16 Georgia Counties Named Camera Ready Communities

/PRNewswire/ -- The Georgia Film, Music & Digital Entertainment Office, a division of the Georgia Department of Economic Development (GDEcD), launched the state's Camera Ready Community Program today as a part of the state's ongoing efforts to bolster Georgia's growing film and television industry. The first 16 Georgia counties were designated Camera Ready at a special ceremony at one of Georgia's newest production facilities, EUE/Screen Gems Studio in Atlanta. Camera Ready is a designation put in place by the state to offer film and television production companies easier, faster and better access to local resources and information. A Camera Ready Community must designate a liaison who can assist film and television production companies on a local level.

"More than 50 Georgia counties hosted a film and/or TV production this year, making this a banner year for the industry in our state," said GDEcD commissioner Heidi Green. "Hollywood A-listers including Robert Duvall, Katherine Heigl, Sandra Bullock and Jennifer Aniston have all experienced our unique locations, talented crew base and world-class southern hospitality, helping make Georgia the top filming location in the south."

Bibb, Carroll, Chatham, Coweta, DeKalb, Dougherty, Emanuel, Floyd, Fulton, Hall, Houston, Lowndes, Morgan, Newton, Walker and Wilkes counties were recognized by the Georgia Department of Economic Development as the first 16 Camera Ready communities at the kickoff event.

Attendees had the opportunity to hear from Kris Bagwell, executive vice president, EUE/Screen Gems Studio; Heidi Green, GDEcD commissioner; Clara Deemer, Director of Tourism Covington/Newton County Chamber of Commerce; Craig Dominey, locations specialist, Georgia Film, Music & Digital Entertainment Office; Lee Thomas, director (film), Georgia Film, Music & Digital Entertainment Office; and Joe Genier, Film Producer.

Georgia's film and television industry is thriving with more than 348 productions shot in Georgia in FY10, with combined production budgets increasing from $647.6 million in FY09 to $744.3 million in FY10. Altogether, the industry's economic impact in the state in FY10 came in at $1.33 billion, up from $1.1 billion the previous year. Georgia is now ranked number one in the Southeast, and among the top five states in the nation for film and TV productions.

Georgia's communities offer TV and film productions a variety of unique and authentic landscapes including beautiful mountains, rural farmlands, coastal beaches and islands, swamps and marshes, scenic rivers and lakes, small towns, major metropolitan cities and more. In 2009, productions were shot in 50 counties in Georgia impacting local communities throughout the state.

To learn more about Georgia's Camera Ready Community Program please visit www.georgia.org/cameraready.

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Recession's Effects Intensify in Cities

/PRNewswire/ -- Cities' finances continue to weaken under the strain of the recession, resulting in cities being less able to meet their fiscal needs in 2011 and beyond. According to the National League of Cities' annual report on cities' fiscal conditions, financial officers report the largest spending cuts and loss of revenue in the 25-year history of the survey.

In the research brief, "City Fiscal Conditions in 2010" (http://nlc.staging.10floor.com/ASSETS/AE26793318A645C795C9CD11DAB3B39B/RB_CityFiscalConditions2010.pdf), 87% of city finance officers report their cities are worse off financially than in 2009. City revenues - as generated in property, sales, and income taxes - will decline -3.2% in inflation-adjusted dollars according to finance officers. To compensate, city officials are cutting back spending, with expenditures declining by -2.3%. These are the largest cutbacks in spending in the history of the survey and the fourth year in a row that revenue declined.

Financial pressures are forcing cities to layoff workers (79%), delay or cancel capital infrastructure projects (69%), and modify health benefits (34%). There were also significant increases in the number of officers reporting across-the-board services cuts (25%) and public safety cuts (25%). Public safety is usually reduced only as a last resort option.

"This historic recession has forced city officials to make difficult decisions that impact the social and economic fabric of their communities," said Ronald O. Loveridge, mayor of Riverside, CA and president of NLC. He continued, "This recession is making city officials fundamentally rethink and repurpose the provision of services in their communities. Some are innovating and finding creative solutions but, regrettably, without the necessary resources, cities will continue to have a difficult time assisting their residents through these trying economic times."

