SBA's Y2K loans offer flexibility of payment

Whitlock, Selim & Keehn LLP recently assisted clients in finding funding for necessary year 2000 information technology solutions through the loan program established by the Small Business Year 2000 Readiness Act, according to a news release from WSK.

The new law, signed by President Clinton April 2, requires the Small Business Admini-stration to provide for a loan guaranty program that addresses the Y2K computer problems of small business (details on the program appeared in the May 24 issue of SBJ, page 28).

"We have helped many of our clients during the last two years with necessary Y2K computer hardware and software upgrades, and recognize that the financial burden can be a real hardship. We have tried to stay abreast of this SBA loan program as a resource for our clients," said Greg A. Horton, WSK partner and director of the firm's information technology division, in the release.

The SBA is now accepting applications for this loan program, which utilizes its existing policies and procedures with the following exceptions:

?Provides maximum flexibility in establishing terms and conditions of the loan so it may be structured to enhance the ability of the borrower to repay the debt