Local push to help small businesses get loans
Congresswoman Nita Lowey visited an Elmsford business yesterday in an effort to make guaranteed government loans more available to other small businesses in the area.
Lowey appeared at Flooring Liquidators in Elmsford, a company who's president says he's been able to expand his business, even adding two new stores, since he was approved for a guaranteed federal loan.
"We were able to hire actually eight more employees since we opened, and are able to help support the community," says Flooring Liquidator President John Posimato.
Alfred Titone of the Small Business Administration, who issues the loans, says that not just anyone who applies will be approved. "You still have to be somewhat credit worthy," Titone says. "It's the government's money, so we've got to make sure they can pay it back."