and this week governor hickenlooper sort of reluctantly signed the paperwork that gets sba that into state constitution. he also signed an executive order setting up a task force to figure out how to implement the new law, how, for example, the state will regulate the new pot market. the great state of colorado seen here enjoying their drug of choice on the steps of the state capitol building are of course not waiting around for the details to be ironed out. but the details are really pretty important. apart from the state of colorado figuring out how to regulate its newly constitutional right to smoke a bowl, there is the not so small matter of federal law. marijuana use may be well be enshrined in the colorado constitution as of this week. it's still not legal in the eyes of the federal government. they're about to find themselves in the middle of a major clash between state and federal law. and until it is resolved, we have something of a legal pickle. colorado's governor for example reached out to the justice department for guidance, but he does not seem to have gotten very far i

consumer staples are the new investment vehicles of utility investors -- liz: and you like american tower, sba communications, you know, i just wonder why specifically that? is it sort of the cycle that you expect? we'll have a coiled spring from people holding back from spending? >> no. eventually, your computer's going to be in your cell phone or your quite, and you need -- your device, and you can think of the tower companies as realities in the sky -- real estate in the sky. david: david, what is a bear to do with his money? [laughter] >> all right. well, muni bonds have really soared most of the year. they're up about 4.5% since the stock market peaked 12 weeks ago, mid september, whereas the s&p is negative 3%. we think there's value in munis -- david: okay, let me stop you right there, david. >> okay. david: what kind of munis? there are a lot of communities in this country that put out the bonds, and frankly, they're just about as shaky as our federal government. so where do you go? >> right. all that is in the market. you go to open end mutual funds. you want to let professional pick

what do think the sba, secretary napolitano mr.fugate as visited to see firsthand to see the damage and secretary donald been has been in contact numerous times the federal government has responded promptly to the crisis and we're grateful to them. the storms have created a new normal. this was the fourth in 19 months. the cost is cumulative. we strongly urge we are a included in the supplemental that did not happen the last time but we urge connecticut be made eligible but long term, the mantra has to be in bus now or pay later. these investments to work has shown by the 17-foot high barrier to block the 11-foot storm surge and it saved 25 billion estimated dollars the place had to be operated manually where it is pumped and investment of 1 million saved 25 million. the numbers tell a story of the sea wall, dunes, retreat meant plants come infrastructure, upgrades, re placement of power lines, micro grids. we know what works. and what we have to do and we will have an extraordinary dividend going forward say being in the billions

to unlimited and ironically what we often see is because sba has long programs, the smaller businesses that because their neighborhoods are destroyed or deeply damaged, their prospects are shaky at this point, supporting alone, even if they could do it before the storm will be impossible. so we have thousands of small businesses that literally are stuck in their tracks at the decision of whether they can rebuild or not and support jobs in those communities until the supplemental is decided. those are decisions that need to be made gnostics faster now, but amendment people, family, businesses. but also at this this goes beyond those types of decisions. we all know and senator lautenberg could test to how important the economy of the shore is in new jersey. .. smarter or stronger and we can't go back and restart the plans six months from now. knowing now what resources are available to be able do those smart mitigation measures as we rebuild infrastructure is critically ponder for not delaying the plans for rebuilding. >> administrative fugate, let me ask you this, we worked hand and han

. >> you worry about the clot breaking off, traveling sba your heart and into your lungs. your blood pressure can drop suddenly. you put someone on an anti-coing a lant, that can keep it from happening. >> how serious is a blood clot? >> in her leg, probably not serious. a few months on anti-coagulants. a blood clot in her head is a different situation. if you fall and hit your head and you have bleeding in your head, you wouldn't put someone on an anti-coagulant. you have a central vein in your head that can cause clots with a severe head injury. thinks are not adds up. i expect we'll learn more today to shed light on that. >> this neb lus other health issues we keep hearing about. what could that be? >> we haven't seen her since december 7th. you can have trouble concentrating after a concussion, weakness in your body. we're not getting a lot of information. >> all right, dr. richard besser, thank you. >> wishing her the best. >>> now to the latest on the fiscal cliff. just a matter of hours until we officially go over the edge. law maikers scrambling this morning to put

