Small businesses interested in subcontracting work on Iraqi reconstruction projects can get more information on bidding and contracts available at a summit Feb. 17 at the Hyatt Regency O’Hare Hotel.
Executives from seven prime contractors, which have rebuilding contracts worth several billion dollars, will talk with small-business officials at the event. There will also be presentations from the Coalition Provisional Authority, the U.S. Army Corps of Engineers and the U.S. Agency for International Development.
Prime contractors that will have representatives at the event include Bechtel, Halliburton KBR, Parsons Corp., Washington Group International, Perini Corp., and Ch2m Hill Cos.
“This opens up a whole new market to a large number of our businesses,” said Pat Rea, regional administrator for the Small Business Administration, in a news release.
The conference, which is being organized by New Fields Exhibitions Inc., costs $150 for those who register by Tuesday or $185 after that date.
More information and registration forms are available at www.new-fields.com/chicago/index.htm.
Bush’s budget to cut microloans
In addition to cutting a long-standing subsidy for the Small Business Administration’s 7(a) loan program, President Bush’s budget proposal last week would eliminate the SBA’s microloan program.
The program gives loans of up to $35,000 to start-up firms.
“The proposed budget cuts for microenterprise development would cripple very small businesses across the United States,” said Bill Edwards, executive director of the Association for Enterprise Opportunity, which works to develop microloan programs.
Nearly $30 million was loaned through the program last fiscal year, according to the association.
Community non-profit groups administer the small loans to businesses.
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Of the loans last year, 31 percent went to firms with African-American owners, 15 percent to Latino-owned firms and 38 percent to businesses entirely owned by women, the association said.
More businesses using 7(a) loans
More Illinois businesses have used the SBA’s 7(a) program recently.
Approved 7(a) loans for Illinois firms surged 30.8 percent, from 1,228 loans in fiscal year 2002 to 1,606 loans in fiscal year 2003, which ended in September. The amount of money loaned to Illinois companies through the program grew from $285.5 million to $303.9 million in those years.
The number of Illinois 7(a) loans continued to grow in the first three months of the current fiscal year, but the amount of money loaned dropped.