Charles McMillan 2009 President, NAR
By: Dennis Norman
National Association of REALTORS(R) 2009 President, Charles McMillan wrote to the administrator of the U.S. Small Business Administration requesting that real estate agents be eligible for SBA loans.
According to McMillan some agents, attempting to take advantage of recent modifications to SBA loan programs under the American Recovery and Reinvestment Act of 2009 have been told they are not eligible for SBA loans.
McMillan cites several reasons why brokers and agents should be eligible for SBA loans including:
- Real estate agents are entrepreneurs who conduct business as independent contractors and, for purposes of eligibility for SBA loans, should not be viewed as significantly different from entrepreneurs that operate as sole proprietorship’s or franchisees.
To read the complete letter click here.
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Nice informative posting. This must be helpful to all of them who is stepping in this field.