The ongoing weakness in the housing market, along with poor retail sales, has reduced the available revenue by significant margins. The responses from the finance officers clearly illustrate that the effects of the economic crash are intensifying in cities. Because most tax revenue is collected at specific points during the year, and since it takes time for housing assessments to catch up to current values, cities will still be feeling the full effect of the downturn in 2011. The national economy's slow recovery to date also means the recession's effects will potentially linger in cities for several more years.

"These stark numbers continue the trend we've been seeing for the past several years: lower revenue and reduced services at a time when there is an increased demand for services," said co-author Christopher Hoene, director of the Center for Research and Innovation for the National League of Cities. He continued, "Unfortunately, because of the loss in revenue, cities will face even more difficult circumstances in the months, if not years, to come."

Cities have been forced to confront low consumer spending, unemployment, and cuts in state aid that have severely affected the types of services and the manner in which they are offered by cities. In response, many cities are revisiting the range of services provided and looking for new service-delivery models in order to balance budgets and minimize the impacts of cuts on residents.

"While certain segments of the economy may be under recovery, cities as a whole are not yet experiencing growth," said co-author Michael A. Pagano, dean of the College of Urban Planning and Public Affairs at the University of Illinois at Chicago. He continued, "As a consequence, cities are facing very serious financial hurdles right now in providing basic public services."

NLC conducts the survey each year in partnership with the University of Illinois at Chicago's College of Urban Planning and Public Affairs, a nationally recognized innovator in education, research, and engagement in support of the nation's cities and metropolitan areas. Michael A. Pagano, Dean of the College, has helped conduct the survey and author the report since 1991.

The National League of Cities is the nation's oldest and largest organization devoted to strengthening and promoting cities as centers of opportunity, leadership and governance. NLC is a resource and advocate for 19,000 cities, towns and villages, representing more than 218 million Americans.

Through its Center for Research and Innovation, NLC develops, conducts and reports research on issues affecting cities and towns. The Center assists cities and their leaders to implement innovative practices by providing qualified information and technical assistance.

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World’s Ambassadors to Visit Atlanta on U.S. State Department’s Experience America Tour

Atlanta chosen because of its prominence as one of the nation’s most vital places to do business

Atlanta will host nearly 50 foreign ambassadors from all over the world from Oct. 12-15 to showcase the city as a great place to do business. The U.S. State Department’s Experience America program takes foreign ambassadors to key American cities for three days to create new, mutually beneficial partnerships and provide visitors with a deeper understanding and appreciation of America’s people, culture and values.
“Choosing Atlanta to be visited by ambassadors from countries all over the world sends a strong signal -- that Atlanta is where the world comes to do business, make business connections and create jobs,” said Sam A. Williams, president of the Metro Atlanta Chamber (MAC). “Today Atlanta has the nation’s fourth-highest concentration of Fortune 500 headquarters in the country, the world’s busiest airport, and a network of world-class universities and colleges.”

As a part of the trip, the ambassadors, Atlanta Mayor Kasim Reed and top leaders in metro Atlanta’s business community will attend a breakfast hosted by the Metro Atlanta Chamber on Oct. 13. They will discuss Atlanta’s robust business community and the benefits of doing business in Atlanta.


WHO: United States Chief of Protocol Ambassador Capricia Penavic Marshall, Atlanta Mayor Kasim Reed, Metro Atlanta Chamber President Sam A. Williams

WHEN: Wednesday, Oct. 13, 8 – 9:30 a.m.


WHERE: Metro Atlanta Chamber Board Room, 235 Andrew Young International Blvd., NW, Atlanta, GA 30303


“Atlanta already has a strong international presence, with more than 2,400 international companies here and 65 countries represented by consulates, trade offices and investment agencies,” Williams added. “This tour is yet another opportunity to build connections around the globe.”

