Let us compare what the city of Salem, MA requires from a small business so that we may secure a 5-15k loan:
But First, the TARP for banks that screwed us all, the taxpayers that have no recourse and no veto over how our economy isrun and who gives our tax dollars away. We are all truly, "the forgotten man", (I love you Amity Shlaes).
Amount of TARP = 700++ bllion
References for receiving TARP funds = must have been criminally negligent in the misuse and abuse of all banking regs and SEC standards.
Application Process for TARP = None, the Fed will come and deliver the money, and you can use the money to pay the executives that were patently culpable for the troubles, violations, and evil.
click through for the actual program docs - they are quite thorough. Now, for the City of Salem, MA's small biz loan checklist:
The following circled items are necessary to process your application for assistance. Not all items apply to every application; only submit those items marked. Please make sure that all applicable documents are included with your application packet to ensure a timely decision on your funding request.
____1. Completed and signed application as the front page of the packet.
____2. Completed Business Plan.
____3. Projected Financial Statements (1 year monthly projections; 2-3 yearly projections)
• Show use of loan
____4. Total project budget. If the project is for construction, you must include a contractor estimate that takes into account the payment of Davis-Bacon prevailing wages.
____5. Documentation from other funding sources (private investment; commercial lenders; Small Business Association; etc.) offering to fund your project together with the city loan.
____6. A list of the jobs you intend to create (with an emphasis on those jobs to be taken by low- to moderate-income individuals) with a brief description of the positions, projected salary, and the projected timeframe for hiring these positions.
____7. The lease agreement, if available.
____8. Copy of recent property appraisal(s), if available.
____9. Business References, at least three.
____10. Personal financial statements and/or tax returns of each owner/guarantor (last two years).
____11. If the business is existing, include copies of past financial statements and corporate tax returns (last two years).
And here is the actual application: (the whole process can take more than eight weeks, whereas TARP was rammed through in a month.Application