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11/27/2011
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Nontraditional lenders gearing up -11/27
When Chris Runyan was looking for financing last year to open an entertainment store that allows customers to buy, sell, and trade video games, DVDs, and other electronics, he sent his business plan to 10 banks, heard back from five, but got money from none.
Without at least two years of strong financials, increasingly risk averse banks weren’t interested in placing a bet on Runyan’s small business concept.
“I went through three or four months of being led into different meetings, but no one wanted to loan me money,” said Runyan, who lives in Milford. “It was really a waste of time and frustrating.”
After the failed attempts, Runyan got in touch with the Connecticut Community Investment Corp. (CTCIC), a nonprofit lender that provides financing to businesses that don’t qualify for traditional bank loans. Source: Greg Bordonaro, Hartford Business
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11/22/2011
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New SBA rules make it easier to refinance - 11/22
A change in the Small Business Administration’s 504 loan program makes it practical for companies to refinance commercial mortgages. And it should help small-business owners invest in their firms and create jobs.
The SBA changed its 504 refinancing program effective Oct. 12 to allow more businesses to refinance loans on property they occupy and to expand the types of loans that qualify.
The change will likely mean more Cincinnati businesses will take advantage of the program, said David Main, president of the Hamilton County Development Co., the largest local 504 program lender. Source: Clermont Chamber of Commerce
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11/18/2011
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Wojtowicz: 'Light at The End of The Tunnel' - 11/18
A key advocate for small businesses throughout the state believes many are still being cautious, but there finally is some "light at the end of the tunnel." Indianapolis-based Cambridge Capital Management Corp. President Jean Wojtowicz is the Indiana Chamber of Commerce's 2011 Business Leader of the Year. Her company was founded in 1983 and has helped approximately 1,200 Hoosier businesses by investing more than $800 million. Source: Gerry Dick, Inside Indiana Business
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11/18/2011
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U.S. Small Business Administration head tours DeWitt sauce plant - 11/18
Bottles of tomato sauce and juice whizzed down the Giovanni Food Co. Inc. [SBA 504 Borrower] manufacturing lines today at a dizzying pace, a far cry from the homemade sauce poured by hand into bottles and given to Oswego restaurant customers 77 years ago.
It's small, often times, family-owned businesses that are growing, said Karen Mills, as she toured the Giovanni plant at 6050 Court Street Road in DeWitt.
Source: Charley Hannagan, The Post-Standard
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11/17/2011
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Bank of America says it's lending more to small business - 11/17
"We're trying to make every good loan we can, but the interest isn't as strong as it had been pre-recession," he said. "The economy is challenging everyone, and we're seeing that in loan demand."
But, he said, the bank is hiring small-business bankers across the country to advise small businesses and help them grow their companies -- it aims to hire 1,000 by the middle of next year.
Already, George says, Bank of America’s loans have helped some businesses hire. One was Sliding Door Co. in Chatsworth. The company, which makes doors for closets, room dividers and offices, bought a 25,000-square-foot building, essentially doubling its space, and plans to add 20 employees in the next few years. The loan was a SBA 504 commercial real estate loan with Bank of America. Source: Alana Semuels, Los Angeles Times
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11/16/2011
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Economic Development Foundation Promotes Small Business - 11/16
“It’s important to realize that jobs were retained and a promising new company was formed using the SBA 504 loan program.” Sandy Bloem, president of Economic Development Foundation.
GRAND RAPIDS — The Economic Development Foundation (EDF) is in the business of making things happen for small business. EDF will work with banks to finance projects all across the State of Michigan. Loan committees in Grand Rapids, Traverse City, and Kalamazoo provide first-hand insights into these regional communities and can provide support and a quick response to projects in all Michigan markets, according to Sandy Bloem, executive director of EDF. She said EDF is having success and recently highlighted two examples: one in Traverse City and the other in Paw Paw. Source: Michigan Bankers Magazine
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11/15/2011
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Savvy Bankers Select the SBA 504 Loan for Commercial Real Estate Projects - 11/15
In the current economic climate of increased reserve requirements and regulatory concerns regarding CRE, the SBA 504 loan program deserves serious consideration when small business owners are seeking financing for the purchase and/or renovation of commercial real estate or the acquisition of machinery and equipment. This government-guaranteed loan program is designed to make job creation and economic development possible by providing long-term, fixed rate financing to small businesses that are investing in their companies and adding staff. Indeed, any assistance that can be afforded to business owners who are creating or retaining jobs should be given priority in today’s economy. Source: Merril Levesque, ABA Commercial Insights
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11/15/2011
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SBA eases refinancing rules - 10/21
The Small Business Administration has loosened its rules on a program that allows small firms that own commercial real estate to refinance their mortgages through the SBA’s 504 program.
Under the new rules, small businesses can use 504 refinancing to turn real estate equity into working capital for their businesses. That could come in handy for small businesses that saw their lines of credit shrink following the financial crisis of 2008. Source: Kent Hoover, Tampa Bay Business Journal
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11/14/2011
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Thanks to an SBA 504 deal, new eatery comes to Central City - 11/14
It's an old-fashioned downtown, with a few eateries crowded along with some storefronts and clapboard houses as U.S. Route 30 winds through this town of about 3,000 people. But for hungry folks in Central City, Neb., a town about 25 miles north of Grand Island, they're about to get a choice in dining few in the wider area enjoy.
That's because restaurant developer Todd Carpenter is building a new Subway/Taco Del Mar franchise here; in the process, he'll create another six to eight jobs.
"By having this new concept branded with the Subway store, by doubling our parking lot, adding a drive through, adding seating, hopefully we will increase business," Carpenter said. Source: SBA
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11/14/2011
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Small business loans rise, but growth of jobs does not - 11/14
The number of Small Business Administration loans being approved in Ventura County is increasing as business owners seek to buy real estate or refinance their mortgages.
Forty of the agency's so-called 504 loans, representing more than $39 million, were approved for businesses in the county in the fiscal year that ended Sept. 30, according to the district office that oversees programs in Los Angeles, Santa Barbara and Ventura counties.
That number is up from 33 loans in 2009-10, 23 in 2008-09 and 10 in 2007-08.
California Statewide CDC, which has offices in Pasadena and Sacramento, processed 14 504 loans worth $14 million, the most of any agency lender. Source: Rachel McGrath, Ventura County Star
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11/9/2011
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SBA's Temporary Refi Program Tries - And Tries Again - 11/9
When President Obama signed the Small Business Jobs Act 13 months ago, many advocates for small-cap commercial property owner-users were thrilled that it included a temporary program aimed at helping business people facing challenging near-term mortgage maturities.
More particularly, the Act included a two-year provision through which the Small Business Administration would guarantee repayment of much of the refinanced debt secured by owner-occupied properties - thereby encouraging senior lenders to participate in refi transactions. The provision essentially expands the popular SBA 504 owner-occupied property finance program to allow for commercial mortgage refinancing - rather than just for property acquisitions and improvements. Source: SmallBalance.com
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11/9/2011
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Small Business Lender Touts 2011 Impact - 11/9
The Regional Development Company (RDC) held its Annual Membership Meeting Thursday, October 27 at Gamba restaurant in Merrillville. The RDC, one of five Certified Development Companies in Indiana empowered to administer the U.S. Small Business Administration’s 504 lending program, reviewed its performance in 2011 and welcomed new members at the gala event.
For the fiscal year ended September 30, 2011, the RDC approved 32 loans for a total of $11,738,000. These loans fueled $33,063,132 in total project dollars and leveraged investment, and created 224 jobs in northern Indiana. Source: Inside Indiana Business
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11/4/2011
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SBA changes open up 504 loan refinancing to more businesses - 11/4
Changes to the Small Business Administration’s 504 loan debt refinancing program could mean more money in the hands of small business owners.
The SBA recently loosened its requirements on owner equity under 504 refinancing and the rules governing the documentation of a loan’s history, as well as increased the amount of equity a borrower may take out of his or her business.
The 504 temporary debt refinancing program was part of the Small Business Jobs Act, which was signed into law last year and took effect in January. The rules governing the program were fairly restrictive, and few businesses took advantage of the program until the SBA loosened up some of its rules governing owner use of equity. Source: Nathan Peck, MiBiz.com
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11/2/2011
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Regions Bank Ranks Among Top SBA 504 lenders to Small Businesses in 2011 - 11/2
Regions Bank RF +3.52% continues to be ranked as one of the nation's top SBA 504 lenders, according to data recently released by the U.S. Small Business Administration for fiscal year 2011.
Year-over-year, Regions increased the number of SBA 504 loans by 11 percent, making Regions the fifth largest lender by loans approved. For the second consecutive year, Regions was the top SBA 504 lender in Alabama and Florida in both dollar amount and volume. The SBA 504 loan program supports economic development within a community by providing small businesses with long-term, fixed-rate financing to acquire assets for expansion or modernization. Source: Regions Financial Corporation
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11/1/2011
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Exploring the SBA 504 loan program to grow your business - 11/1
Is your business in a situation where you envision a path to growth, even in this uncertain economic climate? Or have your business loans come due and you are researching your refinance options? If so, you might have a powerful financing option available to you right now: the SBA 504 loan program. It’s a tool from the U.S. Small Business Administration designed to drive local economic growth using regional Certified Development Companies, or CDCs, as the point of contact with commercial lenders. The lender puts the loan together for the client in partnership with the CDC.Source: Jeff Geoghan, Centralpennbusiness.com
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11/1/2011
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U.S. Small Business Administration lending soars in Michigan - 11/1
U.S. Small Business Administration lending posted strong growth during the past year, with Huntington Bank alone more than doubling the volume of government-backed loans it wrote.
Huntington Bank again led Michigan as the top SBA lender for the 2011 fiscal year that ended Sept. 30. The bank wrote 612 for loans during the year for $128.7 million under the SBA’s primary 7(a) program. That compares to 262 7(a) loans for $52.7 million in FY 2010.
Source: Mark Sanchez, Business Review West Michigan
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10/31/2011
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There’s Big Business in SBA Loans - 10/31
Changes to the 504 loan program help brokers reach new small-business clients. Some commercial mortgage brokers may not realize it, but the U.S. Small Business Administration (SBA) plays a large role in economic development and job creation. For more than 25 years, the SBA has been offering its 504 loan program, which provides affordable financing to U.S. small-business owners for the purchase of land, building construction or renovation of existing facilities.
The program is a combination of private and public financing to fuel small-business expansion, economic development and job creation. These loans are pooled monthly and sold on Wall Street to large institutional investors, giving small-business borrowers access to long-term capital at interest rates usually reserved for Fortune 500 companies. Source: Merril Levesque, Scotsman Guide
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10/30/2011
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SBA 504 loans help small businesses grow when credit is tight - 10/30
Developer Byong Yu saw an opportunity to revamp a down-on-its-heels shopping center in Rancho Cordova into an economic driver and job engine in tough times.
Yu had both the vision and the track record to see his $21 million Koreana Plaza Market project through – he had successfully launched a similar retail center in Oakland. But he needed to find millions more in cash, a difficult task in this era of tight credit.
That's where the U.S. Small Business Administration's 504 loan program came in. Yu received an SBA-backed loan of more than $3 million that pushed his project over the top.
Source: Darrell Smith, Sacramento Bee
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10/28/2011
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VEDA records increased loan volume to $40.4 million during FY 2011 - 10/28
Direct loan closings by the Vermont Economic Development Authority (VEDA) to Vermont commercial businesses and farms were up for the third year running as of June 30, 2011. And financings not directly included on the Authority’s balance sheets – such as industrial development bonds, mortgage insurance contracts, and SBA 504 loans – were more than double those of the year before. Source: Vermontbiz.com
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10/25/2011
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Landmark Rehoboth hotel first business in Delaware to get SBA commercial refinancing loan - 10/25
The Moores received two SBA loans to renovate, expand and rebrand the landmark hotel in Rehoboth Beach.
Senator Chris Coons joined regional representatives from the Small Business Administration, the local and state Chambers of Commerce, and local and state politicians in congratuling Chad and Elyse Moore, the owners of the Admiral Hotel in Rehoboth Beach. The Admiral was the first business in Delaware to be approved for an SBA commercial refinancing loan from the SBA. The Moores were approved for two loans, totaling $7.9 million, which they’ll use to expand the hotel, upgrade rooms, open a cafe on the property and even rebrand the hotel. The couple, which is the second-generation owner of the landmark hotel on Baltimore Avenue, hope to add 10 new employees to their current staff of 25. Source: Andrew Koch-WGMD News
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10/25/2011
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SBA announces business loan initiative - 10/25
The Small Business Association unveils the first commercial mortgage refinance loan approved in the state, designed to help small businesses retain and create jobs.
Senator Chris Coons will join SBA officials for the announcement this morning at the Admiral Hotel in Rehoboth. The hotel recently got a loan to refinance its existing mortgage into a 20-year fixed rate under the SBA 504 loan program. Source: Mark Eichmann, NewsWorks.org
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10/24/2011
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SBA loan program: When refi is remedy - 10/24
As far as June Crain Griffy is concerned, more businesspeople facing tough loan payments should take a look at the Small Business Administration's new refinance program for business owners.
"It hasn't succeeded quite at the level we had hoped," she said. Griffy is with Enchantment Land Certified Development Co., a firm that works closely with the SBA.
But that means there's still time to apply.
The new program, Griffy explained, "is designed to assist businesses [that] may need to refinance an existing loan but may find it difficult to do so because appraisals are much lower than they were a few years ago." Source: Bob Quick, the New Mexican
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10/20/2011
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S.D. office sets loan record - 10/20
SBA's 504 program a bright spot in state. South Dakota's Small Business Administration District Office set a record dollar amount in lending for one of its programs in fiscal year 2011.
The Sioux Falls office assisted with 62 loans totaling $32 million under the SBA's 504 Certified Development Company Program.
But, while the nation set a record in total loan volume, South Dakota's total lending was down after a record $77 million loans last year. This year, the total loan value was $63 million. Source: Sarah Reinecke, ArgusLeader.com
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10/20/2011
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The SBA can empower banks to help businesses fly - 10/20
When I got my $250,000 Small Business Administration loan, I was three years into Under Armour and $120,000 in debt. I couldn’t borrow any more money from friends or family or anybody else that I knew. I was out of options.
The federal government underwrote at least 75 percent of that loan so the bank was rewarded with getting some protection while having a customer who became large. That’s the role that government should be playing: enabling businesses to help other businesses. Source: Kevin Plank, The Washington Post
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10/19/2011
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A record year for the SBA - 10/18
For Mike Popelier, the loan was part of turning a layoff into an opportunity — and a knack for barbecue into a business.
Julie Kaup used the money to launch an electrical contracting company and create jobs for seven people.
Mike Hoy built a brand new funeral home, complete with state-of-the-art facilities and equipment. Their businesses are among the more than 1,200 Nebraska and Iowa firms that received loans through the U.S. Small Business Administration in the fiscal year that ended Sept. 30 — the biggest year ever for the agency's loan program. In total, the SBA backed more than $30 billion in loans to about 61,000 businesses across the country.
Source: Erin Golden, Omaha.com
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10/19/2011
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SBA Expands Opportunities to Refi CRE Loans - 10/19
The U.S. Small Business Administration has revamped its (SBA) 504 loan program to refinance existing real estate debt after relaxing the regulations on loan qualifications.
The revamped refinance program will allow many thousands more small businesses to take advantage of long term, fixed-rate loans to refinance maturing real estate debt. Recent interest rates - including fees - were as low as 5.05% for SBA 504 refinance loans last month.
Certified Development Companies, or CDCs, are the SBA's conduit for providing 504 loans and will be the point of contact for obtaining a refinance loan for existing real estate debt. These refinance loans are structured like traditional 504 loans. Typically, a bank or third-party lender provides at least 50% of the project cost, the SBA - through a CDC - provides up to 40% of the project cost and the small business borrower must provide equity of at least 10%. This equity may be drawn from the existing asset equity, rather than new cash injection. Source: Mark Heschmeyer, CoStar Group
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10/19/2011
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SBA refi changes expected to raise interest in 504 program - 19/19
The head of New York’s largest maker of loans under the U.S. Small Business Administration ’s 504 program expects a recent rule change to drive “significant volume” in refinancings.
Patrick MacKrell is president of the Empire State Certified Development Corp., which partners with banks to provide businesses with 504 financing. Under the 504 program, government-guaranteed loans made by nonprofit certified development corporations are paired with conventional loans for fixed assets, such as commercial property or heavy-duty equipment. The nonprofits were created to help businesses get financing. Source: Barbara Pinckney, The Business Review
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10/17/2011
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The SBA 504 loan – Franchise financing for commercial real estate & capital asset acquisition - 9/24
When franchisees Brad and Risa May first began to explore the financing options available to them for their Goddard School franchise, they assumed they would be leasing their building. Instead, they were delighted to find out they could finance and build their own facilities using long-term, fixed rate financing through the U.S. Small Business Administration’s 504 Loan Program. Source: International Franchise Association
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10/13/2011
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Regulations Relaxed on SBA 504 CRE Loan Program - 10/13
The U.S. Small Business Administration's (SBA) 504 loan program has begun accepting applications from a greater number of small businesses to refinance existing real estate debt after the regulations on loan qualifications were relaxed.
Source: CityBiz Real Estate, Washington, DC
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10/12/2011
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Widespread Refinancing of Commercial Real Estate Debt Now Expected: Revamped 504 Program - 10/12
Beginning today, the U.S. Small Business Administration's (SBA) 504 loan program will begin accepting applications from many more small businesses to refinance existing real estate debt after relaxing the regulations on loan qualifications. The SBA received extensive feedback from the 504 industry, banks and small businesses on a number of issues with their initial regulations over the past six months. They also noted the low volume of refinance loans that have been processed since the program's inception last February and decided to revise a number of restrictions that were part of their initial regulations. Source: NADCO
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10/6/2011
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S.B.A.-Backed Lending Set a Record in 2011 - 10/6
The Small Business Administration did record business in 2011, guaranteeing more money in loans to small companies than in any year in its history. But the very smallest businesses, seeking the smallest loans, had more trouble getting an S.B.A. guarantee than in 2010.
In all, by the end of the S.B.A.’s fiscal year, on September 30th, gross loan approvals reached $19.6 billion in the agency’s general business, or 7(a), loan program and $4.8 billion in capital investment loans issued in what’s known as the 504 program. In just the first quarter of the year (the last three months of calendar year 2010), the agency approved $9 billion in 7(a) loans, nearly as much as it had approved in all of 2009. Gross loan approvals, which reflects totals before canceled loans are subtracted, is how the agency commonly reports its lending statistics. Source: Robb Mandelbaum, New York Times
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10/5/2011
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Greenleaf Biofuels Announces Closing of Full Project Funding - 10/5
Greenleaf Biofuels, LLC, announced today it has closed on full project funding with Sovereign Bank for its initial 10 million gallon per year multi-feedstock biodiesel plant in New Haven, CT. In addition, the Connecticut Community Investment Corporation (CTCIC), in conjunction with the SBA 504 program, will assume almost half of the Sovereign term loan once the plant is operational. Sovereign and CTCIC join the State of CT Department of Economic and Community Development and Advantage Capital Partners/Ironwood Capital as financial supporters of the project. When completed, Greenleaf believes the plant will be the largest biofuel facility in New England and the first with deepwater and rail access. The Greenleaf facility will be located in the Port of New Haven, the busiest port between New York and Boston and the largest deep-water port in Connecticut. Source: Greenleaf Biofuels, MarketWatch
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10/5/2011
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Jobs Act Loan Incentives Led to Record SBA Loan Approval Volume, Supporting Over $30 billion - 10/5
Jobs Act Loan Incentives Led to Record SBA Loan Approval Volume, Supporting Over $30 billion in Small Business Lending - Source: SBA
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10/2/2011
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Businesses could save millions on refi - if only they would apply - 10/2
Like homeowners, small businesses with good credit can save some real money these days by refinancing their mortgages to take advantage of low-interest rates.
A temporary federal program is designed to help small firms do just that by allowing them to use a type of federally guaranteed Small Business Administration loan to refi up to 90 percent of a property's value.
The potential savings of the two-year program, under the SBA's 504 loan program, are enticing.
Trisports.com, a Tucson-based online store for triathletes, took advantage of the program and knocked nearly 4 percent off the interest rate on a $3 million mortgage.
The expected savings?
"It's millions," said Seton Claggett, who co-owns Trisports.com with his wife, Debbie.
