By Christy Plunkett Foertsch
New Energy Act Provides Hybrid Tax Credit
In fiscal year 2005, the U.S. Small Business Administration (SBA) secured 97,981 loans through its two small business loan programs. This set a loan volume record for the fifth consecutive year. The SBA guaranteed 88,912 loans through its flagship 7(a) program for a total of $14 billion, a 23 percent increase in the number of loans compared to the previous year. Small businesses use these loans primarily for working capital. In the Certified Development Company loan program, also known as the 504 program, 8,979 loans were made for $4.9 billion. The number of loans is up 16 percent compared to the last fiscal year. The loans are used to buy or rehabilitate fixed assets such as land, buildings, machinery and equipment.
Small Businesses Receive Record SBA Loans
In fiscal year 2005, the U.S. Small Business Administration (SBA) secured 97,981 loans through its two small business loan programs. This set a loan volume record for the fifth consecutive year. The SBA guaranteed 88,912 loans through its flagship 7(a) program for a total of $14 billion, a 23 percent increase in the number of loans compared to the previous year. Small businesses use these loans primarily for working capital. In the Certified Development Company loan program, also known as the 504 program, 8,979 loans were made for $4.9 billion. The number of loans is up 16 percent compared to the last fiscal year. The loans are used to buy or rehabilitate fixed assets such as land, buildings, machinery and equipment.
Mazda Recalls Vehicles for Emissions Problem
Mazda Motor Company has recalled 2001 and 2002 Miatas for vehicle emissions problems. Many of these vehicle models have the potential to exceed federal emissions standards because of inadequate emission control when the vehicle is started cold. Mazda will replace the vehicle's central processing unit with one that has different engine calibrations to reduce emissions when the vehicle is started cold. The new calibrations will not have an effect on vehicle performance or fuel economy.
EPA Finalizes Vehicle Diagnostic System, Evaporative Emissions Rules
The U.S. Environmental Protection Agency (EPA) has finalized a pair of rules designed to clarify and update the existing vehicle Onboard Diagnostic (OBD) program and amend provisions of its evaporative emission regulations. The OBD clarifications will allow manufacturers to choose one OBD system to satisfy both federal and California state regulations. Another rulemaking was finalized that amended provisions of EPA's evaporative emissions regulations. The amendments will streamline the evaporative emissions test procedures for vehicles, sport utility vehicles and trucks up to 14,000 pounds and will coordinate EPA and California's evaporative emissions test procedures.
GM Recalls SUVs, Trucks for Tire Label Issues
General Motors Corp. has recalled approximately 32,000 trucks and sport utility vehicles because of tire labels that contain the incorrect tire and loading information. This incorrect information could lead to overloading of the vehicles and cause tire failure. The National Highway Traffic Safety Administration (NHTSA) said the GM recall affects a variety of 2006 models. GM noticed the tire labeling issue during an internal audit. NHTSA's Office of Defects Investigation found the labels do not properly reflect the vehicle weight capacity. Therefore, they do not comply with the requirements of the Motor Vehicle Safety Standard 110, Tire Selection and Rim.
Copyright (c) 1996-2011. Automotive Service Association®. All rights reserved.
