Columbia, Maryland (September 27, 2010) - Terry Dunlap, Chief Executive Officer of Tactical Network Solutions (TNS), joined President Obama at the White House this afternoon to witness the signing of the Small Business Jobs Act of 2010. Tactical Network Solutions is located at the NeoTech Incubator at the Center for Business and Technology Development in Columbia, Maryland.
Dunlap was one of a select group of small business owners invited to attend the signing ceremony, an honor that developed in a very condensed time frame. Dunlap’s closing on a business line of credit for TNS was delayed when a representative from his bank, M&T, contacted him to recommend waiting until after the Act was signed into law. The postponement eliminates up to $3,000.00 in fees required by the Small Business Administration (SBA) before the Act’s passage. As the owner of a start up business, Dunlap was grateful for his bank’s timely, proactive advice and made the sound decision to avoid significant fees. Within the next few days, M&T contacted Dunlap again to ask questions on behalf of the SBA regarding the Act’s impact on his business.
Dunlap notes, “There were questions about the type of business I have – I am in the cyber industry – and how this bill might benefit my firm. My business is at an early stage in its existence, making those several thousands of dollars in fees quite burdensome. Obtaining the line of credit allows me to hire at least three, and perhaps up to five new employees immediately.”
Dunlap answered the questions and sent M&T additional information on his firm and its employees for SBA use. Late Friday afternoon Dunlap’s phone rang again; this time it was the White House Small Business Outreach Office asking him to attend the Act’s signing on Monday. Surprised and pleased, he accepted the invitation.
“Small businesses are the source of most innovation and job creation in our economy. Access to capital is critical for their survival and growth, and that access has been severely constricted lately. Hearing of M&T’s strong support of our mutual client, Tactical Network Solutions, and learning about the new jobs this line of credit will facilitate is exciting, encouraging news,” said Linda Burger, Senior Vice President at the Center for Business and Technology Development.
Related news items:
- Original Howard County Economic Development Authority Press Release
- White House Bill Background Summary
- Maryland Governor O'Malley's Press Release
- Politico News Coverage