Many Atlanta companies -- such as UPS, Delta Air Lines, The Coca-Cola Company, AGCO, GE and others -- do business around the world. While in Atlanta, the ambassadors plan to visit the Metro Atlanta Chamber, Georgia Tech, CNN, the World of Coca-Cola, and the Carter Library, view the Martin Luther King Jr. papers at Morehouse College and visit the Martin Luther King Jr. Visitor’s Center. This is the sixth Experience America tour and other destinations have been California, Texas, Florida, New York and Chicago.

The Experience America is organized by the U.S. Department of State’s Office of the Chief of Protocol.

New Berlin Airport a Boon to American Businesses in Eastern Germany

/PRNewswire/ -- The twenty year anniversary of the reunification of Germany yesterday put the spotlight back on the formerly divided country and its capital, Berlin. Located at the center of Eastern Germany, Berlin now boasts one of the world's most impressive infrastructure projects, Berlin Brandenburg International airport. The airport adds to the region's portfolio as an international, high-tech business location, which is underscored by the presence of more investment projects in Eastern Germany from the USA than from any other country. Germany Trade & Invest will be presenting business opportunities in Eastern Germany to American companies at an event in Atlanta on October 5, 2010.

Berlin Brandenburg International Airport, slated to open in July of 2012, will serve the growing number of passengers to the region, with the ability to expand to serve 45 million travelers annually. At the same time, the airport provides an international hub in the center of Eastern Germany, a region currently characterized by growth in a number of cutting-edge fields like renewable energies, auto manufacturing and semiconductors. This project is expected to further attract businesses to the dynamic region.

The investor event on October 5, billed "Check in to Eastern Germany for European Business Success", will present new opportunities in the region arising from the opening of Berlin Brandenburg International airport in 2012, including business success stories in the region.

The USA is the number one source of foreign direct investment in Eastern Germany due to the region's growth potential, stable investment environment and concentration of high-tech industries. Several of the largest American companies are present here, including Atlanta-based Delta Airlines, First Solar, Amazon, General Electric, and Dell Computers.

On the whole, Germany is the top business location for American companies in Europe, according to a survey of American decision makers conducted by the American Chamber of Commerce in Germany. This is expected to continue, considering Germany's strong economic growth in the previous quarter. GDP grew by 2.2 percent, the highest quarterly result since reunification.

Germany Trade & Invest is the foreign trade and inward investment promotion agency of the Federal Republic of Germany. The organization advises foreign companies looking to expand their business activities in the German market. It provides information on foreign trade to German companies that seek to enter foreign markets.

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Troup County, Georgia Leverages Economic Development Tool

/PRNewswire/ -- Troup County voters along with those in LaGrange, West Point and Hogansville, Georgia approved the use of Redevelopment Powers making the entire county "TAD friendly." TAD's, or Tax Allocation Districts, are a form of tax increment financing in the state of Georgia.

"Today's economy is extremely competitive for developers and businesses. Our region is extremely competitive," says Troup County Commission Chair Richard Wolfe. "This economic development tool gives us the ability to create value in our community and to create jobs for our citizens. It's just one more economic development tool our neighbors don't have right now."

Most residents expressed a special interest in attracting new retail to the growing community. "We have to re-imagine retail development as economic development," Wolfe said. The County plans to capitalize on recent economic development success having added over 5,000 jobs. With Kia Motors and several suppliers ramping up production, this West Georgia community is now poised for a new era of growth.

The community is targeting retail and mixed-use developers to attract quality projects. Scott Turk, Governmental Services Manager noted, "Troup County is at a tipping point in its growth and evolution as a regional community. This tool can make all the difference in tipping it to the side of positive growth." Tax increment financing may be used for office, warehouse/distribution, corporate headquarters, retail/commercial, residential, and mixed-use development projects. Georgia has other tax and financing incentives for employers and especially for relocating corporate headquarters.

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Kia Motors Manufacturing Georgia Launches Second Shift Production

/PRNewswire/ -- Yesterday Kia Motors Manufacturing Georgia, Inc. (KMMG) celebrated the launch of a second shift of production at its new West Point facility. KMMG hired more than 600 new team members to prepare for the addition of the second shift – which begins production today – bringing the total number of jobs created at the plant to more than 2,000.

