Office of the Mayor Sabannah, Georgia \Steee/ Otis $, Johnson, Mayor March 1, 2010 President Barack H. Obama The White House 1600 Pennsylvania Avenue Washington, DC Dear Mr. President: Today, the City of Savannah in partnership with the Savannah Area Chamber of Commerce convened thirty-three members of our small business community to discuss issues related to our local economy. Our discussion was shaped by questions provided in the “Community Jobs Forum: Host Guide for Public Officials”. It was productive and provided insight into the many issues facing Savannah business owners and operators. While there was not a rigid system for prioritizing the concerns that emerged from the discussion, the consensus of the group is organized in three primary areas: ACCESS TO CAPITAL A. Representatives of the banking community expressed a desire to receive an allocation of TARP Funds specifically for small business lending, This could be offered below the 5% threshold. The local banks would like to advocate for eliminating the regulatory constraints in lending along with supporting an extension of the SBA Loan Guarantee Program. The provision of 90% recently reverted back to 80%. Increasing the SBA ARC Program lending limits from $35,000 to $100,000. C. Creation of an equity investment program administered through local government, CDCs and CDFis. D. Create tax credits for equity investments in small business ventures. E. Develop a waiver of tax penalties for small business owners who may withdraw funds from retirement accounts for use in the business. F. Offer accelerated depreciation for capital investments. G. Consider applying Public Law 95-507 to federal stimulus projects. » STIMULUS FUNDING FOR PROJECTS The City of Savannah requests that funding for “shovel ready” infrastructure projects, which have been approved, be released. Currently, the state’s financial condition has impeded Savannah's ability to get allocated monies here to fund projects. ojohnson@savannahga-gov * P.O. Box 1027 * Savannah, Georgia 31402 + (912) 651-6444 + Fax (912) 651-6805‘SMALL BUSINESS CAPACITY BUILDING & LOCAL PROJECTS A. Savannah's business community would like to benefit from the “Jobs for Mainstreet Act 2010”, B. Savannah would like to receive funding from the $250 million set aside to fund small business incubators in disadvantaged communities. C. The Savannah River needs to be deepened to allow our port to receive larger ships (4"" largest container port in the US). D. Savannah's business representatives would like funding restored for the development of a high speed rail system from Charlotte, N.C. to Atlanta, GA. to Savannah, GA and cities to the south. E. Savannah wants to capitalize on local resources to create systems for renewable energy research and development. F. The City of Savannah would like to be included in the Administration’s Promise Neighborhood Initiative. G. Incentives for the creation of a Green Empowerment Zone to encourage green technology and business development. The City of Savannah is the second largest city in Georgia and attracts millions of tourists annually from around the world, The issues presented here are critical to our local economy’s sustainability and to the State of Georgia. Even though the City of Savannah’s unemployment numbers are low relative to the state and the country, we cannot maintain our economic Position without your support. Sincerely, OD A. Otis S. Johnson, PhD. Mayor