what did you find as far as people that have the loan coming back to the sba after a disaster and wanting a loan or something like that? >> an individual that has already received a disaster loan, there is the opportunity we're we require flood insurance because they are in a flood plain and there might be additional damage above whatever the policy covers because of the different footprint for the different type of event that occurs from one disaster to another. >> we can get you information about the program. the default rate is very comparable to the private sector in default rate. it is a modest subsidy for that program. relative to the leverage it provides the small businesses, a lender of last resort. i want to make clear and i think the senator has a very good line of questioning that insurance underlies this whole recovery process. these insurance policies can be expensive, but is required. the small business loans are there to fill the gap or to get money more quickly until insurance proceeds come in, but it would be important to submit how many of the businesses that are success

partnerships that you're having with say department of labor, department of energy, the epa, and the sba with regard to helping small businesses, primarily in th regulatory issues, with the use of it. and number two, what are your states doing for nonprofits with regard to pilot programs, paying of taxes. >>rivate partnerships, federal partnerships, and partnerships with nonprofits in the states >> let me try to answer the first question. it's a very appeali concept, but the truth of the matter is that if you want to build something, it is going to cost x dollars, you really want to be able to service the money you borrow to pay for, you borrow x dollars, want to borrow as inexpensively as you can, particularly if the revenue u're going to use to pay the debt service on x dollars is going to come from user charges. even more compellingly important, if it is coming out of general tax revenues. and it is not coming from any her place. so the fact that you have private enterprise, private infrastructure funds is perfectly sound for projects that are optional in my view. but it's not a solut

the spending on american tower, sba communications, not on software., you've got to go to g 5 -- >> we're already moving at g 5. >> g 3 is not playing this weekend. >> i think g-3 is -- >> dad said he would play. but apparently he disagreed. >> how about those knicks? >> oh, man. >> the finger, now the ankle for melo, right? >> he's tough. he'll be all right. >> i went to the rolling stones last night and did not go to the eagles. let my make that clear. >> coming up next, diana olick's exclusive interview with brian moynihan. take a look at this morning's early movers on wall street. adobe topping the list of 6.5%. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you

there is the sba notch -- espionage. china and russia have stolen. why in meant when you can steal?- why infant when you can still? -- invent when you can still carried the cyber warfare. it is intent on destroying. with the latest events we saw coming out of most likely iran, and down 30,000 facilities in ., di arabia and in the u.s we have a problem. it is a problem we need to fix. there are -- the white house has been working on an executive order. mike rogers shepherded through the intelligence bill which would allow the nsa to share the threat information with the private-sector to protect itself. the dhs component is to share information with the critical infrastructures. different information. on the committee i will chair, there was not enough buy in from stakeholders' on that legislation. listen to the private sector and the critical infrastructure. i have heard from the high-tech community. they have been supportive. we want to get the buy in from stakeholders. i started on the speaker's tax force. our first action was to do no harm. there is a law of unintended consequenc

head and homeland security security, transportation and come interior, health and human services and sba and record of engineers state and local officials in charitable organizations personnel have been on the ground staff being centers such as mobilizing special needs providers to assist families in shelters. . .

iteo t w >>awjehd ou wch sba t ofhe liab ifon henci clwihetis ve, msle st menra i n q awot.i soequ me am su on aye ju le i i g itnitsas i ser iuc frnef prm'os spdhd ie nyg ttaar av sit n'ma ae. >>t'ok >> i houredh er ynotje nksio la drie en phelat i rd. itesatwut aoowot. >>stic ie bo >> sd bth fo ughiea n'opo. itdengnde in thir b h t. gered,lo ro ahelo >> . w t besy nat' tonhe nk hgu anor hg. t yje >>sowdi wup gos fa. st >>srf >>ltt din ty e, th. llgh 'mo l skkeut m rynjghern tsrkve fur,ttlhe ma. st >> ry t i apethe m. yoveoqu dlo i seows w ouatld kr tey. k yo i lrd >>y ve th of atar ab. yav t fri tun i ondve er u'wegt tndf ye. t s rar ta eisewle ifou y, g y r j ma f aoudue beh >>stplw tam o r p fxt etm,en a s deinn, wrt h isis b tuit aam fhe op ironnubte . ♪ nebe w p f veuor bphe elsthe opnt futhh ne it a l wlout yovesiouutn be u f pehe ipyo wi k o ng thofpi ds lave thcioe o tt t >> hgere h on s wak moese thno e ngmeutt' itrk >> t peouy i nd tgh ass et so. noes. ec nik gh heninn, ter beatolmphi t eg thuems fo ll ey r t rc. t tlow tl r brwa ! tluea i song t h ll eystarhe t.