Kia Motors added the second shift in response to the successful sales of the 2011 Kia Sorento, which has been Kia's best-selling model in the U.S. every month since it debuted in January. The second shift will help meet the continuing demand for the Kia Sorento while adding capacity to build the Hyundai Santa Fe. KMMG began production of the Santa Fe on September 28.

"KMMG has produced 100,000 Sorentos to date and the quality, craftsmanship and attention to detail that goes into building the Sorento from the entire KMMG team has helped make it the best-selling Kia vehicle in the United States," said Byung Mo Ahn, group president and CEO of Kia Motors America and Kia Motors Manufacturing Georgia. "With the addition of our second shift we are building on that foundation to increase KMMG's volume and increase our commitment to the U.S. and local economy."

In addition to the more than 2,000 jobs created at Kia Motors Manufacturing Georgia, suppliers have hired more than 5,200 people for jobs created to support production at the plant. More than 1,000 KMMG team members traveled to Korea for hands-on experience working with the parent company.

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Blue Cross and Blue Shield of Georgia Helps Businesses Navigate Health Care Changes with New Online Tools

/PRNewswire/ -- In an effort to help minimize confusion regarding implementation of health care reform provisions among business owners, Blue Cross and Blue Shield of Georgia (BCBSGa) has created two new tools to help business navigate the changes in health care, a grandfathering tool and a tax calculator tool.

Both tools are available at www.anthem.com/healthcarereform. The small business tax calculator tool and tax content were developed by The Tax Institute at H&R Block and also may be viewed by visiting www.thetaxinstitute.com.

The interactive grandfathering tool is designed to help businesses better understand what grandfathering means, if they qualify for it, and what options are available to them with regard to their health plan. BCBSGa has also joined forces with H&R Block to provide a convenient, comprehensive tool to help small business owners understand the financial impact, as well as the opportunities that accompany the changes in the health care system.

"The grandfathering tool is another part of our commitment to help make health care reform work," said Morgan Kendrick, President, BCBSGa. "This tool will allow business owners to understand what grandfathering means to them, what the qualification parameters are, and if it is potentially in their best interests to grandfather their current health plan. This tool can help businesses quickly and easily determine a course of action based on their current plan in an easy-to-use and easy-to-understand tool."

Kendrick added, "We are also extremely pleased to be partnering with H&R Block to make the small business tax calculator available, which can help small business owners understand the tax credits they are qualified for and allow them to better control and anticipate their health care costs. It's BCBSGa's hope that this resource will enable owners to focus on running a successful business and add some clarity as they navigate the health care system."

The small business tax calculator can help users understand the following reform provisions:

* The small business health care premium credit for qualified employers with 25 or fewer employees and average annual wages under $50,000 (2010)
* Requirements to provide employee coverage for full-time employees who work for businesses with 50 or more employees (2014)
* Employer penalties for not providing coverage when at least one full-time employee is enrolled in a subsidized health care plan (2014)
* The excise tax on high-cost health plans, which applies to plans that cost more than $10,200 for an individual and $27,500 for a family (2018).


"These tools will provide us with an easy way to navigate and communicate the financial impact that health care reform may have on our small business customers," said Jeff Fishback, President and CEO, Purchasing Alliance Solutions. "They will also help us to better communicate about grandfathering and if it might be in their best interest. For example, whether they should take advantage of the available credits and other provisions designed to improve the affordability of health care. I anticipate that interactive tools such as these will help small businesses save time and money. This is just one more example of why BCBSGa is the leader in the industry."

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Two Great Airlines Join Forces: AirTran Airways Agrees to Acquisition by Southwest Airlines

/PRNewswire/ -- AirTran Holdings, Inc. (NYSE: AAI), the parent company of AirTran Airways, announced today that it has entered into a definitive merger agreement to be acquired by Southwest Airlines (NYSE: LUV) in a transaction currently valued at more than $1.37 billion. Including existing AirTran Holdings, Inc., indebtedness and capitalized aircraft operating leases, the aggregate transaction value is approximately $3.42 billion.

