An unaware business will not take action on the problem. By providing Small Business Administration loans to qualified businesses in need, Senate bill 314 is a step towards assisting those well-intentioned and aware companies that simply do not have the resources to achieve compliance. More importantly, it can provide responsible businesses with funds, perhaps critically needed, after Y2K impacts occur, which could mean the difference between tight times next year and closing their doors for good. K related expenses, including consulting and third party verification of what problems a business may face, could help many businesses at least reach an awareness level which may cause them to act to protect their vital systems, important customers and mission critical supply chains. While the government can play an important role in this, we are fortunate to live in the most efficient market in the world, which will allow private enterprise to contribute it's own creative solutions to this problem as well.
Efficient markets create alternatives when they are needed.
There is also at least one private sector Y2K risk and expense financing program about to be launched, of which I am aware, which has some striking similarities to the bill you are considering today. From the appearance of the bill and my knowledge of the private sector product, it appears they will be complementary, with the SBA program providing a safety net for the small business and the private sector Y2K risk financing program meeting business needs from the point where the SBA program will stop. Had this program been available at the time we incurred these expenses, I would have recommended serious consideration be given to utilizing these resources ourselves. Too much of what most businesses focus on is internal risk. Introspective Y2K compliance completely ignores many severe risks, which can seriously impair a business or a country.