Source: David Wichner, Arizona Daily Star
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9/29/2011
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Cicilline Tours Local Business, Praises American Jobs Act - 9/29
Congressman David Cicilline and U.S. Small Business Administration (SBA) Regional Administrator Jeanne Hulit praised two Rhode Island small business owners on their success using SBA loans to create jobs and help strengthen the Rhode Island economy.
Stephen Sangermano and Dan Faucet, owners of Wide World of Indoor Sports (WWIS) in North Smithield, received a $1.7 million SBA 504 loan and a $654,000 SBA 7(a) loan to build their indoor sports facility, which created approximately 80 full- and part-time jobs. Source: Dan McGowan, GoLocalProv News Editor
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9/29/2011
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Is Now a Good Time to Buy Your Spa? - 9/29
Could now be a good time to buy real estate for your business? That is the top-of-mind question for many business owners. To small-business owners who have weathered the economic downturn and are feeling more confident about their financial stability, the commercial real estate market can be both tempting and unnerving.
Spa owners are seeing a surplus of retail space at rock-bottom prices, but keep hearing doom-and-gloom reports that the economy is not growing as fast as economists had predicted. With lots of chatter about a second recession, many skin care facility owners feel stuck, wondering if now is the right time to transition from leasing to owning their workspace.
Source: Barbara Morrison, SkinInc.com
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9/29/2011
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Las Vegas Casino Gaming Manufacturer Takes Advantage of SBA Refinance Opportunity - 9/29
TMC, a leading Certified Development Company (CDC) providing Small Business Administration (SBA) 504 real estate financing in California and Nevada, announced today that VSR Industries, Inc., a manufacturer of video poker and slot machine locks and bases, has refinanced its existing commercial real estate mortgage with a new below-market, fixed rate SBA 504 loan for $5.2 million. The subject property is a 70,722 square-foot warehouse and industrial office space located at 6190 Mountain Vista Street, Henderson, NV 89014. Source: TMC, MarketWatch.com
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9/27/2011
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Landrieu: Small Business Jobs Act Increased Access to Capital, Supported Jobs - 9/27
United States Senator Mary L. Landrieu, D-La, Chair of the Senate Committee on Small Business and Entrepreneurship, today announced close to 275,000 jobs supported as of mid-September from SBA’s two largest loan programs. The news comes in a response to an inquiry from Senator Landrieu to Deputy Administrator Marie C. Johns, requesting a review of the implementation of the Small Business Jobs Act of 2010.
Source: Senate Small Business Committee Press Release
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9/22/2011
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American Small Business Owners Continue to Hire & Plan Strategic Growth in the U.S. Market
Three-fourths (75 percent) of small businesses say they are adding positions despite the economy, up slightly from last year (72 percent), according to the Ink from Chase survey of CEOs of fastest growing U.S. small businesses. Demonstrating continued optimism toward reviving the U.S. economy, 67 percent of small businesses plan to expand into new U.S. markets as a key growth strategy. The data was released by Ink from Chase, the business card portfolio from Chase Card Services, a division of JPMorgan Chase & Co. Source: Chase Card Services, MarketWatch.com
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9/22/2011
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Iron Hill Brewery and Restaurant named to “SBA 100” - 9/22
Iron Hill Brewery and Restaurant has been named by the Small Business Administration (SBA) as one of the SBA 100. The local company was founded in 1996 and has grown to eight restaurants and over 800 employees. Governor Jack Markell and SBA Regional Administrator John Shoraka joined the City of Wilmington and other SBA officials on September 15 to honor the firm for their selection.
On November 14, 1996, C&D Brewing, doing business as Iron Hill Brewery and Restaurant, opened in Newark. The company grew quickly in size, and earnings. In 1998, Iron Hill utilized the SBA 504 loan program, to obtain $308,000 to open their second location in West Chester, Pennsylvania. By 2000, there were three Iron Hill Restaurant and Brewery sites, employing 300 people and earning $12 million in sales. Source: Newark Post
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9/22/2011
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Vice President Biden & Administrator Mills Visit 504 Borrower in Ohio - 9/22
Wrap Tite, Inc. in Solon, OH, was the site chosen for a press conference by Vice President Joe Biden and SBA Administrator Karen Mills on September 20 where they announced a new small business lending initiative by thirteen major banks.
The Vice President and Administrator Mills toured Wrap Tite’s facility prior to their press conference and learned that the small business is a minority-owned company that has been in business since 2004 providing plastic-based converted stretch film that is used in commercial packaging.
The business also happens to be a recent SBA 504 borrower. The company’s owners worked with Growth Capital Corp., a Certified Development Company, in Cleveland on their 504 loan and received a first mortgage loan from Charter Bank for their real estate project.
Source: NADCO
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9/22/2011
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San Francisco Rehearsal and Recording Studio Takes Advantage of SBA 504 Refinance Opportunity - 9/22
TMC, a leading Certified Development Company (CDC) providing Small Business Administration (SBA) 504 real estate financing in California and Nevada, announced today that Moss Street Rehearsal Studio has taken advantage of a recently enacted SBA program to refinance its existing commercial real estate debt with an SBA 504 loan. Originally purchased in 2007, the 3,249 square foot building is located at 76 Moss Street, San Francisco, CA. Formerly a residential property, the building was converted to rehearsal studio space in 1985, and includes eight rehearsal spaces, one recording studio, and one residential unit. Source: TMC, MarketWatch.com
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9/20/2011
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VP Biden Announces $20 Billion Commitment to Increase Small Business Lending - 9/20
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9/9/2011
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Small Business Loan Program Rates Hit Record Low - 9/9
Record-low interest rates on small business expansion loans from the U.S. Small Business Administration’s 504 financing program may help boost the economy, says Jean Wojtowicz, executive director of Indiana Statewide Certified Development Corporation in Indianapolis.
September rates for the SBA 504 loans are 4.69 percent for 20-year fixed-rate loans and 3.75 percent on ten years loans. The rates are for private bond sales to finance the loans. The rates are for those loans that fund in September . These rates are the lowest since the inception of the program in 1984. Source: Cambridge Capital Management, Inside Indiana Business
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9/8/2011
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Crystal Finishing expands with aid from Small Business Administration - 9/8
Crystal Finishing Systems has achieved something that's tough to do in this economy: It has added jobs. A lot of jobs.
During the past 12 months, the Schofield-based company hired 120 workers, expanding during a time when many companies simply hope to survive.
The company's ability to recently secure several new, large customers helped drive the expansion, owner Mark Matthiae said. But loans from the Small Business Administration, ranging from $1 million to $3 million each during the past 15 years, also have played a critical role in funding expansion and new equipment purchases. Source: Jake Miller, Wausau Daily Herald
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9/7/2011
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Full Compass Systems Earns SBA 100 Award - 9/7
Full Compass Systems, a national leader in professional audio, video, lighting, A/V and musical instrument sales, was recently visited by Karen Mills, Administrator of the U.S. Small Business Administration (SBA), as part of the company's induction into the SBA 100. The SBA 100 recognizes one hundred businesses that have received assistance in the past from the SBA and grew to create 100 jobs or more. These companies employ workers all across America and cover a wide range of industries. Full Compass Systems is one of only two businesses from Wisconsin who have received this honor. Source: Full Compass
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9/6/2011
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SBA 504 Loans Hit Record Low Interest Rates for September - 9/6
The Small Business Administration's (SBA) 504 loan program is providing long-term, fixed rate financing for commercial real estate and the purchase of long-term capital assets at the lowest interest rates since the program's inception. The SBA's lending partners, Certified Development Companies (CDCs) are busy working with small business borrowers who are taking advantage of these great rates to finally purchase or build their own facilities or acquire long term capital assets such as equipment and machinery. Source: NADCO
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9/5/2011
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Port of Subs, once saved by SBA, honored by agency - 9/5
John Larsen, the founder of Port of Subs, relaxed a few days ago at a table outside one of the company’s stores in the student union at the University of Nevada, Reno, awaiting a meeting with regional leaders of the Small Business Administration.
A couple of hundred yards south of the Joe Crowley Student Union, counselors worked in the offices of the Nevada Small Business Development Center.
Those counselors, said Larson, often provide the assistance that makes the difference between success and failure for small businesses — and Port of Subs is a high-profile example of a near failure that got back on track.
The SBA recognized Port of Subs with inclusion in the SBA 100 — a group of 100 small businesses across the nation that created at least 100 jobs as the result of the assistance they received from the federal agency. Port of Subs is the only Nevada company to be recognized. Source: John Seelmeyer, Northern Nevada Business Weekly
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8/31/2011
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Pennsylvania cookie company's growth a tale of sweet success - 8/31
Cookies convey innocence. You ate them in kindergarten at snack time and, if you behaved yourself, for a treat at home.
So it's fitting as serving cookies with milk that the innocent approach of Shirley's Cookie Co. Vice President for Sales Patty Shaw helped connect the company with Walmart, which has given the cookie company nationwide presence for two of its products within the last two years.
Shaw's father, Zane Feathers, company president and CEO, explained how she did it at a news conference Tuesday to announce the company's inclusion in the U.S. Small Business Administration's SBA 100, which recognizes 100 businesses that have hired at least 100 workers after receiving SBA help. Source: William Kibler, The Altoona Mirror
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8/30/2011
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Stabenow Meets With Michigan Small Business Owners, Tours Small Business Manufacturer - 8/30
The office of Sen. Debbie Stabenow, D-Mich., issued the following news release: U.S. Senator Debbie Stabenow today met with Michigan small business owners during a roundtable meeting at BIGGBY COFFEE Headquarters in East Lansing and toured Clean Rooms International in Grand Rapids. During the roundtable, small business owners and members of the Small Business Association of Michigan (SBAM) discussed ideas to spur small business growth and new jobs in Michigan....With the help of a $366,000 SBA 504 loan through Chemical Bank and the Economic Development Foundation, last October, Clean Rooms International purchased a 30,000 square foot facility. The loan will help the company grow its operation and hire more employees. In the past year, Clean Rooms International has grown to 26 employees and increased revenues 18 percent. Source: TMCNet.com
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8/30/2011
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Blu Caribe takes spot on ‘SBA 100’ - 8/30
Blu Caribe officially took its place Tuesday on the U.S. Small Business Administration’s “SBA 100” list of businesses around the nation that have created at least 100 jobs since receiving assistance from the federal agency.
“We are proud to induct Blu Caribe into the SBA 100,” said SBA Regional Administrator Jorge Silva-Puras during a visit to the drugmaker’s plant in Dorado. “Today, hundreds of individuals are employed and contributing to Puerto Rico’s economy because Blu Caribe took advantage of opportunities available through SBA programs. The SBA 100 is all about recognizing job creation and business growth.”
Blu Caribe is a local pharmaceutical company that specializes in the manufacturing and distribution of generic tablets. After receiving an SBA loan, the company hired nearly 100 employees upon establishing operations, and went on to create an additional 140 jobs. Source: Kevin Mead, Caribbean Business
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8/26/2011
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2 RI businesses among SBA job-creating companies - 8/26
Two Rhode Island small businesses are among 100 companies in the nation that each created at least 100 jobs since receiving financial assistance from the U.S. Small Business Administration.
The businesses are Gregg’s Restaurants and Pubs, a chain located only in Rhode Island with four sites in the state, and Versatile Marketing Solutions, doing business as VMS Alarms based in Warwick. Source: Denise Perreault, Providence Business News
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8/23/2011
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Agro Farma joins 'SBA 100' list - 8/23
The U.S. Small Business Administration announced it has selected dairy manufacturer Agro Farma as one of its SBA 100 companies.
The SBA 100 list features 100 businesses that have created at least 100 jobs since receiving SBA assistance in the form of capital, contracting, counseling or investment.
Agro Farma, maker of Chobani-brand yogurt, has a production facility in New Berlin.
The company benefited from an SBA 504 loan when it was founded in 2005. With fewer than 50 employees when Chobani first hit store shelves in 2007, Agro Farma has grown to now employ about 670 people, according to the SBA. Source: My-Ly Nguyen, PressConnects.com
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8/23/2011
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Small Business Administration: the Most Important Agency in Washington Today - 8/23
I am stunned that as America slides into a double-dip recession and closer and closer to a depression, Republican members of Congress have once again drafted legislation aimed at ending all federal programs that assist small businesses. Senator Richard Burr (R-NC) has introduced the "Department of Commerce and the Workforce Consolidation Act," which merges the Small Business Administration (SBA) with the Department of Commerce and the Department of Labor. Source: Lloyd Chapman, The Huffington Post
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8/23/2011
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BUSINESS: Commercial property loans by area small businesses rise - 8/22
The strategy that turns small business owners into business owners who own commercial property continues to be more of a viable option in Inland Southern California, according to a nonprofit lender that tracks the data.
San Diego-based CDC Small Business Finance is reporting that commercial property loans have been approved for small businesses at a clip that is 15 percent ahead of last year. In the first 10 months of the U.S. Small Business Administration's fiscal year, 141 loans in Riverside and San Bernardino counties were approved. Source: Jack Katzanek, The Press Enterprise
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8/21/2011
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Dallas and Texas firms make list of those that got SBA aid and created 100 jobs - 8/21
The U.S. Small Business Administration has named eight Texas businesses, including two in Dallas, to its first-ever SBA 100 list of 100 companies that have created at least 100 jobs each after receiving some type of SBA assistance.
The SBA 100 includes different industries from across the country but is not a complete list, said SBA spokeswoman Hayley K. Meadvin. While most of the jobs were created in the past 10 years, she said at least one company’s job creation range dates to the 1970s, when it first received SBA assistance.
Each business received a loan, an investment, counseling or a contract from the SBA. The list includes franchise owners and some large companies.
“We wanted to show why it’s so important to invest in small businesses,” Meadvin said. “All of these companies are invested in their communities and are making an impact. At one point they were small, got SBA assistance, and look what they’ve become.” Source: Sheryl Jean, DallasNews.com
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8/21/2011
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Small businesses get a hand with loans - 8/21
The folks coming to Magna Bank in Memphis are usually very well prepared, said Marty Ferguson, vice president for small business lending. He said since he joined the bank in March 2010, it has written $22 million in SBA loans with "zero defaults and zero delinquencies." He said the bank treats SBA guarantees as a kind of collateral.
Among Magna's SBA-backed borrowers in recent years: Blues City Skates ($4.8 million), Lifelinc Anesthesia PLLC ($157,500), DQ Grill & Chill of Memphis ($2.8 million), Ruby's Sizzling Skillet LLC ($1.4 million), and True Light Heritage Place ($693,300). Source: Bartholomew Sullivan, The Commercial Appeal
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8/19/2011
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SBA’s 504 loans help more owners buy property - 8/19
Bay Area lenders saw a 13 percent jump in the number of SBA loans that allowed small business owners to purchase the property used in their businesses.
Some lenders are making a big push for commercial mortgages made under the Small Business Administration’s 504 loan program, which allows a business owner to buy their property with just 10 percent down. A bank makes a loan on the property for 50 percent of the loan value, while the SBA lends a second mortgage covering 40 percent of the purchase price.
Source: Mark Calvey, San Francisco Business Times (Subscription required to read entire article)
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8/16/2011
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Morrison-Maierle in ‘SBA 100’ - 8/16
Morrison-Maierle, Inc., has been recognized recently by the U.S. Small Business Administration as one of the “SBA 100,” which features 100 businesses across America that have created at least 100 jobs since receiving SBA assistance.
The employee-owned engineering firm is the only one from Montana to be named to the list.
“It’s a neat award,” said Bob Morrison, CEO and president of the company. “If I remember right, my grandfather (John Morrison) started the firm by himself (in 1945) and Joe Maierle joined him a year later.
“They were working in my grandfather’s basement.”
Since then, the company has expanded exponentially to include nearly 250 employees. It received its SBA 504 loan in 1992 for construction of its 5,100-square-foot Bozeman office.
Source: Jeff Windmueller, Helena Independent Record
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8/10/2011
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Big Banks Shrinking as S.B.A. Lenders
The Small Business Administration’s guaranteed business loan program is back. Nudged by stimulus provisions that reduced fees and increased guarantees, American banks made a record amount of S.B.A.-backed loans in 2010 (measured in dollars), reversing a demoralizing four-year slide. But there’s something noteworthy about who was doing that lending: while banks as a whole loaned more government-backed money than ever, the biggest banks loaned less. Source: Robb Mandelbaum, New York Times
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8/10/2011
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SBA loans show increase for New Jersey small business - 8/10
With the stock market reeling from the recent downgrade of American debt, a tiny bit of good news — for small-business owners — has been released by the federal Small Business Administration.
The agency’s New Jersey district office reported that state small-business owners received $543 million in SBA-sponsored loan approvals during the first three quarters of the agency’s fiscal year 2011, the period from Oct 1. 2010 to June 30, 2011. That’s a 41 percent jump in the number of dollars they received from that period in the prior fiscal year. Source: Chris Biship, PhillyBurbs.com
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8/10/2011
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TMC Reports Continued Strong Results - 8/10
TMC, a leading Certified Development Company (CDC) providing Small Business Administration (SBA) 504 real estate financing in California and Nevada, reports its year-to-date loan volume as of June 30, 2011. For the first nine months of the fiscal year, TMC has financed $197 million in SBA 504 commercial real estate loans, a 42 percent increase from the same period the prior year. TMC funded 235 loans, a 50 percent increase from the same period last year. Based on these results, TMC ranked number two in the nation for total loan volume and number three for the number of SBA 504 loans approved during this period. Source: www.bradenton.com
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8/10/2011
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Tom Galovic to Retire from Regional Development Company - 8/10
Tom Galovic will retire as President and Executive Director of the Regional Development Company (RDC) effective August 26th. Galovic, who has led the organization for the past three years, will be succeeded in the post by Erica Passauer, currently the RDC’s Senior Vice President of Lending. Source: Valpolife.com
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8/9/2011
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SBA loans in underserved Miss. communities surge - 8/9
The number and value of federal loans to small businesses in Mississippi continues to surge this fiscal year.
The U.S. Small Business Administration increased lending approval to underserved communities by 47.5 percent in the first three quarters of fiscal year 2011, said Janita Stewart, Mississippi SBA director.
Stewart said about $146.7 million in guaranty loans were approved for minority- and women-owned businesses, as well as businesses in low to moderate income areas, enterprise communities, SBA-designated HUB zones and rural areas. Source: Cassandra Mickens, ClarionLedger.com
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8/9/2011
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AIT Laboratories a thriving merger of science and business - 8/9
Michael A. Evans is a scientist with an entrepreneur's heart to build a business even as the nation's economy struggles for every new job that small business can muster.
AIT Laboratories, the Indianapolis-based health and toxicology-testing company he founded in 1990, then turned over to ownership by the employees, could be a poster child for a successful, futuristic client of financing and advice from the U.S. Small Business Administration. Source: Bruce C. Smith, IndyStar.com
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8/4/2011
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Small Businesses Have New Non-Profit Sources for SBA-financed Loans - 8/4
Startups, newly established and growing small businesses now have a new source of financing backed by the U.S. Small Business Administration as 20 community organizations have been funded by SBA to start making loans up to $200,000 to qualifying small businesses.
Authorized under the Small Business Jobs Act of 2010, the new Intermediary Lending Pilot Program will provide direct loans up to $1 million to 20 community organizations or intermediaries in fiscal year 2011, which in turn will use those funds to help finance small businesses, mostly in underserved markets. Source: U.S. Small Business Administration
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8/1/2011
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How to expand your business through an SBA loan - 8/1
More than 90 percent of American businesses are classified as small, but don’t under-estimate their power. Collectively, these enterprises employ more than half of all private sector workers, generate more than half our nonfarm gross domestic product and have created 64 percent of our economy’s net new jobs in the last 15 years.
In fact, the success of small business owners is so integral to the health of our overall economy that back in 1953 Congress created the U.S. Small Business Association (SBA) to serve as their personal advocate. Source: Anna Chung, Smart Business Network
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8/1/2011
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Looking to start a restaurant? Expect a financing challenge - 8/1
Question: "I'm interested in opening up my own restaurant, and I've heard that it is really tough to get financing to do so. What might be available, if anything?" "..... Estes said the Small Business Administration's 504 loan program provides a fixed rate commercial loan for the acquisition of property. If you are planning on buying a building and having it fitted up as a restaurant, this might be a good option for you. Source: Christine Davis, Seacoastonline.com
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7/28/2011
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Quick Mount PV buys Walnut Creek headquarters for $7.5M - 7/28
Quick Mount PV is moving its headquarters to Walnut Creek. The company, a maker of solar panel mounting systems, paid $7.5 million or about $56 per square foot for 133,602-square-foot property at 2700 Mitchell Drive in the Shadelands area of Walnut Creek....The firm financed the deal with a U.S. Small Business Administration 504 loan arranged my TMC.