Under the terms of the agreement, shareholders of AirTran Holdings, Inc., will receive a combination of Southwest common stock and cash valued between $7.25 and $7.75, depending upon the average trading price of Southwest stock for a 20 trading day period to and including three trading days prior to the closing of the merger. At least $3.75 of the merger consideration will be in cash. The stock portion of the consideration will be 0.321 shares of Southwest common stock for each share of AirTran common stock, unless the trading price of Southwest common stock would cause the overall merger consideration to exceed $7.75 per share (in which case the number of Southwest shares will be decreased so that the consideration equals $7.75 per AirTran share) or would cause the overall merger consideration to be less than $7.25 per share (in which case additional cash, Southwest shares or a combination of the two will be added so that the consideration equals $7.25 per share).

Based on Southwest Airlines' closing share price as of September 24, 2010, the value of the merger consideration would be $7.69 per AirTran share. This represents a 69 percent premium over the September 24, 2010, closing price of AirTran stock.

The acquisition of AirTran Airways by Southwest Airlines will bring together two great companies and create one even stronger low-cost carrier. The two airlines currently serve 106 communities from coast-to-coast, Mexico and the Caribbean, with 685 all-Boeing aircraft and nearly 43,000 dedicated, fun-loving Employees.

"This agreement is great news for our Crew Members, our shareholders, our customers and the communities we serve. Joining Southwest Airlines will give us opportunities to grow, both professionally as individuals and as a group, in ways that simply would not be possible without this agreement," said Bob Fornaro, AirTran Airways' chairman, president and chief executive officer. "This agreement with Southwest is a testament to the success and hard work of the more than 8,000 AirTran Crew Members who have built this airline. I am tremendously proud of the things we have accomplished together and look forward to continuing that great work during this next exciting chapter of our history."

The combined airline will benefit from greater economies of scale and the integration of operations will be aided by significant fleet commonality. The result is an airline that is better prepared to meet the challenges of an increasingly competitive airline environment and take advantage of strategic opportunities better than ever before.

"Both companies have dedicated people with kindred Warrior Spirits, who care about each other, and who care about serving Customers. We will continue to enhance our award-winning Customer experiences and high-quality operations," said Gary Kelly, Southwest Airlines' chairman, president, and chief executive officer. "We believe this deal can benefit all Stakeholders through an expansion of low fares for Customers, opportunities for Employees of both companies and for suppliers and vendors, and favorable returns for Shareholders. Ultimately, we want to spread low fares farther and look forward to working together with AirTran's Crew Members to realize the new opportunities we expect to achieve from this deal."

The AirTran Board of Directors, on the unanimous recommendation of a Special Committee of independent directors, approved the merger agreement and recommends that AirTran Holdings, Inc., shareholders approve the transaction.

Completion of the transaction, which will require both regulatory and shareholder approvals, is expected to close by the first half of 2011. Commercial and operating integration is slated to culminate in 2012, with both carriers operating under Southwest Airlines' Federal Aviation Administration operating certificate in Dallas.

Morgan Stanley acted as lead financial advisor to AirTran Holdings, Inc., with both Sullivan & Cromwell, LLP, and Smith, Gambrell & Russell, LLP, acting jointly as legal advisors.

Until the acquisition is approved and finalized, both carriers will continue to operate independently. For more information, please visit: www.lowfaresfarther.com.

AirTran Airways is a Fortune 1000 company and has been ranked the number one low cost carrier in the Airline Quality Rating study for the past three years. AirTran Airways is the only major airline with Gogo Inflight Internet on every flight and offers coast-to-coast service on North America's newest all-Boeing fleet. Our low-cost, high-quality product also includes assigned seating, Business Class and complimentary XM Satellite Radio on every flight. To book a flight, visit www.airtran.com.

After nearly 40 years of service, Southwest Airlines (NYSE: LUV) continues to differentiate itself from other low fare carriers--offering a reliable product with exemplary Customer Service. Southwest Airlines is the nation's largest carrier in terms of originating domestic passengers boarded, now serving 69 cities in 35 states. Southwest also is one of the most honored airlines in the world known for its commitment to the triple bottom line of Performance, People, and Planet. To read more about how Southwest is doing its part to be a good citizen, visit southwest.com/cares to read the Southwest Airlines One Report(TM). Based in Dallas, Southwest currently operates more than 3,200 flights a day and has nearly 35,000 Employees systemwide.


