Economic stimulus debated at Va. Asian Chamber

The federal economic-stimulus plan is working for small businesses in Virginia, a senior SBA official told the Virginia Asian Chamber of Commerce’s procurement conference here yesterday.

Some of the participants were not so sure.

Since the start of the stimulus program in February, the U.S. Small Business Administration has provided more than 2,000 loans worth nearly $280 million to the state’s small entrepreneurs, said Ana M. Ma, the SBA’s chief of staff.

The SBA’s weekly loan volume has more than doubled in Virginia thanks to the federal stimulus, she said to about 120 people at the Virginia Asian Chamber conference at the Crowne Plaza Hotel Richmond West on West Broad Street in Henrico County.

“The results are in,“ Ma said. “This formula worked. Borrowers are reporting that these loans are saving or creating thousands of jobs around the state.“

However, Richmond lawyer Lakshmi Challa, said: “I hear it on the state level, I hear it on the federal level, that they’re funneling money down to minority businesses, to small businesses, to women-owned business.

“But they don’t feel they’re getting their fair share,“ said Challa, who frequently represents small businesses.

“It’s not trickling down,“ said Susan Carlson with the nonprofit International Center for Assistance, which helps small businesses obtain capital and training.

The U.S. government wants 23 percent of contracting dollars to go to small firms, Ma said. In Virginia, she said, small businesses hold more than $200 million in federal contracts. Among the contracts, Asian-American-owned small businesses are repairing a steam-distribution system at Fort Eustis, replacing heat-pump motors at Langley Air Force Base, and providing the SBA itself with technical and software support.

Yesterday’s conference aimed to bring together Asian-American-owned and other small businesses with private companies and government agencies that might need the services of small firms.

“I use this as a networking event,“ said Christine Do, owner of Soft Tech Consulting in Fairfax and a member of the board of the Virginia Asian Chamber of Commerce. “Having a chance to have face-to-face meetings with companies like Dominion is always a good thing,“ she said.

Contact Peter Bacqué at (804) 649-6813 or .