New Jersey CPAs find lending benefits for Indiana businesses

11/16/2011

Indiana small business owners may be eligible for a little-known incentive within the Small Business Jobs Act thanks to research from two New Jersey certified public accountants, the News and Tribune reports.

Samuel D. Bornstein and Jung I. Song of the New Jersey CPA and consulting firm Bornstein & Song have been researching enterprise zone programs since 2000, and recently shifted their focus to the small business lending effort.

What they found was that lending institutions in three states - California, Illinois and Indiana - can double their benefits by loaning to companies located in urban enterprise zones (UEZs), allowing them to save on interest and taxes.

"We realized that we should make every effort to contact the enterprise zones in these states and alert them that with this incentive - they can receive a double benefit," Bornstein told the news source.

Indiana banks that participate in the U.S. Treasury Small Business Lending Funding Program are eligible for the program, and can receive up to 5 percent annual loan interest credit for lending.

According to the city of Bloomington's home page, companies can also participate in programs to assist with capital improvement of the UESz, such as facility improvement loans, historic facade preservation grants and training and support for entrepreneurial activity.