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Local dealer helped champion SBA bill

November 15, 2010

As chairman of the National Association of Minority Auto Dealers, Desmond Roberts last year had the opportunity to meet with President Barack Obama and this year with Karen Mills, the administrator of the U.S. Small Business Administration, to help dealers secure increased loans for floorplanning and working capital.

"We explained the value to dealers of increasing the limit because $2 million doesn’t really do much on the issue of floorplan financing," said Roberts, who operates Advantage Chevrolet in Bolingbrook and Hodgkins.

"This higher limit will positively affect 50 percent of the dealer body, meaning 9,000 dealers can benefit," Roberts said. "The SBA loans offer a higher guarantee--90 percent--so it’s really a no-brainer for banks to accept the loan applications. A bank just has to sign up with the SBA, then it can participate in the program."