“It’s businesses like Quick Mount PV that are the engines of job growth that will help lead us out of recession,” said Barbara Morrison, CEO and founder of TMC. Source: Blanca Torres, San Francisco Business News
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7/28/2011
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Small Business Woes? Find a Smart Groove - 7/28
This June marked two years since the recession officially ended, but small businesses across the country generally seem an unhappy lot. Many complain about the increased costs of healthcare premiums and regulatory compliance, an uninspiring uptick in business demand and insufficient access to credit. These factors and others explain companies’ reluctance to resume hiring after two years of layoffs and furloughs. However, smarter small firms can thrive, and if they are in the right industry, also profit from government policies, according to Therese Flaherty, director of the Wharton Small Business Development Center. Source: Knowledge at Wharton Today
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7/25/2011
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SEED Corporation closes on $931,000 worth of loans in Greater Taunton - 7/25
The South Eastern Economic Development (SEED) Corporation has closed on three previously approved small business loans in the Taunton area totaling $931,000.
Fielder’s Choice Sporting Goods, now located at 427 Winthrop St., received a loan of $665,000 under the Small Business Association (SBA) 504 Program through SEED to build a new 12,000-square-foot sporting goods facility on Route 44.
Source: Charles Winokoor, Tauntongazette.com
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7/19/2011
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ACCIÓN awarded Treasury grant to boost small-business lending - 7/19
ACCIÓN Texas-Louisiana has received a $1.5 million grant from the Community Development Financial Institutions Fund of the U.S. Department of the Treasury.
Eighty percent of the funds will go into ACCION’s existing revolving loan fund, while 10 percent will go toward administration. The remainder will be directed to underwriting research and development related to the expansion. Source: Tamarind Phinisee, San Antonio Business Journal
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7/15/2011
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SBA manufacturing loans are on the rise in Cleveland area - 7/15
At Advance Manufacturing Corp. in Cleveland on Thursday, the sweet hum of industrial and commercial machines is a sign the business is thriving, even in a still-uncertain economy.
One piece of equipment, a huge boring machine that cuts high alloy steel, was bought this year with a $2 million loan from the Small Business Administration.
The Madison Avenue manufacturer is doing so well that it brought back the nine workers it laid off two years ago, intends to add a dozen more employees by the first quarter, and is seeking another $600,000 SBA-backed loan to buy additional equipment. Overtime is the norm for the 47 current workers. Source: Marcia Pledger, The Plain Dealer
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7/14/2011
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Big gamble turns into growing cutting and fabrication firm for Zeeland couple - 7/14
Opening Lakeshore Cutting Solutions in 2006 was a big gamble for Justin and Tracy Ayers.
“We put in $30,000 of our savings and staked our house and cars on it — everything we had,” said Justin Ayers, president of the Zeeland-based cutting and fabrication business at 411 Roosevelt Ave.
Named a top-50 Michigan company to watch in 2010, LCS started in an 8,000-square-foot warehouse with one water jet cutting machine and one employee in addition to the Ayerses. Source: Myron Kukla, The Grand Rapids Press
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7/13/2011
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Stimulus packages creating golden age for SBA 504 loans - 7/13
The last two years have been the most interesting and exciting in the history of the SBA 504 loan program.
If you are new to this whole 504 financing game, here’s a quick down and dirty: A business finds its dream property to purchase. The purchase price is $2 million. The company intends to operate out of at least 51 percent of the square footage. The business approaches its bank, who offers a conventional 70 percent loan to value, necessitating the business to pour $300,000 of its cash reserves into the property purchase. Source: David Frank, Daily Herald Business Ledger
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7/11/2011
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SBA setting record pace for Nebraska loans - 7/11
The SBA's 504 lending program, which offers low, fixed-rate loans to small businesses for land and building purchases, new construction, renovations, machinery purchases and expansions, also is up this year, by about $120 million.
The SBA reported eight such loans worth $4.5 million in Nebraska in the third quarter, seven of which were made by Nebraska Economic Development Corp. of Lincoln, one of the largest 504 lenders in the country.
Scott Sailors, president of NEDCO, which partners with banks to fund the loans, said the organization is on track to have a record year as well.
"Things couldn't be going better," Sailors said.
Source: Matt Olberding, Journalstar.com
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7/6/2011
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Changes in SBA 504 Financing May Make Your Dream of Owning Your Spa a Reality 7/6
Barbara Morrison CEO and founder of TMC, a certified development company (CDC) based in San Francisco that has provided approximately $6 billion in financing for more than 3,700 businesses throughout California and Nevada, provides exclusive commentary to SkinInc.com about how changes to the SBA 504 financing program open new doors for spa owners.
Skin care facility owners are seeing a surplus of retail space at rock-bottom prices, but keep hearing doom-and-gloom reports that the economy is not growing as fast as economists had predicted. With lots of chatter about a second recession, many spa owners feel stuck, wondering if now is the right time to transition from leasing to owning their workspace. Source: Barbara Morrison, SkinInc.com
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7/4/2011
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Financing options exist for small businesses - 7/4
Bank financing has been extremely difficult ever since careless underwriting and other excesses by Wall Street and banks of all sizes brought the financial world crashing down in 2008.... Small Business Administration programs can work, too — especially the SBA’s 504 loan program for long-term fixed-asset purchases. Startup Wessex 504 Corp. and SomerCor 504 Inc., both Chicago-based community development corporations, are good beginning points. A CDC typically provides 40 percent of the financing; a bank will chip in with half, and you’ll come up with 10 percent.
Source: Jim Kendall, dailyherald.com
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7/4/2011
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SBA loans considered life-saving by many Tulsa-area businesses - 7/3
A couple of years ago, the July Fourth holiday wasn't looking so festive for Tulsa-based Ebsco Spring Co., which at the time laid off several people and temporarily shut down.
Now, the spring manufacturer is going "gangbusters," and if it shut down around the holiday it wouldn't be able to keep up with orders, said Cheryl Dooley, CEO and president of Ebsco.
She credits a $1.875 million loan from the U.S. Small Business Administration in 2009 for saving the company. A more recent, smaller loan has allowed the company to purchase some equipment. Source: Laurie Winslow, Tulsa World
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6/29/2011
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Small Manufacturers Are on the Rise - 6/29
Made in America is hot again.
In New York, K.Y. Chow has seen his business, GM Printing, create nearly 30 jobs over the past several years. Amidst the recession, Chow took advantage of the U.S. Small Business Administration's Certified Development Company Program, also known as the 504 Loan Program, to purchase larger facilities where he could accommodate new equipment and production areas, in order to meet the growing demand for his offset printing products. Source: SBA Region II Administrator, Jorge Silva-Puras, Mfrtech.com
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6/22/2011
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SBA programs can aid businesses with financing - 6/22
Some of the clients who come to our SCORE chapter for counseling are under the impression that we are a funding resource. While Score is not in the business of handing out money, it is sponsored by the Small Business Administration (SBA), which has a variety of loan guarantee programs that are backed by the agency. When you apply for a SBA-backed loan at your local bank or credit union, you are asking the SBA to provide a guarantee that you will repay your loan as promised. Source: Ruth Bellissimo, Petoskey News
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6/21/2011
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SBA Administrator Mills visits thriving manufacturer Alle-Kiski Industries - 6/21
Manufacturing is a key driver of economic growth, and the U.S. Small Business Administration recognized it again today when SBA Administrator Karen Mills toured Alle-Kiski Industries in Leechburg this morning.
“Small manufacturers are vital to the supply chain,” said Administrator Mills as she toured the plant and met with employees. She went on to say that Alle-Kiski Industries' flexibility and expertise allow them to support larger manufacturers. Source: Bridgeway Capital
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6/21/2011
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IFA Calls for Secretary Geithner, Congress, to Reverse Job-Killing Financial Regs on Small Business
June 21-The International Franchise Association, in advance of tomorrow's House Small Business Committee hearing entitled, The State of Small Business Access to Capital and Credit: The View from Secretary Geithner, called on Secretary Geithner and others to reverse financial regulations that are causing significant uncertainty in the lending environment, thereby strangling the ability of small businesses to access credit and also stifling our ability to create jobs. Source: Alisa Harrison, International Franchise Association
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6/21/2011
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Signs of Life in Small-Business Funding - 6/21
New SBA programs. Ever since the Small Business Jobs and Credit Act was signed into law in September 2010, loan limits on several lending programs were raised--some permanently, some temporarily. A survey released in March by the National Association of Development Companies found first-quarter SBA average loan value was up 20 percent and the total number of loans was up 13 percent. In addition, new programs, such as the Community Advantage pilot program, which expands access to smaller loans in underserved communities, as well as loan program changes, such as a temporary change to the SBA's 504 loan program to allow commercial mortgage refinancing, give small businesses a greater number of financing options. Source: Gwen Moran, Entrepreneur.com
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6/20/2011
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Menendez says manufacturing alive and well in visit to Grignard - 6/20
Loans to New Jersey manufacturers are up 25 percent this year, and dollar volume of loans are up 33 percent, according to Small Business Administration officials who held a press briefing Monday with U.S. Sen. Robert Menendez (D-Hoboken) in Rahway at the offices of Grignard Co., a producer of environmentally conscious cleaning and lubrication products. Source: Beth Fitzgerald, NJBIZ.com
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6/19/2011
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It’s still the economy, stupid - 6/19
Fourteen million Americans remain out of work, a waste of our greatest resource. The 42nd president has more than a dozen ideas on how to attack the jobs crisis. Source: Bill Clinton, Newsweek
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6/18/2011
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New partnership boosts CRF - 6/18
CRF buys loans made by community lenders, pools them and sells them to institutional investors. That frees up capital to get more deals done. The Morgan Stanley partnership is designed to help community banks lend to small businesses through the SBA 504 program. Source: Neal St. Anthony, Minneapolis Star Tribune
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6/15/2011
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Did Wells Fargo Answer Your Lending Questions? - 6/15
Two weeks ago, in tandem with our conversation with two Wells Fargo small-business lending officers, Marc Bernstein and Doug Case, we invited You’re The Boss readers to submit questions for the executives. Today, we present their responses. Source: Robb Mandelbaum, New York Times
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6/6/2011
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A Quick Fix for Commercial Mortgages Coming Due? 6/5
During the real estate boom, commercial real estate borrowers opted for three and five-year balloon mortgages rather than safer long-term loans. Instead of choosing 10-year, 20-year or even longer terms, they decided to get a lower interest rate and hike their leverage. Source: Jerry Chautin, Huffingtonpost.com
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6/3/2011
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Velazquez on Small Business Access to Capital - 6/1
Rep. Nydia M. Velazquez (D-NY), the Ranking Member of the House Committee on Small Business, delivered the following statement today at a hearing entitled "Access to Capital: Can Small Businesses Access the Credit Necessary To Grow and Create Jobs?":
"Thank you, Mr. Chairman. Job creation is understandably top of mind for all Americans, right now. New data out just this morning suggests the economy added only 38,000 jobs in the month of May. As these new numbers show large firms cut their workforces this month, we could clearly use some of small businesses' job-creating power, right now.
"In order for small firms to play their traditional, job-creating role, several factors must be in place. Perhaps the most important ingredient is the availability of capital. If small businesses are truly the backbone of the economy, then the flow of capital is the lifeblood. Source: Representative Nydia M. Velazquez, PR Newswire
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6/3/2011
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WOJTOWICZ: Relief available for firms with falling real estate values - 6/3
Q: When I bought my building seven years ago, my bank gave me a $1 million mortgage based on an appraised value of $1.3 million. I have made regular payments, improved the building and run a successful business. We like this location and plan to stay.
Here’s the problem: My building’s latest appraisal came in at $900,000. I was surprised, but my banker seemed not to be. I owe a balance of $800,000 on my loan. This loan had a longer amortization and a shorter term, so it is up for renewal this year. I have never missed a payment and assumed this would not be a problem, but my banker indicated that the loan no longer is within their policy guidelines and that to get it renewed I may have to pay it down by another $80,000. I don’t have that kind of money.
I’m at a loss. What can I do? Source: Jean Wojtowicz, Indiana Business Journal (IBA.com)
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6/2/2011
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SBA’s 504 loan program helps small businesses - 6/2
One of the biggest challenges you face as a business owner in Snohomish County, next to starting your own business, is taking it to the next level.
As a seasoned entrepreneur who has successfully navigated around the pitfalls that cause early business failure, you’re ready to grow, then financing your continued growth becomes an issue.
Enter the SBA 504 loan program, especially designed to help small businesses at this juncture. Source: Calvin Goings, Snohomish County Business Journal
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6/1/2011
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Take Advantage of SBA Lending Programs Including 'Green Loans' - 6/1
There is an “A Minus” program for those who have returned to profitability after previous losses and another lending program that enables hoteliers to acquire or build multiple properties even if they are out of SBA eligibility. (Hint: it’s a “green” thing).
“A MINUS” HOTEL LOAN PROGRAM
The “A Minus” SBA 504 Loan is a new portfolio program for hoteliers who have survived the recession. The program is targeted at hoteliers who had previous losses, but turned a profit in 2010 and have continued to do well in 2011. Source: John King, Hotel News Resource
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5/26/2011
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Outlook for small business financing is becoming brighter - 5/26
With financing loosening up and the economy on the mend, the outlook for small businesses is better than it has been in some time, experts say.
"I am cautiously optimistic about the state of small business lending here in South Florida," said Francisco "Pancho" A. Marrero, South Florida district director for the federal Small Business Administration, or SBA.
"It certainly hasn't been easy. We have survived a difficult couple of years, but all indicators tell us that lending and the economy are slowly improving. Source: Marilyn Bowden, Miami Today
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5/25/2011
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LICBDC Hears SBA Credit, Finance Policies Explained - 5/25
An explanation of the federal Small Business Administration’s credit and financing policies was the topic at the Long Island City Business Development Corporation business breakfast, billed as a Citibank credit and financing seminar and presented at the MetLife building on Queens Plaza North on May 19. Two of the bank’s executives presented first a general, then a more detailed exposition of credit and financing, particularly as practiced by the SBA, a federal government agency that is operated through private banking. Source: Tomas Cogan, The Queens Gazette
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5/24/2011
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To Your Credit, Part 1 - 5/24
According to the experts, the recession ended in the summer of 2009. Three months after that, however, U.S. Treasury Secretary Timothy F. Geithner said, “This credit crunch is not over.” With all the available capital apparently going to big business and government, what can the financially-strapped small-business owner do? Source: Mark E. Battersby, American Drycleaner
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5/24/2011
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Business Expansion Funding Corporation's Rogers Meets with Bankers to Discuss SBA 504 Loans - 5/24
Louis Rogers, III, Business Development Officer for Business Expansion Funding Corporation, also known as BEFCOR (www.befcor.com) was recently invited by Fidelity Bank, headquartered in Fuquay-Varina, N.C. to meet with their bankers and management to discuss the U.S. Small Business Administration (SBA) 504/CDC Loan Program and temporary program for
commercial real estate refinancing. BEFCOR partners with private lenders to provide long-term, fixed-rate financing to business owners, enabling them to own instead of lease their commercial real estate and other fixed assets. Source: Carolina Business Connection
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5/23/2011
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Wanting To Refinance Your Commercial Dry Cleaning Business - 5/23
If you’re the owner of a dry cleaning shop, then you know first hand what a competitive business it can generally be. To move ahead, you may often find yourself considering refinancing your commercial dry cleaning business so as to purchase new or updated hardware, expand your operations, open or get a 2nd location, or perhaps simply have some further working capital on hand. Source: Seal A Head Gasket
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5/18/2011
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Franchising Registry Expands to Streamline Conventional & SBA Franchise Lending - 5/18
After extensive consultation with the U.S. Small Business Administration (SBA) and national, regional and local small business bankers, FRANdata is expanding its Franchise Registry online lending portal to provide lenders with the additional credit risk information tools to assess the risks of lending to franchise systems.
Since 1997, the Franchise Registry has served as the place where lenders validated technical SBA franchise loan risks. The service is now expanding to include tools that go beyond technical requirements of the SBA to include analysis of franchise system credit risk to assist lender in making underwriting decisions. Source: Franchise Works.com
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5/16/2011
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Debunking the Myths About SBA Loans - 5/16
The Small Business Administration has been a key player through the financial crisis. But many loan officers say small-business owners don't understand exactly how the agency's programs work—and that can hurt them when it comes time for a loan.
Here are some popular myths about the SBA, along with reality checks.
It's common to hear the SBA described as a "lender of last resort." In some ways, there's good reason for this: The agency's Office of Disaster Assistance speeds funds to borrowers in regions hammered by natural disasters, and it funds Community Development Financial Institutions that make loans to borrowers with higher-risk profiles.
Source: Marshall Eckblad, Wall Street Journal
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5/13/2011
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President Obama Proclaims National Small Business Week - 5/13
The President’s proclamation was issued before the U.S. Small Business Administration’s 48th annual observance of National Small Business Week in Washington, D.C. (May 18-20). The event honors outstanding entrepreneurs from across the country, and features announcement of the 2011 National Small Business Person of the Year, who is selected from among 54 small business award winners from 50 states, D.C., Guam, Puerto Rico and the Virgin Islands.
The President’s proclamation states: “Our country started as an idea, and it took hard-working, dedicated, and visionary patriots to make it a reality. A successful business starts much the same way—ideas realized by entrepreneurs who dream of a better world and work until they see it through. From the family businesses that anchor Main Street to the high-tech startups that keep America on the cutting edge, small businesses are the backbone of our economy and the cornerstones of America’s promise. Source: SBA
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5/12/2011
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SBA Announces Appointments to Advisory Council on Underserved Communities - 5/12
Fifteen individuals from across the country have been appointed to the U.S. Small Business Administration’s (SBA) Council on Underserved Communities (CUC).
Building on SBA’s core programs and Recovery initiatives, the CUC will provide input, advice and recommendations on strategies to help strengthen competitiveness and sustainability for small businesses in underserved communities. These strategies will be focused on increasing entrepreneurship and technical assistance, creating new and strengthening existing outreach and training, and raising awareness in underserved communities of SBA programs and services. Source: SBA
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5/10/2011
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Standards eased, SBA loan demand up - 5/10
Banks continued to ease standards and terms for business loans in the first quarter, according to a Federal Reserve Board survey of senior loan officers.
About 25 percent of banks reported increased demand for commercial and industrial loans from large and middle-market firms. About 10 percent reported stronger loan demand from small businesses.
More than one-third of the banks surveyed reported increased demand for commercial real estate loans — the strongest reading since the mid-1990s.
Source: Kent Hoover, Austin Business Journal
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5/7/2011
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MCDC efforts bring expansion financing to small businesses - 5/7
Local small businesses - everything from pubs and medical offices to a doggy day care and spa - can testify to the impact of the Michigan Certified Development Corp.
The East Lansing-based nonprofit, led by President Jane Sherzer, has helped hundreds of small businesses statewide secure financing for their expansion projects.
Among the more recent projects, the MCDC in February financed $148,000 for a $360,000 expansion of Bluegrass Lawn & Landscape Services in Mason.
That work recently earned Sherzer and the MCDC the U.S. Small Business Administration's Michigan financial services champion award. Source: Melissa Domsic, LSJ.com
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5/7/2011
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Taking a business to the next level - 5/7
One of the biggest challenges faced as a business owner, next to starting your own business, is taking it to the next level.
As a seasoned entrepreneur who has successfully navigated around the pitfalls that cause early business failure, you’re ready to grow, then financing your continued growth becomes an issue.
Enter the SBA 504 loan program, especially designed to help small businesses at this juncture. Source: Calvin Goings, Tukwila Reporter, Washington
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5/6/2011
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Operator buys iconic Tiburon watering hole - 5/6
After 33 years of leasing Sam’s Anchor Cafe, owners Steve Sears and Brian Wilson wanted to buy.
The Tiburon cafe property didn’t come cheap, so Sears turned to an SBA-backed loan for a portion of the larger loan he took out. The lower interest rates appealed to Sears, and the SBA also offered a higher lending limit for investing in energy efficiency. Seventy-seven solar panels and a $2.99 million loan later, Sears is now the proud owner of not just Sam’s, but also the waterfront spot on which it sits.