Important Information for Investors and Shareholders

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval and relates to a proposed merger of AirTran Holdings, Inc. ("AirTran") with Southwest Airlines, Inc. ("Southwest"). The merger agreement will be submitted to the Shareholders of AirTran for their consideration and to solicit their approval of the merger agreement and the transactions contemplated thereby. Southwest will file with the Securities and Exchange Commission ("SEC") a registration statement on Form S-4 that will include a proxy statement of AirTran that also constitutes a prospectus of Southwest. AirTran and Southwest also plan to file other documents with the SEC regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS OF AIRTRAN ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Investors and Shareholders will be able to obtain free copies of the joint proxy statement/prospectus and other documents containing important information about AirTran and Southwest, once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by AirTran will be available free of charge on AirTran's website at www.airtran.com under the tab "About AirTran" then under the tab "Investor Relations" or by contacting AirTran's Investor Relations Department at (407) 318-5188. Copies of the documents filed with the SEC by Southwest will be available free of charge on Southwest's website at www.southwest.com under the tab "Investor Relations" or by contacting Southwest's Investor Relations Department at (214) 792-4415.

AirTran, Southwest and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the Shareholders of AirTran in connection with the proposed transaction. Information about the directors and executive officers of AirTran is set forth in its proxy statement for its 2010 annual meeting of Shareholders, which was filed with the SEC on April 2, 2010. Information about the directors and executive officers of Southwest is set forth in its proxy statement for its 2010 annual meeting of Shareholders, which was filed with the SEC on April 16, 2010. These documents can be obtained free of charge from the sources indicated above. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect AirTran's and Southwest's current beliefs, expectations or intentions regarding future events. Words such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, AirTran's and Southwest's expectations with respect to the synergies, costs and other anticipated financial impacts of the proposed transaction; future financial and operating results of the combined company; the combined company's plans, objectives, expectations and intentions with respect to future operations and services; approval of the proposed transaction by Shareholders and by governmental regulatory authorities; the satisfaction of the closing conditions to the proposed transaction; and the timing of the completion of the proposed transaction.

All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of AirTran and Southwest and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, (1) the possibility that the proposed transaction is delayed or does not close, including due to the failure to receive AirTran's required stockholder approval or required regulatory approvals, the taking of governmental action (including the passage of legislation) to block the transaction, or the failure of other closing conditions, and (2) the possibility that the expected synergies will not be realized, or will not be realized within the expected time period, because of, among other things, significant volatility in the cost of aircraft fuel, the significant capital commitments of AirTran and Southwest, the impact of labor relations, global economic conditions, fluctuations in exchange rates, competitive actions taken by other airlines, terrorist attacks, natural disasters, difficulties in integrating the two airlines, the willingness of customers to travel by air, actions taken or conditions imposed by the U.S. and foreign governments or other regulatory matters, excessive taxation, further industry consolidation and changes in airlines alliances, the availability and cost of insurance and public health threats.

AirTran and Southwest caution that the foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in AirTran's and Southwest's most recently filed Annual Reports on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings. All subsequent written and oral forward-looking statements concerning AirTran, Southwest, the proposed transaction or other matters and attributable to AirTran or Southwest or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Neither AirTran nor Southwest undertakes any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.

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Small Business Financing Bill May Shortchange Veterans

/PRNewswire/ -- While applauding its intent, leaders of The American Legion say that new federal legislation designed to bolster small business may not do enough to support veteran-owned enterprises.

The legislation being questioned by The American Legion is H.R. 5297, the Small Business Jobs and Credit Act of 2010. Introduced by Rep. Barney Frank (D-Mass.) this past May, H.R. 5297 would create a $30 billion small business lending fund to be administered by the Secretary of the Treasury, as well as provide $12 billion in tax breaks to help small businesses.

"The Small Business Jobs and Credit Act is a terrific piece of legislation in its purpose," says Joe Sharpe, director of The American Legion's economic commission, "but it does very little, if anything, to correct the sorry circumstances facing service-disabled, veteran-owned small businesses today."

