LAS VEGAS, Oct. 15 /PRNewswire/ -- "The solution to our failing economy lies with the creation of jobs made possible by small business," says Barry Michaels, Independent Candidate for Nevada's 3rd Congressional District. Mr. Michaels calls his plan "Americans Investing in America," which calls for the issuance of a new savings bond called Series SB to be used exclusively to fund small business loans. The loan amounts are based on the number of jobs created. For each job created a business could borrow up to $50,000, with a maximum amount of $1,000,000 for 20 or more new hires.
The loans would be amortized over five years at a prevailing interest rate, personally guaranteed and not dischargeable in the event of a bankruptcy. The entire process from beginning to end would be administered by the existing banking network that would be paid a small percentage as a service fee. Once approved, the SBA would fund the loan as a line of credit on a debit card. Although all loans are personally guaranteed, a percentage of the overall return would be set aside to cover any bad loans. The overall cost to tax payers would be zero.
Since new businesses rarely qualify for credit and individual credit scores have been dropping like flies, Mr. Michaels says "qualifying for these loans would need to be based on the merits of the business plan and not one's personal credit score."
The plan allocates marketing dollars for public awareness through the mass media channels promoting bond availability at any FDIC bank. In addition, with the cooperation of our nation's public school system, a savings program can be created for all children from $1.00 per week on up, which would also instill the value of saving in young children, as well as their parents.
In days of high unemployment there are millions of would-be entrepreneurs ready, able and willing to start their own business - the only thing missing is the capital. The "Americans Investing in America" plan does not add to the national deficit, creates jobs, and boosts the economy. It's clearly a win-win for all America.
Michaels has spent the past 40-plus years creating and managing businesses of all sizes. He is currently the CEO and founder of Avatar Airlines, an ultra-low fare, start-up airline currently in the government certification process, along with another startup called MiniCare, a non-profit to provide low-cost doctor visits ($22) to the uninsured. Both entities are expected to create 1,000s of new jobs.
SOURCE Michaels for Congress