Sears worked with San Francisco-based TMC Development, which specializes in SBA lending, to walk him through his first loan through the SBA.
Source: Bridget Riley, San Francisco Business Times
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5/6/2011
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Lending picks up - 5/6
Lending to local small businesses has picked up after an abysmal two years.
Since small businesses are critical as job generators, this could signal good news on the employment front.
In the Bay Area, the Small Business Administration has seen an increase in lending for the first half of fiscal year 2011, which ended March 31. For the federal fiscal year 2010, ended in September, San Francisco had 184 loans for a total of $68 million. The first half of fiscal year 2011 is already tracking better, with 117 loans totalling $53 million.
Source: Bridget Riley, San Francisco Business Times
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5/3/2011
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Marriott Hotel Opens In Quonset - 5/3
The hotel’s opening serves as another step in the growth of the former Navy base’s resurgence as a viable business park. TownePlace Suites, a 104-room hotel, is a registered LEED silver building (the first in West Bay Rhode Island) with developers anticipating a LEED certification later this summer. Eighteen geothermal wells coupled with other energy efficient measures such as electric heat pumps (which monitor room temperature based on whether there are occupants in the room) and advanced ventilation systems allow the hotel will use 26 percent less energy.
The hotel’s opening marked the end of a 10-year-long project to bring a hotel to Quonset Point. Tax incentives from the Town of North Kingstown and the Small Business Administration’s 504 loan program, mixing investments from the borrower and government funds, played pivotal roles in making the endeavor coming to life. According to Mark Hayward of SBA, the Marriott loan was the largest 504 loan in the state of Rhode Island. Source: Samantha Turner, NorthKingstownPatch.com
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5/3/2011
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Riggs Mower Expansion Made Possible With the SBA 504 CDC Loan Program - 5/3
Riggs Mower and More Inc. had its best year in 30 years of business in 2010 even during our economic challenges with the help of the U.S. Small Business Administration (SBA), Business Development Corporation (BDC) and Centier Bank. In 2006, using the $408,000 SBA 504 Certified Development Company (CDC) loan it received, Riggs Mower and More bought property to construct its third store in Mishawaka, Indiana. Source: SBA
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5/2/2011
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SBA loans a perfect fit for business expansion - 5/2
With subtle improvements in the local and national economy, many businesses are feeling more optimistic about the future and growth opportunities. That optimism may translate to business expansion and improvements that can act as a stimulus for new jobs and further bolster an economic turn-around locally.
When a local business is ready to take that step forward, finding the right financial assistance is vital to a successful expansion effort. Area banks offer different options for funding business growth and it is important to understand which of those options is right based on the size and type of business seeking financial assistance. Source: William J. Penney, TCPalm.com
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4/29/2011
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Vuong family finds ‘Golden’ opportunity for Golden Bay Machining through SBA loans - 4/29
The Vuong family was hunted by armed communist agents, came under repeated rocket fire and was forced to live in refugee camps in Cambodia with little food or water.
They moved to the United States in 1988, and after years of hard work and multiple jobs, the family’s side business, Golden Bay Machining Inc., became a full-time endeavor.
Now, the Vietnamese family has taken steps to make its San Jose headquarters more permanent: the Vuongs’ four sons purchased the building as Golden Bay Properties LLC in December for about $1.5 million with the help of a Small Business Administration loan.
Read more: Vuong family finds ‘Golden’ opportunity for Golden Bay Machining through SBA loans. Source: Eli Segall, San Jose Business Journal
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4/29/2011
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Michigan's small businesses growing and earning praise - 4/29
Darryl Barlett was a graduate student studying physics when he started his company in the basement of the University of Michigan's married housing in August 1992.
Since then, k-Space Associates, maker of diagnostic tools for semiconductor manufacturers, has grown to 20 full-time employees now working in Dexter in a 7,000-square-foot facility that is to double in size in the next couple of months. Source: Zlati Meyer, Detroit Free Press
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4/29/2011
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SBA loan helps Cherney Microbiological Services expand - 4/29
A $1.5 million loan from the U.S. Small Business Administration was key to making a 16,000-square-foot expansion at Cherney Microbiological Services a reality.
"The SBA was a natural fit," said owner Debra Cherney, who has worked with the SBA in the past. "It makes the bank comfortable … and it's easy for me."
The loan programs have been expanded in the last seven months to include a greater range of funding for businesses, said Eric Ness, Wisconsin district director for the SBA, who visited Cherney, 1110 S. Huron Road, on Thursday along with U.S. Sen. Herb Kohl, D-Milwaukee. Source: Nathan Phelps, GreenBayPressGazette.com
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4/29/2011
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Area EDCs push SBA refinancing program - 4/29
Midstate economic development corporations are working hard to get the word out about a new U.S. Small Business Administration program designed to help companies facing big mortgage payments in a slumping commercial real estate market.
This year and next, the SBA will allow companies to refinance real estate and equipment loans through its 504 loan program.
The key word is "refinance." Normally, 504 loans only can be used toward new purchases. However, the federal government decided adding a temporary refinancing option would aid the recovery and help preserve jobs, said David Dickson, director of the SBA's Philadelphia District. Source: Tim Stuhldreher, Central Penn Business Journal
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4/28/2011
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SBA Approves First Six Lenders to Start Making Community Advantage Loans - 4/28
The U.S. Small Business Administration has approved an initial group of six community-based, mission-focused lenders to start accepting and processing Community Advantage loan applications from small business borrowers immediately, the agency announced today.
“Working with these community-based, mission-focused lenders will greatly enhance our ability to bring much needed financial backing to small businesses in underserved communities, which include minority-, women- and veteran-owned, as well as rural businesses”
The new Community Advantage pilot program was announced by SBA in December and is designed to expand access to lower dollar loans and lending in traditionally underserved communities. SBA and U.S. Department of Commerce studies have shown the importance of lower dollar loans to small business formation and growth in underserved communities. Even though SBA loans are three-to-five times more likely to go to women and minority-owned small businesses, underserved communities were hit disproportionately hard by the recession. Source: SBA
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4/28/2011
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Aileron Closes $1.9 Million SBA 504 Loan - 4/28
Fund management firm Aileron Capital Management, LLC, announced today that it has recently closed a $1,900,000 loan for the acquisition and renovation of a 60-bed assisted living facility in Lakeland, FL. Aileron, along with its CDC partner in the deal, Florida Business Development Corp., provided the funds necessary to acquire the property and make some minor aesthetic improvements. “This deal is another great example of how Aileron Capital fills a void within the marketplace for good deals that are either too complicated, or need to close too quick for banks or other conventional lenders,” stated Joseph Bonora, Managing Director of Aileron. “Fortunately for the borrower, these are the types of deals in which we specialize. We appreciate the hard work of the great people over at Florida Business Development, as without them and the participation of the SBA, this deal would not have happened” added Aileron’s Michael Maguire. Source: Aileron Capital, Gulf Coast Business Review
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4/28/2011
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Lakeville golf club gets a reprieve - 4/28
The Lakeville Country Club negotiated its way off the auction block at the last minute, giving owner Gary J. Mosca Sr. another year to try to line up a new mortgage at a challenging time for the golf industry.
Mosca said he and mortgage holder Morgan Stanley finalized an agreement for a one-year forbearance, his second, about 30 minutes before the auction was scheduled to go forward on April 20. He had trouble refinancing the 180-acre public golf course after his balloon-payment mortgage came due, but he said he never missed a payment. Source: Jennette Barnes, Boston.com
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4/28/2011
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SCORE column: Buy or lease business space? - 4/28
In the past several weeks, this column has looked at various alternatives for locating a business. In this final column in the series, KaraLynne Moore, Green Bay SCORE volunteer and senior analyst/para lender with Community First Credit Union, has advice for entrepreneurs wondering if it's time to buy rather than rent.
"Lease or buy?" Moore asked. "No two businesses are alike, so there is no magic answer that applies to every situation. However, there are some factors that every business contemplating a real estate buy should take into consideration in order to make an informed decision." Source: Tina Dettman-Bielefeldt, GreenBayPressGazette.com
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4/28/2011
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SW Indiana Medical Equipment Supplier Expanding - 4/28
An Evansville-based medical equipment business is boosting its presence in the city. Diversified Instrument Services says it doubled its current space by moving to another building. The company was founded six years ago and employs approximately nine people. Source: Indiana Statewide CDC, InsideIndianaBusiness.com
Growth in its medical equipment business triggered a move by Diversified Instrument Services into a larger building on the east side of Evansville.
The owners of Diversified Instrument, Don Parsons and David Jensen, doubled the size of space available for their company’s technicians, equipment, inventory and trucks when they moved their company to 5901 Oak Grove Road in January. Evansville Commerce Bank and the Indiana Statewide Certified Development Corporation provided financing to Diversified Instrument from the U.S. Small Business Association’s 504 loan program.
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4/26/2011
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Sleep Specialists Buys Building to Continue Aiding Sleepless - 4/26
Sleep Specialists, Margaret Moen, MD, has moved into their new building at 457 Munson Ave in Traverse City, MI. This building will be used for the diagnosis of sleep disorders with clients from the Northern Michigan area close to Traverse City. The goal of Sleep Specialists is to provide a caring team approach to their clients to help them sleep through the night and awake with a refreshed mind and restored body. Dr. Moen purchased and renovated her building utilizing a Small Business Administration loan in partnership with Economic Development Foundation and Northwestern Bank.
Sleep Specialists received an SBA 504 loan, which is a program to promote small business growth, allowing for a lower down payment and a fixed rate for the life of the loan. The better terms the 504loan provide can foster growth for small businesses like Sleep Specialists allowing them to purchase their own buildings, land or equipment. Source: Jill Dean, Traverse City Area Chamber of Commerce
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4/26/2011
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A Recovery in Small-Business Lending? 4/27
When the Small Business Administration's enhanced loan guarantee slipped back down to pre-recession levels in May of last year, small-business owners got nervous.
Provisions in the 2009 Recovery Act and four subsequent extensions had lifted the SBA guarantee on 7(a) loans to 90 percent and reduced borrower fees on most 7(a) and 504 loans. When the provisions expired, that guarantee went to 75 percent to 85 percent. Source: Diana Ransom, Entrepreneur.com
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4/25/2011
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More Banks Saying Yes - 4/25
An increasing number of small businesses are applying for — and receiving — credit from banks, according to a recent Greenwich Associates survey of companies with annual revenues of between $1 million and $10 million.
About 30% of small businesses applied for a loan in the first quarter of the year, up from 15% in the last quarter of 2010 and 5% the quarter before that, according to the survey. While approval rates fluctuated from quarter to quarter, on average about 60% of the small businesses surveyed got the credit they sought between March 2010 and March 2011. Source: Alix Stuart, CFO.com
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4/20/2011
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Officials: Hotel nearly a reality - 4/20
While a deadline to start construction at the Port Huron Water Street Marina nears, officials remain optimistic a hotel will come to fruition at the site.
Hotel Development Service, which paid the city $300,000 in 2009 for the marina, has until June to start construction. If the Oxford, Ohio business can't meet that deadline it either has to ask the city for an extension or sell back the property. Source: Liz Shepard, TheTimesHerald.com
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4/19/2011
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Money Matters: Program helps small businesses get loans - 4/19
Cesar Cedillo owns his own plumbing and heating company, and just recently he has had some big things coming down the pipeline.
His business recently expanded from a small storefront to a massive 17,000 square foot store and warehouse. However, since renting the space is like watching his money go down the drain, he wants to buy the building. Source: Tara Lynn Wagner, YNN Austin Texas
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4/18/2011
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Commercial borrowers get property refinancing help - 4/18
Under recent changes to the Small Business Administration’s 504 loan program, conventional owner-occupied commercial real estate loans are now eligible for refinancing. These changes greatly expand the number of eligible businesses and offer significant debt-service savings. Those savings could free up resources for businesses to hire new employees, purchase inventory or simply reduce overhead.
The temporary revisions, which are unprecedented in the program’s history and became effective in February, provide owners with a worry-free capital structure that allows them to focus on their business operations. Source: Robert Polito, HartfordBusiness.com
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4/14/2011
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Sierra Trading Post credits SBA loan with its success - 4/14
In June of 1986, Keith Richardson founded Sierra Trading Post, which purchased name-brand overstocks and closeouts - dress, casual and outdoor clothing, footwear, home furnishings, accessories and gear — and passed the savings on to its customers.
In 1992, the company relocated from Reno, Nev., to Cheyenne, where it obtained a 504 loan from the U.S. Small Business Administration to help purchase land, construct a building and purchase equipment. On completion of the 30,000-square-foot facility, the stage was set for a period of substantial growth. Soruce: Wyoming Business Report
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4/14/2011
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Business Loan Refinancing Alert! 4/14
This is exciting news with a limited window of time for opportunity. To find out the facts fast, the Charlotte Chamber (CC) turned to Richard Bargoil (RB) of BEFCOR for help. Source: Charlotte NC Chamber of Commerce
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4/13/2011
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BFG Client, Handcraft Cleaners & Launderers, Wins 2011 SBA Virginia Small Business Persons of Yr
FAIRFAX, Va., April 13, 2011 /PRNewswire/ -- Business Finance Group (BFG), a leading provider of SBA 504 loans in Virginia, Maryland, and West Virginia, today announced that its client, Handcraft Cleaners and Launders, a family run, 54-year old business based in Richmond, Virginia, has won the 2011 Virginia Small Business Persons of the Year Award. Source: Business Finance Group
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4/8/2011
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Small Business Lending Myths Debunked - 4/8
Contrary to what you’ve probably heard in media reports, banks are lending and are looking for qualified borrowers, particularly small businesses. In fact, banks work with the government-backed Small Business Association (SBA) to offer loans specially geared toward small businesses looking to grow.
Despite banks’ efforts to get the word out about SBA lending, there are many misperceptions about what an SBA loan is and how it works. Let me dispel some of the myths. Source: Richard Gray, Bank of American Fork - Utah Business.com
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4/7/2011
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Is your business facing a balloon payment on a mortgage? - 4/7
Beginning immediately, small business owners with real estate mortgages maturing after Dec. 31, 2012, will be able to refinance through a federal program.
The Small Business Administration’s temporary 504 refinancing program has been expanded and takes effect this week.
"It will open up many more opportunities for business owners that would like to refinance their mortgages, in cases where the balloon payment is due after 2012," said Ruben Garcia, district director for the SBA in San Diego and Imperial counties. Source: Tanya Mannes, San Diego Union-Tribune
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4/4/2011
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Small Business Jobs Act: Eligible Loans for 504 Loan Program Debt Refinancing - 4/4
The SBA is issuing this document to allow loans with any maturity date to be eligible for debt refinancing under the Small Business Jobs Act. Source: Federal Register
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4/3/2011
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Small-business corner: SBA 504 loan can help; find out more - 4/3
Imperial Casework Inc. was established in July 1999 by Otto "Eddie" Palacios, to provide architectural millwork and custom commercial casework in El Paso and New Mexico.
The company specializes in architectural cabinetry, which is commonly found in industrial buildings. The company was founded on the belief that it could challenge even the largest competitor with its comprehensive marketing strategies coupled with a technological and innovative approach in the manufacturing and installation of their cabinet products. Source: Phillip C. Silva, El Paso Times
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4/3/2011
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Small business owners eager for federal help - 4/3
If you want to know what a small business owner thinks about something, just ask. You may not like the answer, but you’ll get one.
In fact, hundreds of small business owners across the country are turning out to tell the Small Business Administration exactly what they think about the new Small Business Jobs Act passed late last year and what they think should happen next.
Top SBA officials are on a 13-city tour to tout the act and gather opinions that included a stop in Boston Friday. Not even a freak storm could keep business owners away. Source: Jennifer Heldt Powell, BostonHerald.com
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4/2/2011
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Small Biz Notes: Now may be time to refinance - 4/2
If you're a small business owner with a commercial real estate loan maturing in the next couple of years, you might be able to secure more stable, long-term refinancing through the U.S. Small Business Administration. Source: Laura Ruane
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4/1/2011
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SBA offers mortgage help for some small businesses - 4/1
Some small business owners with commercial real estate mortgages will be able to secure more stable, long-term financing through the U.S. Small Business Administration's temporary 504 refinancing program.
The change will be published in The Federal Register by April 6. Source: NewsLeader.com
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3/30/2011
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SBA expands commercial refinancing - 3/30
In recent weeks, the Small Business Assistance Corp. in Savannah has been working with six businesses to refinance their commercial real estate mortgages under a federal program, but it turned away a dozen more.
Most of them had mortgages that matured after Dec. 31, 2012, which was the cutoff date for the 504 refinancing program by the U.S. Small Business Administration. Then, this week, the administration announced that businesses with mortgages maturing after that date also will be eligible. Source: G.G. Rigs, Savannah Morning News
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3/30/2011
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SBA to help with maturing commercial loans - 3/30
The U.S. Small Business Administration is offering a lifeline to many commercial real estate owners with maturing mortgages.
Under a temporary refinancing program that will start on April 6, the SBA can refinance an eligible commercial real estate mortgage that is set to mature after Dec. 31, 2012, into an SBA-backed 504 loan. In February, the SBA initiated the program for mortgages maturing before that date.
Source: Brian Bandell, South Florida Business Journal
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3/30/2011
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Florida First Capital 504 Loan Recipient Named SBA North Florida Small Bus. Person of Year - 3/30
Florida First Capital Finance Corporation (FFCFC) is pleased to announce that Fernando Pereira, president of Pegasus Transportation in Orlando, has been named the Small Business Person of the Year by the U.S. Small Business Administration's (SBA) North Florida District.
Pegasus Transportation provides group motor coach transportation for any event or occasion in Florida. Mr. Pereira started Pegasus Transportation in 1994 with a 100 square-foot office, one 15-passenger van and one driver. Today, Pegasus has a fleet of late-model European motor coaches and two Florida offices--one in Orlando and one in Miami. Source: Dwight Sumners, Florida First Capital Finance Corp.
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3/30/2011
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Small Business Loan Program Extended - 3/30
Small businesses in Indiana have an extended chance for debt refinancing. The U.S. Small Business Administration has removed a deadline for its 504 refinancing program, allowing owners with eligible commercial real estate mortgages to secure long-term financing. The Indiana Statewide Certified Development Corporation says it will work with local lenders to assist with the process. Source: Indiana Statewide CDC, Inside Indiana Business
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3/29/2011
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Coastal Recycling Services Breaks Ground on C&D Recycling Facility - 3/29
Coastal Recycling Services, based in Jacksonville, Fla., has begun construction on a new construction and demolition materials recovery facility in Jacksonville. The facility is expected to be complete by July 2011.
The groundbreaking follows roughly three years of permitting and financing. According to Coastal Recycling, the cost of the project will top $11 million, with $4 million coming through a loan from the Small Business Administration (SBA). Source: Construction & Demolition Recycling
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3/29/2011
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SBA opens 504 refinancing to more firms - 3/29
The Small Business Administration will allow more businesses to refinance their commercial real estate mortgages through its 504 loan program.
The SBA initially restricted this new refinancing option to small businesses that faced balloon payments on their mortgages before Dec. 31, 2012. Beginning April 6, it will open the 504 refinancing option to businesses with balloon payments due after that date.
Source: Kent Hoover, Washington Business Journal
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3/28/2011
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Midsize Is Now a Fit for SBA - April 2011
Did you know that the U.S. Small Business Administration has changed how it defines a small business? Now a firm with up to $15 million in net worth, regardless of sales volume, and average after-tax earnings of up to $5 million for the past two years is considered "small" by the SBA.
These newly-eligible businesses can take advantage of attractive below-market, fixed rate loans for commercial real estate projects in excess of $20 million. Source: Barbara Morrison, US Banker
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3/28/2011
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Psst! Need funding? March 2011
Last fall’s Small Business Jobs Act (“Jobs Act”) created the State Small Business Credit Initiative (SSBCI) and funded it with $1.5 billion to strengthen state programs that support lending to small businesses — and many chiropractic practices. Designed to spur up to $15 billion in lending, January 2011 saw the Jobs Act release the first wave of awards to states. Source: Mark E. Battersby, Chiropractic Economics
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3/25/2011
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SBA launches temporary program for commercial real estate refinancing - 3/25
Small businesses facing maturity of commercial mortgages or balloon payments before Dec. 31, 2012, may be able to refinance their mortgage debt with a 504 loan from the U.S. Small Business Administration under a new program that runs until Sept. 27, 2012. Source: The New England Business Bulletin
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3/22/2011
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Numerous lenders hungry to loan attend seminar - 3/22
More than 100 bankers from 34 separate institutions turned out for a U.S. Small Business Administration breakfast Tuesday apparently for one reason: they are desperately trying to make loans.
