SLIDESHOW. CLICK ON THE PHOTO TO PLAY SLIDESHOW. Small Business Administration Administrator Karen Mills, right, checks out the pet toys at Burien's Mud Bay pet store with Mud Bay co-owner Marisa Wulff.
The head of the federal government's Small Business Administration (SBA) appeared at Burien's Mud Bay pet store Friday morning to showcase the federal government's Recovery Act for small businesses.
Administrator Karen Mills said the program provides 90 percent loan guarantees for small business loans.
"This is how America will grow, through entrepreneurs like (Mud Bay,)" Mills said.
Mud Bay received loans from Columbia Bank backed by the SBA guarantee to open new stores in Ballard, Sumner and Belltown in 2009, enabling them to hire eight new workers. They plan to open five new stores this year with help from the SBA.
Mud Bay purchased the Burien store from Bosley's Pet Food Mart in 2000 and moved it from Southwest 153rd Street to 148 S.W. 148th St.
Marisa Wulff, Mud Bay co-owner, said the company experienced double-digit revenue gains for 20 years but only posted a single-digit gain in 2009.
"This was shocking to us," Wulff noted.
However, even with the economic downturn, Mud Bay was able to expand through the Recovery Act program, she said.
Brad Stevens, Mud Bay vice president of marketing, said "what's good for business is good for communities."
Successful local businesses help support educational and cultural activities in their own neighbors, he noted.
Craig Chance from Columbia Bank, which provided Mud Bay's loans, noted the SBA program "is not really glamorous but the amazing thing is, it works.
Chance noted the program provides small businesses with similar access to loans that big businesses receive from Wall Street banks.
Mills said current funds for the 90 percent loan guarantee program have been used but there is legislation pending in the Congress to refinance it.
"Now is not the time to pull back," Mills declared.