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.

Of the billions of dollars in federal stimulus money out there, Chris Yoo is banking on the hope that a fraction will boost his dry-cleaning business. Amid the recession and credit crunch, Yoo, who owns three Joy Cleaners dry-cleaning stores in Chesterfield and Henrico counties, recently took out two loans to buy equipment that he believes will help him retain and attract customers. Both loans were through SunTrust Banks Inc. and guaranteed by the U.S. Small Business Administration.

SBA loan request: The business loan application should be filled out by the business owner; the lender application for guarantee should be completed by the bank or financing institution.
  Background info: You need to include some personal information, such as your address, place of birth, any prior convictions and if you are under indictment.

The Small Business Administration is honoring a local man as the minority small-business champion of the year. Tinh Phan, chairman of the Virginia Asian Chamber of Commerce, won for Virginia and the region, which includes Pennsylvania, Delaware, Maryland, West Virginia and Washington.