Mike Fasulo, a vice president with Six Bridges Capital Corp., a co-sponsor of Tuesday’s event at the Crescent Club, said he suspected the large turnout was because lenders are looking for every advantage to increase their loan portfolios.
Source: Christopher Sheffield, Memphis Business Journal
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3/22/2011
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Opinions Abound at Capital-Access Forum - 3/22
Inside the Treasury building on Tuesday, the talk was all about high-growth start-ups.
At a conference called “Access to Capital: Fostering Growth and Innovation for Small Companies,” panels of entrepreneurs, venture capitalists and government administration officials discussed the challenge of securing funds for “gazelle” firms – those top-performing companies that take off rapidly and provide jobs.
Source: Emily Maltby, Wall Street Journal
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3/22/2011
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Small Businesses Need Funds to Compete -Geithner - 3/22
U.S. Treasury Secretary Timothy Geithner on Tuesday told policy makers and entrepreneurs that U.S. small businesses need greater access to capital to spur innovation.
"The financial crisis caused a great deal of damage to the capacity of innovators to access capital, and we can't promote innovation and investment in the United States unless we help innovative companies get the funding they need to succeed," Mr. Geithner said in remarks prepared for a Treasury-sponsored conference. Source: Jeffrey Sparshott, Wall Street Journal
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3/16/2011
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CMBS, SBA help thaw capital market - 3/16
The capital markets are loosening, banks are jumping back into the fray, and SBA financing is set to push progress in secondary markets. Yes, the realm of hotel financing is clearly headed in the right direction, but after hitting rock bottom, it really had nowhere else to go, according to a panel held during the Hunter Hotel Investment Conference. Source: Patrick Mayock, Hotel News Now
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3/15/2011
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Tough Choices on SBA Budget - 3/15
The House Small Business Committee doesn’t like much of anything the Small Business Administration has done over the past two years.
This dissatisfaction could cost the agency nearly $100 million. That’s how much the committee recommends be cut from the SBA’s $985 million budget request for next year. These reductions can be made by eliminating duplicative programs and initiatives that show little promise of creating jobs, the committee said.
Source: Kent Hoover, www.portfolio.com
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3/11/2011
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LITTLE BIG LOAN - 3/11
The number of SBA 504 loans approved increased 13% from Q4 ’10 to Q1 ’11, and loan value jumped 20%. National Association of Development Companies prez Chris Crawford tells Bisnow Houston reporter Catie Brubaker the biggest takeaway for CRE pros: Small business is growing again. That means job growth and demand for space. Plus, 504 loans are used to finance the purchase, construction, and renovation of CRE and acquisition and installation of heavy machinery and equipment. Source: Catie Brubaker, Bisnow.com
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3/8/2011
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Senate Small Business Committee Chair, Landrieu, to Keynote NADCO Conference - 3/8
The champion of America's small business in Congress, Senator Mary Landrieu (D-LA) will be keynoting the Government Relations conference of the National Association of Development Companies (NADCO) on March 15, 2011 in Washington, D.C.
NADCO, the trade association representing the nation's Certified Development Companies (CDCs), is holding its annual Government Relations Conference at the Madison Hotel on March 15 and 16. CDCs are the U.S. Small Business Administration's (SBA's) conduit for providing their highly regarded 504 loan program to small businesses across the country. Source: NADCO
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3/7/2011
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New SBA loans may help businesses keep real estate - 3/7
Michael Spears' Collision Authority is just the kind of small business that Congress had in mind last year when it created a new version of an old Small Business Administration loan product.
Spears, one of three partners in the Collision Authority, said business is great. However, commercial real estate loans on two of the company's four auto body repair locations were maturing and needed to be refinanced.
It was a case of being in the wrong place at the wrong time. He and his partners financed the Southern Nevada properties about five years ago through conventional commercial real estate loans. They borrowed the money based on real estate values at the peak of the real estate boom. Real estate values in Southern Nevada shriveled like a plum into a prune over the last five years. Probably no other area of the country experienced such a precipitous drop in realty values. Source: John G. Edwards, Las Vegas Business Press
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3/6/2011
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Banks kick up lending, but with mixed results - 3/6
Last year, Citibank offered longtime customer Dr. John Paul Tracy Ng a $3 million loan and a $500,000 line of credit to upgrade the equipment at his 6-year-old radiation practice on the Upper East Side.
In the end, Dr. Ng said, he decided to go with another bank's offer for a loan on the project. But after a two-year drought in small business lending, the competition for his business indicates big banks' revived interest in that part of the market. Source: Judith Messina, Crain's New York Business.com
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3/6/2011
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More N.J. companies financing with 504 loans - 3/6
When Manuel Amaral needed capital to buy the Lyndhurst car lot and garage from which he's operated a business since 2007, he could not find a loan officer willing to get past the stereotype of a used-car salesman.
"Some of them won't deal with used-car dealers, I guess, because of the reputation of used-car dealers," said Amaral, owner of Amaral Auto Sales & Services. "They tell you right up front: 'We're not going to do that.' "
So Amaral went through one of three certified development companies in the state — all of which are located in Bergen County — that are approved to offer a specific Small Business Administration loan to secure $1.3 million for that real estate purchase. Source: Alexander Macinnes, NorthJersey.com
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3/6/2011
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NEW SBA PROGRAM CAN HELP SOME BUSINESSES GET FINANCING - 3/6
A new program from the U.S. Small Business Administration could help provide financing for business owners whose commercial mortgages are maturing in the next couple of years.
Many business owners who took out commercial loans for owner-occupied real estate in the middle of the last decade could have trouble renewing or refinancing their loans because property values have declined and lending standards have gotten tighter. Source: Bill Freehling, Fredericksburg.com
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3/4/2011
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A Long-Term Fix for the SBA Budget - 3/4
In his 2012 budget, President Barack Obama proposed giving the Small Business Administration $985 million. That has set off bickering between the SBA's supporters, who are upset that the new budget would require the agency to cut funding to programs they consider essential, and its critics, who claim that the agency does little and should make do with even less funding. Source: Scott Shane, Bloomberg Business Week
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3/3/2011
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SBA 504 loans value $1.4 billion in first quarter 2011 - 3/3
The SBA 504 loan program has recaptured its buzz in the current economy and recent numbers indicate that more firms are using the innovative program to secure commercial real estate deals.
Financial markets are beginning to thaw as loans terms have soften for some, but for many firms attempting to complete real estate deals current guidelines and requirements are still not economically feasible. Many of those that survived the economic downturn are now growing and require new space. Instead of turning to traditional financing, where they may be met with lukewarm response, programs like the SBA 504 have helped bridge the gap and make many real estate deals a reality for potential owner-occupiers. Source: Mark Thomton, RE Journals.com
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3/1/2011
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NADCO: SBA 504 Loan Approvals Surged in 2011’s First Fiscal Quarter - 3/1
The SBA 504 loan program, which provides small businesses with long-term, fixed rate, government-guaranteed loans for the purchase, construction and renovation of commercial real estate, saw a surge in loan approvals in the first quarter of 2011.
The first fiscal quarter of 2011, which ended December 31, 2010, saw a 20 percent increase in the value of loans approved, the second consecutive quarterly increase of 13 percent or more. Source: NADCO
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2/28/2011
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SBA refi program won’t draw many NY companies - 2/28
The U.S. Small Business Administration’s commercial mortgage refinancing program officially gets underway today, but it does not appear that too many New York companies will be rushing to get their applications in.
The temporary initiative, authorized under the Small Business Jobs Act, expands the SBA’s 504 program, which usually is for firms undergoing expansion. As with all 504 loans, the borrower commits 10 percent equity, a lender puts in 50 percent and a Certified Development Company—in New York, that’s usually Empire State Certified Development Corp.—contributes 40 percent.
Source: Barbara Pinckney, The Business Review
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2/28/2011
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ACS Uses New SBA 504 Program to Buy Inglewood Professional Center Space 2/25
ACS Business and Accounting Solutions has nearly doubled its space at 1300 Caraway Court in the Inglewood Professional Center and purchased an additional 1,432+ square feet. The expansion brings the accounting firm's total square footage at the park to 3,732 square feet. Source: CityBiz Real Estate
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2/25/2011
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Firms with balloon loans can get SBA refinancing - 2/25
The Small Business Administration rolled out a loan program that could help business owners who face a looming balloon payment on their commercial real estate loans.
Small business owners can now use the SBA’s 504 program to refinance their commercial mortgages if they face a balloon payment before Dec. 31, 2012. The SBA may later open this option to other business owners.
Source: Kent Hoover, Phoenix Business Journal
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2/24/2011
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SBA 504 Program Cover Story - Nat'l Assn of Realtors Newsletter - 2/24
NADCO CEO, Chris Crawford was one of the key sources for information contained in this excellent article highlighting the SBA 504 loan program. Source: NAR, Commercial Connections - Winter 2011
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2/18/2011
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SBA approves 504 loans for refinancing commercial real estate - 2/18
For the first time, the U.S. Small Business Administration is allowing for the temporary extension of the 504 loan program to allow refinancing of existing commercial real estate debt.
The administration released regulations regarding the SBA 504 Debt Refinance Program outlined in the Small Business Jobs Act of 2010. Because market research shows that a large percentage of commercial mortgages outstanding are set to mature within the next few years, particularly those held by community banks. As real estate values have declined, however, even small businesses that are performing well and making their payments on time can have a hard time refinancing these loans and may need to restructure their debt. Source: Jenna V. Loceff, North Bay Business Journal
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2/18/2011
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SBA Offers Loan Program for Small Business Owners - 2/18
A refinancing program was launched by the United States Small Business Administration, which could help small businesses refinanced owner-occupied commercial properties. The SBA’s loan program is said to help small business to expand—those businesses that are not expanding. The loan program — the 504 program will start on February 28, 2011. Source: Elizabeth Buckley, Property Magazine
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2/17/2011
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Bailout for Business Real Estate - 2/17
The Small Business Administration finally rolled out a loan program that could help business owners who face a looming balloon payment on their commercial real estate loans.
Beginning February 28, small business owners can use the SBA’s 504 program to refinance their commercial mortgages if they face a balloon payment before December 31, 2012. The SBA may later open this option to other business owners.
Source: Kent Hoover, portfolio.com
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2/17/2011
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Smart Answers February 17, 2011, 5:20PM EST The SBA's New Small Business Loan Programs- 2/17
Small business owners have long complained about the red tape, long waits, and prohibitive collateral requirements of Small Business Administration-guaranteed loans. This spring the agency will introduce two new SBA loan programs that will funnel capital to underserved entrepreneurs directly through nonprofit microfinance organizations, says Grady Hedgespeth, director of the SBA's Office of Financial Assistance in Washington, D.C. He spoke recently to Smart Answers columnist Karen E. Klein about the two new loans, as well as the brand-new 504 commercial mortgage refinance program and how they work. Source: Karen E. Klein, Bloomberg Business Week
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2/17/2011
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Commercial Real Estate Financing Available Soon Through SBA 504 Loan Program - 2/17
Starting February 28, 2011, the U.S. Small Business Administration's (SBA) 504 loan program will begin accepting applications for refinancing of existing qualified real estate debt for small business owners who are facing impending balloon payments before December 31, 2012. Source: NADCO
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2/17/2011
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SBA's 504 Commercial Refi Program Starts Feb. 28 - 2/17
The countdown is on for the U.S. Small Business Administration to begin accepting applications for refinancing existing qualified real estate debt for small business owners facing balloon payments before Dec. 31, 2012. The SBA 504 loan program's door opens Feb. 28. Source, CityBiz Real Estate
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2/17/2011
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Top small-business lenders in San Diego - 2/17
The top lender to small businesses in San Diego County for the first four months of the current fiscal year was CDC Small Business Finance, the Small Business Administration reported this week. Source: Tanya Mannes, San Diego Union Times
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2/17/2011
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Help for Underwater Properties - 2/17
For small-business owners with underwater commercial properties, the Small Business Administration is tossing out a new life vest.
For a limited time, the SBA is offering a loan refinancing program designed to help small businesses whose commercial mortgages are set to mature in the next few years. For many of these businesses, the mortgages — obtained during the housing bubble – are greater than current property values. Source: Emily Maltby, Wall Street Journal
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2/16/2011
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Coastal Recycling Services Breaks Ground on C&D Recycling Facility - 2/16
Coastal Recycling Services, based in Jacksonville, Fla., has begun construction on a new construction and demolition materials recovery facility in Jacksonville. The facility is expected to be complete by July 2011.
The groundbreaking follows roughly three years of permitting and financing. According to Coastal Recycling, the cost of the project will top $11 million, with $4 million coming through a loan from the Small Business Administration (SBA).
“We have confirmed with the SBA that this is one of the largest SBA 504 loans ever approved in the Southeast in the history of the program,” says Kristen Tackett of Florida First Capital Finance Corp., Jacksonville. “We are extremely excited and honored to be able to provide financing that will allow for a major business expansion and job creation right here in the city of Jacksonville.”
Source: Construction & Demolition Recycling
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2/15/2011
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SBA yet to set loan rules - 2/15
A new federal loan program signed into law five months ago to help small businesses refinance the mortgages on their buildings could help save thousands of firms.
If only the program could get started.
Businesses can't apply for the loans or even determine if they qualify for them until the Small Business Administration releases rules for the program. The wait is not only problematic for stressed businesses, it's also eating up time. Source: Sharon Bernstein, Los Angeles Times
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2/15/2011
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Breaking Down the SBA Budget - 2/15
n President Obama’s fiscal 2012 budget proposal, released Monday, the Small Business Administration was allotted $985 million. Is this figure higher or lower than 2010’s fiscal year budget? Well, it depends on how you look at it.
In the 2010 budget, the last that Congress passed, the SBA got $824 million. So it would appear that the budget increased by $161 million. Source: Emily Maltby, Wall Street Journal
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2/15/2011
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Obama Proposes Belt-Tightening for SBA - 2/15
President Obama's fiscal 2012 budget proposal for the Small Business Administration asks Congress for $985 million—45% less than the $1.8 billion that the agency received in 2010.
"We have to tighten our belt, too," said SBA Administrator Karen Mills on a conference call. "We looked through to see if there are programs that are duplicative or that we could eliminate." Source: Emily Maltby, Wall Street Journal
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2/14/2011
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Building up from recession - 2/14
Small business lending came to a standstill with the financial meltdown, but Hilda Kennedy sees new opportunities for small shops to grow in 2011.
Kennedy is the founder of AmPac Tri State Certified Development Co., a lender certified through the Small Business Administration and based in Grand Terrace.
Source: Rebecca U. Cho, The Sun
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2/14/2011
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Obama’s Cut-and-Spend Budget - 2/15
SBA Loans Costlier Due to Defaults - The president’s budget proposes a 45 percent cut in the Small Business Administration’s budget compared with what was enacted in 2010, but that primarily reflects an end to the supplemental funds provided to the SBA over the past two years to boost lending to small businesses. This funding, which expired in December, enabled the agency to boost its guarantee on its flagship 7(a) loans to 90 percent and reduce fees on both its 7(a) loans and 504 loans, which primarily finance real estate.
Source: Kent Hoover, Portfolio.com
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2/14/2011
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Small biz programs on chopping block in 2012 budget - 2/15
Like the rest of the federal government, the Small Business Administration is going to get the squeeze in 2012, according to President Obama's budget proposal released Monday.
The SBA -- and, most critically, the lending programs it backs -- got some pretty hefty government subsidies through the Great Recession as the White House tried desperately to get capital flowing to small businesses. That stimulus cash vanishes in the government's 2012 fiscal year, which begins in October 2011. Source: Catherine Clifford, CNN Money
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2/10/2011
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Morgan Stanley starts small business loan program - 2/10
Morgan Stanley said Thursday it is beginning a program to help deliver up to $500 million of credit to small businesses seeking to increase investment and create new jobs.
The company said its Morgan Stanley SBA 504 Program will be available through Community Reinvestment Fund, USA, a nonprofit corporation, and CDC Direct Capital, a subsidiary of CDC Small Business Finance, a development company that focuses on serving the financing needs of small businesses. Source: Bloomberg
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2/10/2011
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SBA Lending Initiatives for Underserved Communities Launch on Feb. 15 - 2/10
Lenders who participate in the U.S. Small Business Administration’s Preferred Lender Program can approve loans through the agency’s new Small Loan Advantage program beginning Feb. 15. At the same time, the agency will begin accepting applications from community-based, mission-focused lenders who are interested in making SBA-guaranteed loans through the new Community Advantage program.
Both the Small Loan Advantage and Community Advantage programs were announced in December as part of the agency’s efforts to increase the number of lower dollar loans being made to small businesses and entrepreneurs in underserved communities. Source: SBA
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2/9/2011
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SBA chief signals 2012 budget will eliminate some programs - 2/9
President Obama's fiscal 2012 budget, scheduled to be released on Monday, will streamline, and in some cases, eliminate entirely, several small business programs, according to Small Business Administrator Karen Mills. Source: Robert Brodsky, Government Executive
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2/9/2011
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St. Louis County touts loans up to $10M Read more: St. Louis County touts loans up to $10M - 2/9
St. Louis County Economic Council said Wednesday it has re-launched a series of funding programs designed to help St. Louis-area businesses expand.
These programs include loans, bonds and private equity opportunities ranging from $200,000 to $10 million.
Source: St. Louis Business Journal
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2/8/2011
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Business Line: First Merchants active in business funding - 2/8
First Merchants Bank led all Indiana banks in 2010 in providing SBA loans to small business through the Indiana Statewide Certified Development Corporation, the bank announced.
The Indiana Statewide CDC is the state's most active lender of funds from the U.S. Small Business Administration 504 program for expanding companies. Source: The Star Press
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2/6/2011
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Jobs Act juices up growth - 2/6
From solo entrepreneurs to founders of restaurants, small business owners throughout the city are starting to reinvest in their businesses or launch new ventures, courtesy of the Small Business Jobs Act. Source: Cara S. Trager, Crain's New York Business
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2/1/2011
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Financing in a down economy - Feb 2011
If you think your belt is tight, how about checking with your local banker? Lending channels are still slow as molasses these days, despite government programs designed to free up monies and investment dollars. How will you finance your next remodeling project or carwash expansion?
Professional Carwashing & Detailing has tracked down the experts who helped operators get financing for their projects in 2010. From creative financing to government programs that actually work, learn how you can get the funding your business needs to grow and be successful in today’s marketplace. Source: Kate Carr, Professional Car Washing & Detailing
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1/31/2011
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New SBA programs aim to boost loans to small firms - 1/31
A small-business owner could get up to $250,000 in capital under new loan initiatives being rolled out by the federal government.
The new Community Advantage loan program to be launched this spring is geared to underserved markets, including firms less than 2 years old, small businesses in low- to moderate-income communities and those owned by veterans. Source: Cyndia Zwahlen, Los Angeles Times
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1/28/2011
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Congressional committees target SBA programs for cuts - 1/28
The Small Business Administration could look considerably leaner in the coming months if House and Senate lawmakers have their way.
The lead congressional committees in charge of federal small business policy are planning to scale back or eliminate programs within SBA that might no longer be serving their intended purpose. Source: Robert Brodsky, Government Executive
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1/28/2011
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Chase Donates $5 Million to VEDC to Boost Small Businesses - 1/28
Chase has awarded a $5 million grant to VEDC – the Valley Economic Development Center – to generate the loans small and medium-sized businesses need to sustain and expand their businesses and to hire more Californians. “VEDC is proud to partner with Chase in providing desperately needed funding during this severe credit crunch,” said Roberto Barragan, President of VEDC, the largest non-profit lender to small businesses in the Los Angeles area. “This grant will enable us to help even more small business owners in cities and rural areas throughout the state of California.” Source: Business Wire
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1/24/2011
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Agency can help secure business loan - 1/24
One of the most common misconceptions of small business owners is that the government, specifically the Small Business Administration (SBA), has a magical pot of money to give or loan to individual businesses. And while the SBA does have loan programs that support small business by working through banks and commercial lenders, they do not loan money directly to businesses. Let’s clear up some of the confusion. Source: Jeff Neuville, Hickory Daily Record
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1/22/2011
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Businesses take advantage of loan extension - 1/22
Rufus J. Burdette hopes the new building-supply store he is planning on Phinizy Road in Augusta will help his company become a one-stop shop.
