WASHINGTON — The U.S. Small Business Administration is inviting small businesses in Maine to apply for Y2K Action Loans, which assist small businesses in addressing the Year 2000 computer glitch, according to Sen. Olympia Snowe. The loans were authorized under the Bond-Snowe Small Business Year 2000 Readiness Act signed into law April 2, 1999.

“For the vast majority of businesses, there are five simple steps toward Y2K compliance: First, awareness of the problem. Second, assessing which systems could be affected and prioritizing their conversion or replacement. Third, renovating or replacing computer systems. Fourth, validating or testing the computer systems. And fifth, implementing the systems,” said Snowe, a member of the Senate Committee on Small Business. “These loans will help small businesses address these issues.”

Y2K Action Loans, coordinated by the SBA, permit two distinct types of loan guarantees. First, they will enable small businesses to borrow money to purchase the systems, software and services they need to become Y2K-compliant. Second, they will assist small businesses that suffer economic injury as a result of the Y2K problem. For information on Y2K Action Loans, visit the SBA’s Y2K Web site at www.sba.gov/y2k or contact the SBA’s Maine office at 622-8378.