Government regulations require that three percent of all appropriate government contract money be awarded to eligible small businesses owned by service-disabled military veterans. Yet, to date, awards have totaled only about half that mandate.

"We are not asking for preferential treatment, but simply some legislative language that levels the playing field," says Sharpe. "Without going into minute detail, let's just say the current wording does not do the job."

Jimmie Foster, national commander of The American Legion, says, "Historically, the federal government has done very poorly with regards to implementing veteran preference rules on contracts. This time, from our point of view, things must be different. When implementation of this law is accomplished, veteran-owned businesses must finally be able to gain the recognition – and contracts – they deserve. The American Legion will campaign hard to make sure that happens."

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Many More Small Businesses Now Eligible for Long-Term Financing With SBA 504 Loans

/PRNewswire/ -- A number of very substantial benefits for America's small businesses were incorporated into the Small Business Jobs and Credit Act of 2010, recently passed in Congress. Included in the legislation were major enhancements to the SBA 504 loan program, an important U.S. Small Business Administration financing program. SBA 504 loans are long-term, government-guaranteed loans designed for small businesses to finance the purchase, construction or renovation of commercial real estate and the purchase of long-term capital assets.

As a result of the legislation, many more small business owners across the country now qualify to receive SBA 504 loans. The net worth for companies to be eligible for an SBA 504 loan was increased, maximum loan size was raised and refinancing of existing debt was also approved.

Among the most important benefits included in the Small Business Jobs and Credit Act of 2010 is an extension of the fee relief for SBA 504 loans. This fee waiver was first enacted in February 2009 as part of the American Recovery and Reinvestment Recovery Act. An additional $505 million has been allocated to fund SBA loan fees through December 31, 2010 saving borrowers many thousands of dollars.

Maximum loan amounts were also permanently increased to a range of $5 to $5.5 million from a previous maximum range of $1.5 to $4 million. Larger projects are now eligible for 504 loans and borrowers who already have loans with the SBA can now return for additional funding.

There was also an increase in the business size standard to be eligible for an SBA 504 loan. Businesses with a tangible net worth of $15 million and 2-year average net income after Federal income tax of $5 million, are now be eligible to apply for SBA 504 financing opening the door to many more small business owners across the country.

Perhaps one of the most beneficial enhancements to the SBA 504 loan program is a temporary two-year program for refinancing existing small business commercial debt. Small business owners holding commercial real-estate loans with undesirable rates will have the opportunity to refinance these loans using the SBA 504 loan program. This will be a boon for small businesses that are having difficulty keeping current on existing high-interest loans since SBA 504 loans are currently available at extremely attractive interest rates. Businesses will be able to remain in their facilities while lenders are not left holding vacant real estate.

SBA 504 loans are typically used by small businesses needing more operating space or by businesses that have lost their leases and decide to invest in their own facilities. Still others want to construct or retrofit facilities to incorporate energy efficient technologies to decrease operating expenses. Businesses needing to invest in capital-intensive equipment and machinery also look to the SBA 504 loan for funding. Small business owners definitely see the advantage of the low down payment which is typically only 10%. The hidden value to our economy is that all SBA 504 loan recipients are also adding jobs in their communities.

Certified Development Companies, or CDCs, are the SBA's conduit for providing 504 loans on Main Street. They are ready and waiting for the anticipated increase in demand this new legislation will generate. CDCs know that many small business borrowers will want to take advantage of these long-term, fixed, low interest rate loans now. Chris Crawford, President of NADCO, the trade association for the nation's CDCs pointed out, "The bottom line is that more small businesses now have an opportunity to invest in their own facilities or expand existing facilities using SBA 504 financing. At a time when the commercial real estate market is depressed and property is more affordable, this is great news for many small business owners."

Since 1986 the Certified Development Company industry has provided nearly $60 billion worth of financing to over 123,700 American small businesses resulting in the creation or retention of over 2.2 million jobs. Contact a Certified Development Company to discuss the program or visit the NADCO website at www.nadco.org for additional information.

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