"We would like to be your builder, your contractor and your supplier," said Burdette, the president and owner of 1 1/2-year- old Star One Supplies.
The company operates out of a much smaller space it leases and the larger building -- made possible by a loan from the U.S. Small Business Administration -- will help it grow, he said.
Source: Erin Zureick, The Augusta Chronicle
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1/21/2011
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Small business lending ‘starting to turn’ - 1/21
Small businesses should find it easier to get credit this year, thanks to an improving economy and government programs aimed at encouraging banks to make more loans.
This brighter forecast is clouded, however, by continued weakness in real estate — the collateral that many small business owners use — and uncertainty as to how many community banks will tap the Treasury Department’s new Small Business Lending Fund. Also, the Small Business Administration’s flagship 7(a) lending program could run out of money by the end of this fiscal year, after providing a record $9 billion in loans to small businesses last quarter. Source: Kent Hoover, ABJ Entrepreneur
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1/19/2011
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Ready to buy, or not? This is a great market for commercial real estate, but it’s not for everyone
When Linda Allsbury bought Pro Power Clean in 2005, the maintenance and cleaning company leased a 4,600-square-foot warehouse in Garden City with two offices the size of a bedroom and a walk-in closet.
Pro Power Clean’s seven trucks needed to be stored at controlled temperatures to protect cleaning chemicals, waxes and hoses from severe cold and heat. But only five trucks fit inside.
Source: Sandra Forester, Idaho Statesman
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1/18/2011
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504 loan program: Small Business Administration aid helps businesses advance - 1/18
When Jennifer and David Horsley wanted a new location for their office furniture business, they turned to an SBA loan to get the money.
They used the loan, which had a lower interest rate and lower required down payment than conventional loans, to purchase the former El Paso Chile Co. building at 909 Texas in Downtown last year.
Source: Vic Kolenc, El Paso Times
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1/14/2011
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SBA Offers Mortgage Lifeline - 1/14
As the SBA recently marked how the Small Business Jobs Acts of 2010 has helped it approve more than $10.3 billion in loan guarantees since the legislation was signed back in September, credit unions and other lenders could reap some unexpected benefits.
The Small Business Jobs Act included an array of provisions aimed at helping small businesses gain access to capital, compete for federal contracting opportunities, expand exporting opportunities and obtain other assistance to help them grow and create jobs. Source: Michelle Samaad, Credit Union Times
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1/12/2011
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Patricia Brown-Dixon Appointed Administrator for SBA Region VII - 1/12
The U.S. Small Business Administration announced the appointment of Patricia Brown-Dixon to be Regional Administrator for Region VII, which encompasses Iowa, Kansas, Missouri, and Nebraska.
“I look forward to helping implement the Small Business Jobs Act and supporting the small businesses in Region VII that are the engine of our economy.”
Brown-Dixon has worked for the U.S. General Services Administration (GSA) for more than 25 years. Currently, she serves as Director of the Heartland Office of Small Business Utilization. In that role, she is responsible for managing the agency’s efforts to support small businesses in the region. Source: SBA
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1/12/2011
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Secrets of the SBA-loan winners - 1/12
Phil Vallone, the co-owner of Vallo Transportation Ltd., could barely contain the relief in his voice. At times, he sounded like the latest sweepstakes winner. “We no longer have to be like gypsies, moving from place to place,” he said. “We have a home now. Watch out!”
After a months-long application process, Mr. Vallone and his sister were approved last year for $4.6 million in loans, including $2 million guaranteed by the U.S. Small Business Administration, to help their 30-year-old private school bus company purchase its own building and lot in Whitestone, Queens. Vallo, which contracts with the city as well as the Bronx High School of Science, will be able to house its buses, operations and management offices all in one place. Source: Benjamin J. Spencer, Crain's New York Business
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1/9/2011
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Small Business’s New Man in the White House - 1/9
In her analysis of Gene Sperling’s promotion from Treasury Department adviser to head of the National Economic Council, The Times’s Jackie Calmes sees a shift in President Obama’s emphasis from crisis management to recovery. But Mr. Obama has also chosen for his top economic adviser someone with deep experience in formulating small-business policy. Source: Robb Mandelbaum, The New York Times
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1/8/2011
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SBA lending setting record pace in Nebraska - 1/8
In a positive sign for the economy, small businesses in Nebraska took out loans at a record rate in December.
The Small Business Administration loaned almost $30.5 million to 89 Nebraska businesses during the month, a monthly record, the SBA's Omaha office reported last week. Source: Matt Olberding, Lincoln Journal Star
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1/7/2011
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SBA loans hit record high before breaks expired - 1/7
The U.S. Small Business Administration set new lending records in December as lenders and borrowers rushed to take advantage of higher government guarantees and reduced fees on SBA loans before those breaks disappeared.
Source: Kent Hoover, Phoenix Business Journal
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1/6/2011
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Growth Capitol Corp. announces biggest SBA 504 loan EVER in the Buckeye Neighborhood! 1/6
Last week, Growth Capital received a $5.498MM SBA 504 loan approval. We have confirmed with the SBA that it is the single BIGGEST SBA 504 LOAN EVER approved in the history of the program. We are extremely excited and honored to be a part of that. We are even more excited and honored to be participating with Huntington Bank to provide financing that will allow for a major business expansion right here in the City of Cleveland. Source: Growth Capital, Neighborhood Progress
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1/6/2011
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Miceli Dairy Products describes plan for expansion in Cleveland 1/6
It seems an unlikely place for one of the nation's largest ricotta cheese makers.
The 62-year-old Miceli Dairy Products on East 90th Street in Cleveland is surrounded by vacant land and run-down buildings. But Chief Executive Officer Joe Miceli, who grew up in a nearby house along with his siblings, sees a neighborhood full of potential. Source: Marcia Pledger, The Plain Dealer
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1/6/2011
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FSC Approves $2 million in new loans to Prince George's Cnty small & minority-owned Businesses
County Executive Rushern Baker and the Board of Directors of FSC First are pleased to announce that FSC First has approved more than $2,000,000 in new funding requests to five local businesses in Prince George's County. Source: The Washington Informer
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1/6/2011
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SBA: What Else You Should Know - 1/6
In addition to provisions designed to increase the amount of capital accessible to small businesses, the Small Business Jobs Act modifies the size standards under which the U.S. Small Business Administration (SBA) defines a small business -- increasing the number of companies eligible for SBA funding. The bill also implements a $30 billion Small Business Lending Fund to provide community banks with capital injections designed to increase their lending activities to small businesses. The State Small Business Credit Initiative, funded with $1.5 billion, also is expected to spur as much as $15 billion in lending through local programs. Source: Ron Reuss, Scotsman Guide
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1/3/2011
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Banks Open Loan Spigot - 1/3
Some big U.S. banks are starting to increase their lending to businesses as demand for loans rises and healthier banks seek to grab customers from weaker rivals.
After declining steadily for most of the past two years, the amount of commercial and industrial loans held by commercial banks inched upward during the past two months, according to the Federal Reserve. Source: Ruth Simon, Wall Street Journal
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1/3/2011
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Jobs Act Supported More Than $12 Billion in SBA Lending to Small Businesses in Just Three Months 1/3
Today, SBA Administrator Karen Mills announced that as of Dec. 31 the agency had approved more than $10.3 billion in loan guarantees which supported more than $12 billion in lending to small businesses since President Obama signed the Small Business Jobs Act of 2010 on Sept. 27. The Jobs Act included an extension of reduced fees and higher guarantee loan enhancements in the agency’s two largest loan programs. Source: SBA
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12/21/2010
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So You Want to Expand Your Small Georgia Business? 12/21
With today’s worsening economy many small business owners in Georgia and across the united states are struggling to make ends meet. Business expansion and aggressive marketing are seemingly the only viable options at the moment. Source: Allen Harkleroad, Statesboro Georgia Magazine
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12/19/2010
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Harding: Banks are lending, and businesses can expand - 12/19
Banks want to lend and many are. Look no further than a gleaming red and black building on Beach Boulevard as evidence.
Vance Rossell’s 10th Burger King restaurant is now open for business. The sleek structure, which opened Dec. 10, sits just south of Florida 9A and business has been booming. Rossell said plans to build the restaurant were delayed, but the wait was worth it. Source: Abel Harding, The Florida Times Union
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12/15/2010
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FACT SHEET - Small Loan Advantage and Community Advantage 7(a) Loan Initiatives - 12/15
SBA is committed to expanding access to capital for small businesses and entrepreneurs in underserved communities so that we can drive economic growth and job creation. In line with that, SBA is adding two new initiatives that are aimed at increasing the number of loans in these communities. Source: SBA
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12/15/2010
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New small business loans approved in 'minutes' - 12/15
The Small Business Administration announced two new lending initiatives on Wednesday aimed at getting relatively modest loans to small businesses quickly.
The idea is to get loans under $250,000 into the hands of small businesses efficiently: Applications are only 2 pages long and can be approved in anywhere from "minutes" to 10 days, according to the SBA. Greater access to credit should help spur firms to grow and hire, giving the economy a boost. Source: Catherine Clifford, CNN Money
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12/15/2010
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Nonprofit seeks bigger lending capacity - 12/15/10
"We want to increase the capacity borrowers have to us through more referrals and expanding our partnerships with the U.S. Small Business Administration," CEO Shelly M. Gross-Wade said at the nonprofit's 32nd annual review Dec. 9 at the Newton White Mansion in Mitchellville.
The nonprofit is designated by the SBA to market and process loans ranging from $25,000 to $250,000, including SBA 504 commercial real estate and equipment loans of up to $5 million. Source: Lindsey Robbins, Gazzette.net
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12/15/2010
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SBA Announces New Initiatives Aimed at Increasing Lending in Underserved Communities - 12/15
With Community Advantage, the agency will expand the points of access small business owners have for getting loans by opening SBA’s 7(a) loan program to “mission-focused” financial institutions, including Community Development Financial Institutions, Certified Development Companies and non-profit microlending intermediaries. Community Advantage will leverage the experience these institutions already have in lending to minority, women-owned and start-up companies in economically challenged markets, along with their management and technical assistance expertise, to help make their borrowers successful. Source: SBA
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12/13/2010
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Small-business fair links up entrepreneurs and lenders - 12/13
Venkat A.R. Subramanian, owner of technology consulting firm Angarai International, expects to close on his first office condominium in Greenbelt this week with the help of a Small Business Administration 504 loan. Source: Danielle Douglas, The Washington Post
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12/12/2010
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Crisis in small business loans? 12/12
Although not usually thought of in the same way, many small businesses are in the same boat as homeowners facing foreclosure. Like the homeowners, they bought real estate at the top of the bubble-inflated market four or five years ago, and now, with the price bubble burst, find themselves "underwater" with their mortgages. Source: Don Jacobson, StarTrubune.com
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12/12/2010
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SBA loan looks poised for renewed popularity - 12/12
The U.S. Small Business Administration’s 504 loan program, which assists companies in purchasing commercial real estate and equipment could be in for a big resurgence.
Demand had been spotty following the nation’s financial meltdown in 2008, but times are a-changin’.
Inquiries about 504 loans already were high in the past few months, in part because a temporary fee waiver is scheduled to expire no later than Dec. 31. Also, interest rates for the loans are hovering near historic lows. Source: Laura Ruane, News-Press.com
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12/10/2010
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Group quietly grows business, jobs - 12/10
Since 1983 the Hamilton County Development Co. has been a focal point for local economic development activity in conjunction with the state and federal governments.
During all that time David Main, 62, has been president of the non-profit corporation that provides job creation and retention services, offers SBA-certified lending and operates one of the largest and oldest business incubators in Ohio in the former Pfau Manufacturing Co. plant in Norwood. Source: Mike Boyer, Cincinnati.com
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12/10/2010
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New Opportunities in SBA Lending - 12/10
The Small Business Jobs Act, signed into law this past September, was a somewhat controversial bill primarily because it created the $30 billion Small Business Lending Fund for community banks — which was accused of being another bailout.
The fund represents a source of low-cost capital for community banks. It’s intended to increase their small-business lending. Although it remains to be seen what impact that portion of the Small Business Jobs Act will have, one thing is certain: The U.S. Small Business Administration (SBA) provisions contained in the bill likely will increase opportunities for mortgage brokers. Source: Jordan Blanchard as published in Scotsman Guide
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12/9/2010
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Grand Rapids' Economic Development Foundation grows economy, jobs across Michigan - 12/9
Officials at the Grand Rapids-based Economic Development Foundation say they stand ready to help entrepreneurs throughout Michigan get funding for business expansion and job creation and retention. Source: Deborah Johnson Wood, Development News Editor - Rapid Growth
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12/8/2010
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Graves Named Chairman of Small Business Committee - 12/8
House Small Business Committee Ranking Member Sam Graves (R-MO) has released the following statement upon being selected by his colleagues to chair the House Small Business Committee in the 112th Congress. Source: U.S. House of Representatives, Committee on Small Business Republicans
(more)
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12/6/2010
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WOJTOWICZ: How to lay your hands on working capital- 12/6
Q: My business is successful but I am running so close to the bone on expenses that I am running out of cash just to keep the doors open. I’m worried. What’s the best way to locate working capital? I need it fast!
A: You are not alone. I don’t know the nature of your business, but your customers/clients may have decided to reduce their expenses, and that can affect you. Source: Jean Wojtowicz, Indiana Business Journal
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12/6/2010
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7 tips for landing an SBA loan - 12/3
Small businesses seeking financing are in for a bit of good luck these days.
Special Small Business Administration incentives, such as the waiver of certain fees, are still available until the end of the year, so now is the time to apply for financing. There are, however, a few caveats. Source: Rachel Zippwald, the vice president of California Bank & Trust - Reuters
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12/6/2010
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SBA loan push could help small business - 12/6
The passage of HR 5297, the Small Business Jobs Act, established in the Treasury the Small Business Lending Fund of $30 billion and $12 billion in tax incentives intended to spur lending and get small businesses back on their feet.
In addition to the $30 billion in capital, which can be leveraged to $300 billion in loans, there is a continuation of the enhancements to SBA lending, such as fee waivers and increased guarantees. Source: Jenna V. Loceff, North Bay Business Journal
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12/2/2010
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Smaller Firms Still Hesitant to Hire - 12/2
When it comes to hiring, Main Street remains reluctant to fully open its doors. U.S. small businesses continued to hire in November, this time adding the most jobs in a month's time in nearly three years, according to payroll company Automatic Data Processing Inc. But job growth remains modest compared with prerecession years, and many entrepreneurs say they plan to hold back for some time to come. Source: Sarah E. Needleman, Wall Street Journal
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12/1/2010
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Small businesses and the bottom line - 12/1
Republicans and Democrats do seem to agree on at least one thing these days: Small businesses are the engine of job creation.
Small businesses with fewer than 500 employees provide 70 percent of our nation’s jobs and are the “heartbeat of innovation and productivity in America,” said House Minority Whip Eric Cantor (R-Va.).
Source: John Maggs, Politico.com
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12/1/2010
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SBA Lending Program Expanded to Benefit More Buyers - 12/1
The federal government recently expanded its Small Business Administration loan program, increasing the total loan size available and covering more and larger businesses. This is great news for the commercial real estate sector, as it offers the most attractive loan terms seen in years, and fills a troubling gap in the commercial lending market, which has yet to rebound from the financial crisis. Source: Mark Mattingly, Noozhawk.com
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12/1/2010
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How to capitalize on the short-term modifications to SBA loans - 12/1
Small business owners got the break they’ve been hoping for when President Obama signed the Small Business Jobs and Credit Act of 2010 on Sept. 27. The legislation also affects thousands of SBA loans currently in the pipeline and offers business owners an affordable opportunity to expand or hire new employees by increasing the borrowing limits and waiving guaranty fees. Source: Leslie Stevens-Huffman, Smart Business Los Angeles
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11/30/2010
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Is Real Estate On Sale? - 11/30
A friend of mine told me that his landlord was trying to raise his commercial rent from $3.25 to $5 per square foot per year. I was surprised, because most people I know are either having their rent reduced or at least frozen. My friend explained that he really didn’t want to move his company because the location was convenient for him and for his employees. Source: Jay Goltz, The New York Times
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11/29/2010
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Small Companies Finally Get Some Credit From Banks - 11/29
For the first time since the financial crisis, small-business lending is on the rise in Los Angeles.
The number of loans backed by the U.S. Small Business Administration that were made to local companies in the last fiscal year rose 26 percent to 2,201, according to data recently released by the agency. The dollar value jumped 58 percent to nearly $1.1 billion. Source: Richard Clough, Los Angeles Business Journal
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11/24/2010
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Should Small Businesses Buy Property Or Lease? - 11/24
Despite historic low interest rates and commercial real estate prices, few small business owners are purchasing commercial real estate, citing liquidity and loan qualification as key concerns. A recent study showed that many small business owners are unaware of the benefits provided through SBA loans, which offer small business owners more flexible repayment terms and easier loan qualification terms that can make purchasing a commercial property a more viable option. Source: Brian O'Connell - Republished from The Street
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11/22/2010
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SBA Backs Repeal of ‘Burdensome’1099 Reporting - 11/22
In an open letter to small business owners, SBA Administrator Karen Mills described requirements that small businesses report all transactions greater than $600 as “burdensome,” and called for their repeal. Mills said the reporting requirements in the Affordable Care Act, which were to have begun in 2012, add up to “too much paperwork, too much filing.” Source: SBA
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11/18/2010
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SBA Announces Appointment of A. John Shoraka as Administrator for Region III - 11/18
The U.S. Small Business Administration today announced the appointment of A. John Shoraka as the Regional Administrator in Region III, to oversee the SBA's programs and services in Pennsylvania, Delaware, Maryland, West Virginia, Virginia, and the District of Columbia. Source: U.S. Small Business Administration
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11/18/2010
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Bank of America Ranked No. 1 for SBA 504 Loans in 2010 - 11/18
As part of its broad support for small businesses, Bank of America ranked No. 1 among all banks in the amount of credit extended through the U.S. Small Business Administration’s 504 loan program during the last fiscal year, according to SBA figures. Source: Bloomberg - Business Wire
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11/16/2010
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Community Ventures recognized as Kentucky SBA lender of year - 11/16
The Kentucky Small Business Administration has given Lexington, Ky.-based Community Ventures Corp. its 2010 Small Business Administration Lender of the Year award for the tenth time in 12 years.
Source: Business First - BizJournals
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11/16/2010
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What You Need to Know About the Jobs Act - 11/16
Only one-third of U.S. small business owners consider purchasing real estate a "great" or "substantial" opportunity, according to a survey with just over 300 respondents released this month by CIT Group (CIT). Meanwhile interest rates and commercial real estate prices are at historic lows, says Chris Reilly, president of the company's Small Business Lending division. Source: Karen E. Klein, Bloomberg Business Week
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11/15/2010
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Bankers urged to find, target small businesses - 11/15
As they search for better customers, bankers need to do a better job of finding and developing small-business clients, industry experts said at a conference Monday in Fort Worth.
"We see banking moving to customers that are higher-quality, i.e., not free checking," Les Dinkin, a managing director at Novantas, a New York consulting firm, told attendees at American Banker's 15th annual Small Business Banking Conference at the Omni Fort Worth Hotel. "These would tend to be small businesses and small-business owners."
Source: Scott Nishimura, Star Telegram
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11/15/2010
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Chase Doubles SBA Loans to Become #1 in U.S., Helps 3,300 Small Businesses in 2010 - 11/15
Chase announced today that it more than doubled its Small Business Administration loan volume in fiscal 2010 to become the nation's largest SBA lender, helping 250 more businesses than the next largest lender.
Chase's 3,386 loans represent a 170% increase in SBA loans from a year earlier. Chase lent $434 million in SBA loans in fiscal 2010, up 217% and making it second-largest SBA lender in dollars. Source: MarketWatch.com, Business Wire
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11/15/2010
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TMC sees big jump in SBA-backed real estate loans - 11/15
San Francisco-based TMC Development saw a 68 percent increase in the volume of lending it helped facilitate through the SBA’s 504 loan program.
TMC said it helped provide Small Business Administration-backed financing of $184.83 million for 220 small businesses to finance real estate purchases in TMC’s fiscal year that ended Sept. 30.
Source: Mark Calvey, San Francisco Business Times
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11/14/2010
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Small Business Administration loans rebound in Massachusetts - 11/14
Robert Bennett is in a better position than many business owners in the current economic climate. His company, Custom Machine & Tool, has been expanding at a rapid rate in recent years and quickly outgrowing its Weymouth plant.
What Bennett didn’t have was cash to pay for renovations to the new building he bought this year in Hanover. But a $150,000 loan from Eastern Bank under a Small Business Administration program is transforming a vacant warehouse into a machine shop that will begin operations later this month. Source: Steve Adams, The Patriot Ledger
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11/12/2010
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Vet loan program brews success - 11/12
Kelley Williams said he encountered a challenging borrowing environment when he was looking for money to open his coffee shop and was turned down more than once before finding the capital he needed.
“They told me it was the toughest lending environment in the past 10 years,” Williams said. Source: John Harrington, Independent Record
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11/7/2010
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SBA loan funding available - 11/7
Those wishing to start a new business or expand a present one have additional resources as a result of the Small Business Jobs Act signed into law by President Barack Obama in September.
More loan money is now available through the Small Business Administration's 504 loan program, a fixed-asset financing program for small businesses. The maximum loan amount has increased from $1.5 million up to $5 million or as much as $5.5 million for a small manufacturer. Source: Walt Frank, Altoona Mirror
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11/6/2010
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There are new opportunities for Michigan’s small businesses-11/6
President Obama has signed a bill into law that will be a game changer for small businesses in the Great Lakes state.
The federal Small Business Jobs Bill will help development corporations like Michigan Certified Development Corporation (MCDC) provide additional financing to small businesses in Michigan. Thanks to this law, obtaining business capital will now be an even more flexible and affordable process to help small business owners expand business. Source: Jane Sherzer, The Oakland Press
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11/5/2010
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Nearly 70 percent of SBA lenders polled say they will make more loans 11/5
Nearly half of U.S. Small Business Administration lenders increased their loan volume this month as a result of the Small Business Jobs Act.
That’s according to a survey conducted by Terry & Associates, which provides executive search services to SBA lenders.
Source: Kent Hoover, Phoenix Business Journal
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11/2/2010
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SBA lending in county jumps 13.5 percent from year before - 11/2
Federally backed loans to small businesses in El Paso County rose 13.5 percent from a year ago to the highest level since 2007, as falling commercial real estate prices and low interest rates prompted business owners to finance commercial real estate purchases.
Source: Wayne Heilman, The Gazette, Colorado Springs
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11/1/2010
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Law expected to boost commercial real estate lending - 11/1
The long Southern Nevada drought in commercial real estate lending is ending for some businesses.
A thunderstorm in the form of new legislation promises to slake the borrowing thirst of businesses that occupy at least 51 percent of commercial properties they own. Source: John G. Edwards, Las Vegas Business Press
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10/29/2010
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O.C. owner puts his best burger forward - 10/29
Thanh Nguyen serves thousands of customers at his five Knowlwood Restaurants in Orange County each week.
But one recent customer was special. Marie Johns is one of the top officials in the U.S. Small Business Administration in Washington D.C. She was in Orange County to speak at the annual conference of the National Association of Government Guaranteed Lenders in Anaheim and to meet at least one honest-to-goodness business owner who her agency serves. Source: Jan Norman, Orange County Register
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10/28/2010
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More Than 5,000 SBA Jobs Act Loans Approved in First Month -
ust one month after the President signed the Small Business Jobs Act, SBA has supported nearly $3 billion in loans to more than 5,000 small businesses across the country. That’s more than 5,000 small business owners who’ve felt first-hand, within one month, the impact this new law is having on our economy: from Peabody Engineering, a tank and fiberglass manufacturer in Southern California that is using a Jobs Act loan to hire 10 more workers, to Caudill Web Design here in our nation’s capital, who will use their Jobs Act loan to hire more programmers to meet increased demand. Source: Karen Mills, SBA Administrator on White House Blog
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10/28/2010
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U.S. Small Business Administration lending posted strong rebound the last year in Michigan - 10/28
He wanted to do it a year ago, but the timing wasn’t right.
Now — as business grows and with the right price and advantageous borrowing terms — Kent Communications Inc. is positioned for the future with a $500,000 high-tech printing press it recently acquired. Source: Mark Sanchez, Business Review West Michigan
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10/28/2010
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17 South Plains businesses benefit from SBA long-term loan program - Oct. 28
Bucking the trends of a struggling economy, Caprock Business Finance Corp. had a better-than-average past 12 months closing loans under a U.S. Small Business Administration long-term financing program.
The agency, an arm of the South Plains Association of Governments and a federal Certified Development Corporation, booked 17 loans under the SBA’s 504 program in the 2010 fiscal year, which closed Sept. 30. Source: Walt Nett, Lubbock Avalanche-Journal
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10/28/2010
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An entrepreneur finds a need and fills it - 10/28
If you’ve ever been to Europe you know that most countries are very proud to showcase their major cities’ monuments from the water. Paris, Amsterdam, London and all the cities along the Danube as well as the Rhine have tourist boats that take visitors on water tours to get the best possible view of their city. No traffic snarls, a leisurely pace allowing plenty of time for “Kodak moments”, no high rise buildings to block your view and an easy walk from port to starboard or fore to aft to get a better viewing angle or camera shot. Even US cities like New York and San Francisco have vibrant small business tour boat operations. Source: Penny Pompei, Examiner.com
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10/28/2010
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An entrepreneur finds a need and fills it – Part 2 - Oct. 28
A true entrepreneur, Willem Polak, CEO of Potomac Riverboat Company, recognized that the City of Alexandria’s feared loss of business to the new National Harbor Place/Gaylord Hotel across the river in Maryland was not a problem but an opportunity. Using financing from another SBA-504 loan, Polak financed construction of two water taxis which began hourly service between Alexandria and Harbor Place in April, 2008 well before Harbor Place’s restaurants and street scene was as vibrant as it is today. Source: Penny Pompei, Examiner.com
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10/28/2010
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Small-business loan programs hit record - 10/28
The Small Business Administration posted a record year for lending in South Dakota - again.
The state office recorded a record 72 loans for its 504 program - typically used for fixed assets such as land purchases or building projects - for the fiscal year ending Sept. 30.
The SBA also lent a record $77 million in 7(a) loans, typically used for working capital. While that total represented a record dollar amount, the agency's 362 loans was the third-highest yearly total, according to SBA statistics. Source: Kelly Thurman, ArgusLeader.com
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10/27/2010
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Jobs Act loosens lending for Jacksonville small businesses - 10/27
Jeanne Ward and Susan Satterfield, co-owners of Jacksonville-based Jasz Group Inc., are opening their sixth Zaxby’s restaurant on San Jose Boulevard thanks to a $1 million 504 loan, which they anticipate closing by the year’s end. They are also refinancing part of a previous 504 loan with a lower interest rate as part of the $1 million.
Source: Dolly Penland, Jacksonville Business Journal
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10/25/2010
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The Presidential Planner - 10/25
“This company is a great story because they’re like many other companies during the recession. They’ve now restored to their number of 47,” said Counselor to the Treasury Secretary Gene Sperling. They took out a 504 loan and the administration’s program helped them get fees for their loans reduced, he noted. Source: Sunlen Miller, ABC News
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10/23/2010
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SBA loan gets Birmingham doctor into new digs - 10/23
Since he began leasing space for a private practice on Birmingham's Southside nearly three years ago, Dr. Michael Scott Kendrick has desired to move into a larger facility.
Last month, Kendrick realized that goal thanks to a $1 million low-interest SBA loan he acquired with the help of a finance company. The physician, who helps patients ease pain related to spinal problems and other issues, used the loan to buy a building at 1020 26th St. South near St. Vincent's Hospital. Source: Roy L. Williams, The Birmingham News
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10/22/2010
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Time to buy a building? - August 2010
How to use attractive financing to purchase a building for your business. Source: Roger Schnorr, Insights Banking & Finance - Old Second National Bank
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10/21/2010
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President Obama Participates in a Discussion on Women and the Economy in Seattle, WA - 10/21
Speaking with the owner of Cupcake Royale, Jody Hall - "A year and a half ago, I had the opportunity to buy our fourth retail location in Capitol Hill. We were able to open a bakery and a café there. And it allowed us to really grow our business. I did this through the SBA 504 loan, so I was able to purchase a building in Capitol Hill in one of the hottest spots in the city. I was only -- I only had to put down 10 percent versus if I walked into a bank probably 25 or 30 percent for somebody in my position and length of business and that kind of thing."
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10/15/2010
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Businesses leave sidelines for SBA-backed loans - 10/15
Area banks did more Small Business Administration-backed lending in the year ended Sept. 30, but the activity might not carry into 2011.
The SBA guarantees loans to small businesses that do not qualify for traditional financing. In the just-completed fiscal 2010, the federal agency approved 246 such loans to area companies, totaling $57 million. This compares to 199 loans, and $46 million, in fiscal 2009.
Barbara Pinckney - The Business Review (Albany)
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10/15/2010
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Voters want jobs, but business needs sales - 10/15
Jobs may be the most important issue for voters in the Nov. 2 congressional elections, but politicians can’t do much about weak sales, the main reason why businesses aren’t hiring. Source: Kent Hoover, Phoenix Business Journal
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10/14/2010
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New Equity in Action: Patience enables Hyde Park veterinarian to save thousands in SBA loan fees
Some people might wonder why a veterinarian near the end of his professional career would undertake a project as ambitious as building an animal hospital in a slowly gentrifying neighborhood on Chicago’s South Side. Dr. Tom Wake expects that question. Source: T. Shawn Taylor, New Equity Daily
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10/14/2010
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Trends in SBA Lending: Product Reviews by Eighth District Bankers - Fall 2010
In July 2010, the Community Development staff of the St. Louis Fed conducted telephone interviews to survey financial institutions of various sizes across the Eighth Federal Reserve District about their experiences with lending products initiated by the Small Business Administration (SBA). The results of this informal survey demonstrated that in this difficult environment for lending to businesses, the SBA is providing critical access to credit. Following are some of the specific results of that survey Source: Daniel P. Davis, Federal Reserve Bank of St. Louis
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10/14/2010
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Bank of America ramps up small-business banking - 10/14
Bank of America announced Thursday that it is launching a program in the Washington area to improve lending and services for small businesses. The move comes as the White House is calling on the nation's biggest banks to help shore up Main Street. Source: Ylan Q. Mui, The Washington Post
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10/13/2010
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Local buiness owner benefits from stimulus loan program - 10/13
Mark Ruddeforth saved about $7,500 in initiation fees on a $343,000 U.S. Small Business Administration-backed loan for his Rapid City area business, Horse Creek Inn. Source: Holly Meyer, Rapid City Journal
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10/12/2010
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Wells, TMC top SBA Silicon Valley lenders - 10/12
Wells Fargo Bank and The Mortgage Capital Development Corp. topped the lists of government-backed lenders in Silicon Valley this past year, arranging dozens of loans for operating expenses or real estate spending.
Source: Eli Segall, Silicon Valley / San Jose Business Journal
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10/11/2010
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Refinance commercial real estate with SBA - 10/11
The new small business bill allows the U.S. Small Business Administration to use its 504 program to refinance commercial properties when a small-business borrower has a balloon mortgage-note coming due. The program is meant to payoff existing loans with long-term, low fixed-rate mortgages. Source: Jerry Chautin, Herald Tribune.com
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10/11/2010
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PaperFree Looks to the Future With SBA 504 Loan Program - 10/11
James Robinson, president of PaperFree Corp., decided earlier this year his fast-growing business was getting too big for its current 4,000-square-foot space.
“We were busting at the seams here,” Robinson said. “We absolutely needed more room.”
The Vista-based business that helps other businesses reduce their dependence on paper by scanning it into digital form found the solution to its problem by purchasing a building in a Carlsbad business park that doubled PaperFree’s current space. The deal was made possible when Robinson secured a loan guaranteed by the Small Business Administration for $1.3 million. Source: Mike Allen, San Diego Business Journal
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10/11/2010
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SBA Loans Spur Industrial Action - 10/11
When The Small Business Jobs and Credit Act was signed into law recently, commercial brokers and agents were among those who breathed a collective sigh of relief.
“SBA lending right now is critical for industrial building sales,” said Steve Scott, principal at commercial real estate firm Lee & Associates.
Source: Andrea Alegria, San Fernando Valley Business Journal
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10/11/2010
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SBA act extends breaks for buyers - 10/11
The Small Business Jobs Act, signed by President Obama in late September, could help increase confidence in investing in the hotel industry. Source: Victoria Burt, Hotel and Motel Management
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10/8/2010
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S.B.A. Lending Catches Up With Demand — for Now - 10/8
On Monday, just a week after President Obama signed the small-business jobs bill, the Small Business Administration announced (pdf) that it had already approved nearly $600 million in new loans made possible by money in the jobs bill. But this was not because businesses had rushed to their banks to take advantage of a new government program. Rather, these were borrowers who had finished the paperwork for their loans as long as four months ago and were waiting for Congress to renew stimulus incentives for S.B.A. loans. Source: Robb Mandelbaum, New York Times
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10/8/2010
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SBA Implements Larger Loan limits Established Under Jobs Bill - 10/8
On the heels of completing final approvals of loans to nearly 2,000 firms that has been in its loan queue waiting for final approval of the Small Business Jobs Act, the U.S. Small Business Administration has finished implementation of another major element of the bill: increasing maximum sizes in several of its loan programs. Source: SBA
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10/7/2010
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New Refinancing Program May Help Stem a Pending Foreclosure Disaster - 10/7
"Large Banks Creating Crisis For Hoteliers," according to the title of an article by Stanley Turkel, an author and hospitality industry consultant. The article notes that large banks benefited from the Troubled Asset Relief Program (TARP), and yet they will not restructure or extend commercial real estate loans to keep their borrowers in business. Source: Jerry Chautin, The Huffington Post
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10/6/2010
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Take Another Look: The SBA 504 Loan - 10/6
If you're looking for money to fund an expansion or to get a better rate on a debt load, check out the new rules of the Small Business Administration's 504 Certified Development Company loan program. Source: Gwen Moran, Entrepreneur.com
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10/5/2010
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$5 billion more in loans to small businesses - 10/5
One stimulus program designed to get loans flowing again to the nation's small businesses worked very well, as in $5 billion well. Source: Catherine Clifford, CNNMoney.com
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10/5/2010
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SBA Loan Queue Cleared One Week after Signing of Jobs Act - 10/5
Agency approves nearly $970 million in loans to small businesses
(more)
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10/4/2010
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Commercial properties financed at lower rates - 10/4
'MANY BANKS ARE restricting their lending on real estate because they already have so many nonperforming real estate loans on their books," Anthony Downs, senior fellow at the Brookings Institute, wrote in "National Real Estate Investor." "These banks are focusing on longtime and large customers whose business they want to retain." Source: Jerry Chautin, HeraldTribune.com
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10/1/2010
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Rep. Donnelly: New Law Will Aid RV Industry - 10/1/2010
U.S. Rep. Joe Donnelly, D-Ind., is hopeful the newly signed Small Business Jobs and Credit Act of 2010 will spur RV dealer wholesale floorplan lending through the Small Business Administration (SBA), even though the previous SBA approach fell short of expectations for many in the industry. Source: Steve Bibler, RV Business
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9/30/2010
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Meadows Bank Provides $2.4 Million SBA 504 Construction Financing for a New Assisted Living Facility
Meadows Bank, a full service community bank specializing in Small Business Administration (SBA) and United States Department of Agriculture (USDA) loans, headquartered in Las Vegas, NV, announced today it has provided $2.4 million in SBA 504 construction and permanent financing to Florin Road Partners to construct a new assisted living facility in Sacramento, CA. Source: Meadows Bank
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9/29/2010
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First Two 504 First Mortgage Loan Pools Assembled, Ready to be Sold on Secondary Market - 9/29
Bank of America and United Midwest Savings Bank have become the first financial institutions to assemble SBA 504 first mortgage pools to be sold on the secondary market, the U.S. Small Business Administration announced today. Source: SBA
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9/29/2010
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NADCO Celebrates the Signing of the Small Business Jobs Act & SBA 504 Loan Program Enhancement - 9/2
In a ceremony at the White House Monday, President Barack Obama signed H.R. 5297, the Small Business Jobs and Credit Act of 2010 into law. On the podium with the President were a number of small business owners who personally benefited from SBA loans along with several key people involved in crafting and passing the legislation. Source: NADCO
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9/29/2010
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Bank of America & CDC Small Business Finance Kick-Start Secondary Market Program for SBA Loans-9/29
Aiming to help create more jobs, Bank of America has collaborated with CDC Small Business Finance to assemble the nation's first pool of U.S. Small Business Administration 504 first-mortgage loans for sale under SBA's new secondary market program. Bank of America's purchase of these loans allows loan originators to make more credit available to small businesses. Source: CDC Small Business Finance
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9/28/2010
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Jobs bill to spur SBA lending boom - 9/28
Expect a boom in Small Business Administration lending in the fourth quarter, thanks to passage of legislation that increased the government guarantee on SBA loans and waived fees for borrowers. Source: abjEntrepreneur.com
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9/28/2010
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A Key Democrat Keeps Her Silence on the Small-Business Jobs Bill - 9/28
At the East Room of the White House Monday, a handful of handpicked small-business owners, administration officials, and members of Congress watched as President Barack Obama signed the small-business jobs bill. But there was one member of Congress who was conspicuous for her absence. Rep. Nydia Velázquez, Democrat from New York, chairs the House Small Business Committee, so normally one would expect to find her at a small-business bill signing, where she might take a bow and collect a souvenir pen. Ms. Velázquez, though, was one of 13 Democrats to vote against the bill. Source: Robb Mandelbaum, The New York Times
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9/27/2010
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Business owner shakes president’s hand - 9/27
More loans such as the one that enabled Eleni Sica to expand Crossroads Wine and Spirits into a new building will be available to other business owners under legislation signed Monday. Source: Gary Harmon, The Daily Sentinel
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9/27/2010
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Statewide Leader Applauds Small Business Jobs Act - 9/27
The executive director of the Indiana Statewide Certified Development Corporation says the signing of the federal Small Business Jobs Act comes just in time "to help keep the recovery going." Jean Wojtowicz, who is also chairman of the National Association of Development Companies, says the act creates the right conditions for small businesses to hire as many as 500,000 people." Source: Inside Indiana Business
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9/27/2010
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Webster Bank Provides $2.475 SBA Loan to Electri-Cable Assemblies of Shelton, Conn - 9/27
Webster Bank announced today that it has provided a
$2.475 million SBA 504 loan for Electri-Cable Assemblies (ECA), the Shelton, Conn. designer and manufacturer of power, data, and electrical solutions for the office furniture industry. Source: Ed Steadham, Webster Bank
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9/25/2010
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Finding Surprises in the Small-Business Jobs Bill - 9/25
Most of the controversy surrounding the small-business jobs bill that cleared the House of Representatives on Thursday — after nearly a year of discussion — concerned a $30 billion small-business lending fund to be established by the Treasury Department. Source: Robb Mandelbaum, New York Times
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9/24/2010
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SBA deputy optimistic about new incentives - 9/24
SBA Deputy Administrator Marie Johns delivered an optimistic small-business forecast while addressing nearly 1,000 at the U.S. Hispanic Business Chamber of Commerce’s annual convention in Dallas on Friday.
Source: Melissa Castro, Dallas Business Journal
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9/23/2010
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Many More Small Businesses Now Eligible for Long-Term Financing With SBA 504 Loans - 9/23
A number of very substantial benefits for America's small businesses were incorporated into the Small Business Jobs and Credit Act of 2010, recently passed in Congress. Included in the legislation were major enhancements to the SBA 504 loan program, an important U.S. Small Business Administration financing program. SBA 504 loans are long-term, government-guaranteed loans designed for small businesses to finance the purchase, construction or renovation of commercial real estate and the purchase of long-term capital assets. Source: NADCO
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9/23/2010
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Understanding the alphabet soup of SBA-guaranteed loans - 9/23
With today’s political emphasis on the importance of small business as the job creation engine of America, you have undoubtedly read about the push for loans to entrepreneurs through SBA lending programs. Please keep in mind one important fact: SBA no longer makes direct loans to entrepreneurs; SBA only guarantees loans made by Financial Institutions to entrepreneurs. Source: Penny Pompei, Examiner.com
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9/17/2010
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US House to vote on small-business bill next week - 9/17
The U.S. House of Representatives will vote on a package of loan incentives and tax breaks for small businesses next week, House Democratic Leader Steny Hoyer said on Friday.
The vote will not take place before 6 p.m. (2300 GMT) on Wednesday, Hoyer said. Source: Andy Sullivan, Reuters
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9/15/2010
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Small Businesses Adding Jobs with Help of SBA 504 Loans - 9/15
The U.S. Small Business Administration's (SBA) 504 loan program continues to provide long-term, fixed rate financing to America's small businesses to purchase commercial real estate, expensive equipment and machinery. Luckily for many small business owners, the interest rates on SBA 504 loans have been falling for several months and the interest rates for both 20-year and 10-year SBA 504 loans fell in September to their lowest levels since the program's inception. Source: NADCO
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9/14/2010
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What the Latest Senate Small-Business Jobs Bill Offers - 9/14
The small-business jobs bill now heading to a vote in the Senate is a hearty mélange of tax relief-provisions, loan-program enhancements and inducements, and changes to other government programs. Some are temporary modifications but others are permanent and far-reaching. Source: Robb Mandelbaum, The New York Times
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9/14/2010
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Publishing Deal Keeps 75 Jobs in Henry County - 9/14
After discussion with 10 banks, Gary Thoe, president of MidCountry Media Inc. in Knightstown, Indiana, received help from the U.S. Small Business Administration (SBA) to purchase the publishing company that his wife’s family, the Mayhill family started in 1945 in Knightstown (Mayhill Publications Inc.). Thoe used two of SBA’s most popular loan guaranty programs: the 7(a) and the 504 Certified Development Company (CDC) program in 2009 for this purchase. Source: Inside Indiana Business
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9/14/2010
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Small Business Jobs Act Advances in Senate - 9/14
A bill providing $12 billion in tax breaks and a $30 billion lending fund for small businesses passed a key hurdle in the Senate on Tuesday when two Republican lawmakers voted to join Democrats to cut off debate. Source Webcpa.com
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9/14/2010
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September 14, 2010 Senate Votes for Debate Cloture on HR 5297 - 9/14
The Senate has just voted to end debate on HR 5297, the bill that contains numerous SBA program enhancements and provides over $500 million to continue funding of the third party lender fee and the CDC processing fee, as well as 7(a) fees. It also resumes the 90% guarantee for 7(a).
The vote was 61 to 37 in favor.
The Senate is now taking up debate on the bill itself. We expect a vote to be taken some time during the next thirty hours.
Many thanks to our Ohio CDC members who provided numerous contacts to Senator Voinovich as he voted in favor of cloture with the Democratic majority.
Source: NADCO
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9/13/2010
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What You Need to Know About the Small-Business Bill - 9/13
The Small Business Jobs Act is poised for a full Senate vote this week after amendments are approved as expected. The package includes plenty of goodies, including tax breaks and a $30 billion Small Business Lending Fund, but also measures that could have some small-business owners worried. Source: Gwen Moran, Entrepreneur.com
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9/10/2010
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Taylorsville Company Adds Grain Elevator - 9/10
The U.S. Small Business Administration (SBA) Certified Development Company (CDC) 504 loan program helped Jason and Philip Newton build a new grain elevator for Richards Elevator in Taylorsville, Indiana. First Financial Bank located in Columbus, IN and Indiana Statewide Certified Development Corporation financed the $1,089,000 expansion project. Source: Inside Indiana Business
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9/8/2010
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Fixed-interest loans keep Delaware businesses growing - 9/8
Pike Creek, Del. —
Though the commercial lending markets are still tight, the U.S. Small Business Administration’s 504 Loan program is providing some breathing room for businesses looking to expand. Source: Adam Zewe, Community News (CommunityPub.com)
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9/3/2010
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SBA 504 Ribbon Cutting Staybridge Suites in Great Falls - 9/3
On Thursday, September 9th at 4:00 PM, join the Great Falls Development Authority/High Plains Financial and the Small Business Administration for a ribbon cutting reception at the Staybridge Suites Courtyard at 201 3rd Street Northwest in Great Falls. Source: Montana Business
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8/31/2010
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Port Authority provides local business SBA loan, creating jobs - 8/31
The Toledo-Lucas County Port Authority partnered with Fifth-Third Bank recently to provide the West Suburban Animal Clinic two U.S. Small Business Administration 504 Loans in the amount of $652,000 for the purchase of land and equipment and the construction of a new facility located at 3265 N. King Road in Sylvania, Ohio. Source: ToledoCatalyst.com
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8/25/2010
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TierPoint Announces Financing for $8.2 Million Environmentally Friendly TierPoint 3 Data Center 8/25
TierPoint, the premier carrier-class and carrier-neutral Data Center services provider in the Inland Northwest, today announced a new $8.2 million "green" data center project, known as TierPoint 3. Funding
for the project was secured through debt financing from Bank of America/Merrill Lynch ($4.1 million) and Evergreen Business Capital and the Small Business Administration (SBA) ($3.1 million), in addition to a $1.0 million infusion by TierPoint. Source: Craig Brandvold, TierPoint LLC
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8/25/2010
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Rosenthal to Lead Banker Education Effort - 8/25
CDC Gears Up First Mortgage Pooling Program
To Increase Lending Capabilities for Banks. Source: Larry Nuffer, CDC Small Business Finance
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8/23/2010
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Commercial Real Estate Gains for First Time in 2 Years: Study - 8/23
U.S. commercial real estate prices posted their first quarterly gain in more than two years last quarter, data showed on Monday, although deepening economic gloom may cut post-slump celebrations short. Source: Reuters
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8/23/2010
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Fed’s Hoenig: Too-Big-To-Fail Policies Disadvantage Community Banks - 8/23
The too-big-to-fail policies that have propped up the nation’s largest banks are calling into question the outlook for the nation’s community banks, a central bank official said Monday. Source: Michael S. Derby, Wall Street Journal
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8/20/2010
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The Daily Start-Up: A New “Sargeant” In the SBA Ranks - 8/20
Venture capitalist Winslow Sargeant is the Small Business Administration’s new chief counsel of advocacy - finally. Source: Scott Austin, Wall Street Journal
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8/19/2010
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Statement by the President on the Economy - 8/19
(more)
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8/17/2010
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Senator: Loans help create jobs - 8/17
Expansion by a local business through private and public financing shows the importance of legislation to keep creating jobs in the Mahoning Valley and the nation, a senator said Monday. Source: Larry Ringler, Tribune Chronicle
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8/17/2010
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Senator: Loans help create jobs - 8/17
Expansion by a local business through private and public financing shows the importance of legislation to keep creating jobs in the Mahoning Valley and the nation, a senator said Monday. Source: Larry Ringler, Tribune Chronicle
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8/13/2010
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Bub's Burgers & Ice Cream Opens Second Location - 8/13
Bub's Burgers & Ice Cream has expanded to Bloomington. The new location is across from City Hall and is providing 70 jobs. First Merchants Bank and the Indiana Statewide Certified Development Corporation are providing financing from the U.S. Small Business Administration to owners Matt and Rachel Frey. Source: Inside Indiana Business
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8/13/2010
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Business owners struggle as lending bill stalls - 8/13
Rich Balka is hungry for capital.
The Trenton entrepreneur, whose company makes specialty rubber products, says he needs the money to buy raw materials, pay his workers and weather the last stretch of the recession. Source:
Venuri Siriwardane/The Star-Ledger
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8/11/2010
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SBA 504 Loan Interest Rate Drops Below 5% for Small Business Borrowers - 8/11
The Small Business Administration's (SBA) 504 loan program is providing long-term, fixed rate financing for the purchase of commercial real estate at one of the lowest interest rates since the program's inception. Source: Forbes.com (NADCO Press Release)
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8/9/2010
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Going Once, Going Twice: Recovery Act Opportunities Dwindle - 8/9
Like vacations, childhood, and the last season of “Lost,” all good things really must come to an end and this includes many of the economic opportunities made available to small businesses through the American Recovery and Reinvestment Act (ARRA). Source: Amy Byrnes, Business News Daily
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8/7/2010
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Senate leaves credit-starved small businesses hanging - 8/7
Proposals that would give small businesses more government help obtaining loans are mired in partisan bickering as lawmakers take their summer recess. Source: Sharon Bernstein & Lisa Mascaro, Los Angeles Times
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8/6/2010
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SBA’s 504 loan program lures borrowers with lower down payment requirements - 8/6
As they continue to require higher down payments for commercial loans, local bankers say they are fielding more calls from borrowers about the SBA’s 504 program.
Source: Chris Moom, Wichita Business Journal (Entire Article available by Subscription Only)
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8/6/2010
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Congress offers no help on SBA loans until at least September - 8/6
See you in September – that’s the message Congress sent to small businesses looking for help in getting loans.
Source: Kent Hoover, Triangle Business Journal
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8/5/2010
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SBA Program Proves a Hit, but Now It Is in Limbo - 8/5
Pinnacle Bank made just two loans through the Small Business Administration in 2007 and 2008. So far this year, the Orange City, Fla., bank's total is nine, to borrowers from an auto dealer to a computer-equipment wholesaler to a bakery. Source: Ruth Simon, Wall Street Journal
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8/5/2010
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SBA Program Proves a Hit, but Now It Is in Limbo - 8/5
Pinnacle Bank made just two loans through the Small Business Administration in 2007 and 2008. So far this year, the Orange City, Fla., bank's total is nine, to borrowers from an auto dealer to a computer-equipment wholesaler to a bakery. Source: Ruth Simon, Wall Street Journal
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8/4/2010
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Get past the myths about SBA loans to get the financing you need - 8/4
Financing programs through the U.S. Small Business Administration (SBA) can help you expand your small business by providing financing when conventional lenders may not. Source: Tim McLaughlin, Kitsap Peninsula Business Journal
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8/4/2010
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Obama’s small-biz agenda languishing - 8/4
A bill that was intended to quickly boost small businesses and be at the center of President Obama’s second-year agenda has instead faced one of the most difficult and lengthy paths to passage on Capitol Hill. Source: Silla Brush, The Hill
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8/4/2010
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Small firms urge Brown to back credit bill - 8/4
A leading Massachusetts small-business group is urging Republican US Senator Scott Brown to support a bill designed to make credit more widely available to small companies and to help break a partisan deadlock that is bottling up the measure. Source: Robert Gavin, Boston.com
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8/3/2010
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Small-business legislation is needed to save and create jobs - 8/3
Last week, the U.S. Senate demonstrated that 60 is the new 51.
Legislation relating to small business lending (HR5297 - as already amended by the Senate), previously passed by the House of Representatives and containing provisions with significant bipartisan support in the Senate, failed to achieve the votes needed to cut off debate. No cloture, no vote; no vote, no bill. Source: Thomas Wallace, News-Press.com
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8/3/2010
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SBA loan program proves effective for Portsmouth restaurant - 8/3
While there has been no shortage of criticism about the size and effectiveness of the American Recovery and Reinvestment Act since it passage almost 20 months ago, ARRA's emphasis on small businesses was unprecedented. Source: Michael McCord, SeaCoastonline.com
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8/2/2010
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Proposed changes to SBA loan limits bring new options - 8/2
The Small Business Administration, and specifically its 504 loan program, lends itself to owner-operators in the hotel real-estate business because hoteliers with a small portfolio generally meet the net worth and income guidelines set by the SBA. Source: Victoria Burt, Hotelworld Network
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8/2/2010
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How to purchase a building using attractive financing - August 2010
It may seem that now is not a good time to purchase a building for your business. You’ve heard that financing is hard to come by and that banks aren’t looking to lend. Property prices are low, but so is available cash for a down payment on property. Source: Roger Schnorr, Old Second National Bank, sbnonline.com
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8/2/2010
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Hoteliers - Lending Headaches? Changes in SBA Lending Deserve Your Attention - 8/2
Without a doubt, it has been a tough couple of years for virtually all hoteliers. Not only has RevPAR dropped precipitously, but even more importantly, NOI's have decreased in over 91% of all U.S. hotels in 2009 (Trends in the Hospitality Industry Report, 2010). Source: Diana Driscoll, HospitalityNet.org
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8/2/2010
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Democrats' small business bill may pass: senator - 8/2
Democrats have a chance to pass their $30 billion bill aimed at boosting lending to small business in time for the November mid-term election, U.S. Senate Republican Leader Mitch McConnell said in an interview with Reuters. Source: Kim Dixon, Reuters.com
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8/2/2010
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Obama aides woo business leaders on loan program - 8/2
Two of President Obama's top aides have reached out to two of the administration's biggest critics on an issue of rare agreement: The small business loan program currently under debate in the Senate. Source: David Jackson on USAToday.com
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7/30/2010
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Recovery report: Nearly half of small-business owners say economy got worse - 7/30
Nearly half of small-business owners think the economy is worse today than it was a year ago, according to a survey conducted this summer by the National Small Business Association.
Source: Kent Hoover, Phoenix Business Journal
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7/29/2010
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Overhauled SBA Website to Go Live in the Fall - 7/29
The U.S. Small Business Administration announced today that a complete redesign of its website, SBA.gov, will launch this fall. Source: Cecelia Taylor, SBA
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7/29/2010
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Small Business Lending Fund Bill Stalls — Again - 7/29
Defying expectations once again, a bill that would create a small business lending fund failed to pass a critical vote that would have limited debate and allowed it to move toward final passage. Source: Cheyenne Hopkins, American Banker
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7/29/2010
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Republicans Block Small-Business Lending Measure - 7/29
Senate Republicans blocked a measure that would cut taxes and ease credit for small businesses, saying they objected that Democrats refused to consider their amendments to extend tax breaks and cap federal spending. Source: Mark Drajem, Bloomberg.com
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7/29/2010
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Small business bill appears stalled until next week - 7/29
Senate leaders gave a small-business bill another shot Thursday night but still couldn't manage an agreement on amendments, likely stalling the measure until next week. Source: Vicki Needham - The Hill
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7/28/2010
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Velazquez on Oversight of Small Business Administration Programs - 7/28
Rep. Nydia M. Velazquez (D-NY), the Chairwoman of the House Committee on Small Business, delivered the following statement today at a hearing entitled, "Oversight of the Small Business Administration and its Programs:...." Source: Chairwoman, Nydia M. Valezquez, House Committee on Small Business
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7/28/2010
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Obama to Congress: Aid small biz - 7/28
Looking to spur the sluggish economy, President Barack Obama has ramped up the pressure on lawmakers — and criticism of his Republican opponents – to pass pending legislation that could help small businesses expand and hire more workers
Source: Kendra Marr - Politico.com
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7/27/2010
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N.J. Obama visit set for Tastee Sub Shop in Edison - 7/27
Four New Jersey small business owners will meet President Obama at the Tastee Sub Shop in Edison Wednesday afternoon as part of his administration's nationwide push for public support for his proposal to provide financial support and tax incentives for small businesses to expand and hire. Source: Tom Hester, Sr. NewJerseyNewsRoom.com
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7/27/2010
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Small business bill gaining momentum - 7/27
Senators appeared Tuesday to be nearing a deal allowing several Republican amendments to small business lending and tax bill, that could pave its way to passage. Source: Vicki Needham, The Hill
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7/26/2010
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Road to Recovery: Small businesses struggle; local bankruptcy filings jump - 7/25
As the recession lingers, the road is rockier than ever for the Sacramento area's small businesses.
Source: Darrell Smith, The Sacramento Bee
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7/26/2010
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SBA 504 loan facilitates local business expansion in tough lending climate- 7/26
Lenders can be fickle these days, as Stephen Bollinger found out when he went to secure financing to purchase the 20-year-old Run of the River Inn and Refuge in Leavenworth. He tried to secure a commercial loan for the purchase of the property and found it wasn’t as quick a process as he would have liked. Source: Yvette Davis, Wenatchee Business Journal
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7/23/2010
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Senate Backs Small-Business Lending Fund - 7/23
It appeared dead on Wednesday, but it came back to life on Thursday: A fund to encourage small banks to make loans to small businesses, pulled from the Senate’s small-business jobs bill for lack of Republican support, has found its way back into the bill after all. Source: Robb Mandelbaum - The New York Times
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7/23/2010
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Senate Votes $30 Billion in Small-Business Aid - 7/22
The Senate voted on Thursday to include a proposed $30 billion lending program in a package of aid for small businesses, as two Republicans joined with Democrats to support the amendment. Source: David Herszenhorn, The New York Times
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7/22/2010
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Baucus Releases Small Business Jobs Act Substitute - 7/22
A summary of the improvements made in the substitute amendment and an updated detailed summary of the substitute amendment to the Small Business Jobs Act, unveiled by Finance Committee Chairman Max Baucus (D-Mont.) today. Source: TradingMarkets.com (Congressional Documents and Publications)
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7/21/2010
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But Where Is the Money? - 7/21
While small business gets talked up in the economic recovery plan, lending to small business is still down--by $40 billion--from what it was two years ago. Entrepreneurs are grumbling. And Karen G. Mills, head of the SBA, is taking questions. Source: David Port, Entrepreneur Magazine (August 2010)
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7/21/2010
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Landrieu, Boxer, Merkley Join Small Business Advocates to Discuss Bill to Benefit Small Businesses
Senate Small Business Committee Chair Mary Landrieu and Senators Barbara Boxer and Jeff Merkley joined Todd McCracken of the National Small Business Association and Paul G. Merski of the Independent Community Bankers of America at a press conference this morning to discuss the benefits for small businesses in new legislation... July 21, 2010. Source: U.S. Senate Committee on Small Business & Entrepreneurship
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7/21/2010
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Senate Democrats’ Plan to Aid Small Businesses Hits G.O.P. Resistance - 7/21
Perhaps the last best hope of Democrats to pass legislation aimed at creating jobs before the November elections seemed to be crumbling in the Senate on Wednesday as Republicans signaled that they would block a bill to expand government lending programs and grant an array of tax breaks to small businesses. Source: David Herszenhorn - NY Times
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7/20/2010
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IFA Urges Senate To Act On Small Business Lending Bill - 7/20
The International Franchise Association has urged the Senate to include a substitute amendment to the Small Business Lending Fund Act (H.R. 5297) that extends important provisions first enacted by the American Recovery and Reinvestment Act and modernizes the Small Business Administration (SBA) loan programs to make them accessible to more franchise businesses.
Source: International Franchise Association press release.
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7/20/2010
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In Phila., SBA chief pushes jump-starting the jobs engine - 7/20
The head of the Small Business Administration visited Philadelphia Monday and urged the Senate to pass a bill that would revive provisions that supercharged SBA lending between early 2009 and May.
Source: Harold Brubaker, The Philadelphia Inquirer
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7/20/2010
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NACS Urges Senate to Support Small Business Access to Credit - 7/20
NACS has signed on to a letter that addresses the extension of credit to American small businesses, offering support for specific elements of S. 2869, the Small Business Job Creation and Access to Capital Act. Source: National Association of Convenience Stores
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7/18/2010
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SBA loan sparks a fairytale ending for a disaster restoration firm - 7/18
When Warner Cruz set out to grow his family’s disaster restoration business, he never imagined he would end up as the star of what at times felt like a fairy tale, one in which his expansion plan turned out to be a perfect fit – and one of the crowning achievements – of a popular government small business loan program. Source: T. Shawn Taylor, NewEquityDaily.com
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7/18/2010
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Weak sales hurt loans to small businesses - 7/18
It’s the one-two punch — the psychological blow on top of the financial bruise — for those who look to small businesses, and the jobs they create, to lead the way out of the recession.
Source: Penni Crabtree, San Diego Union-Tribune
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7/14/2010
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Reid, Landrieu, Warner Join SBA Administrator & Small Bus. Advocate on Small Business Agenda 7/14
Senate Majority Leader Harry Reid, Senate Small Business Committee Chair Mary Landrieu, and Senator Mark Warner joined Small Business Administrator Karen Mills and Terry Gardiner of the Small Business Majority at a press conference this morning to highlight efforts by Senate Democrats to strengthen and support America's small businesses. Source: Senate Committee on Small Business & Entrepreneurship
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7/14/2010
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U.S. Business Groups Air Policy Concerns - 7/14
Washington's major business groups plan a united front Wednesday in their confrontation with the Obama administration over economic policy, calling on the White House to cut taxes and curb its regulatory agenda. Source: Elizabeth Williamson, The Wall Street Journal
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7/13/2010
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A Less Confident Small-Biz Nation - 7/13
One of the chief lobbying groups for small business shows a drop in small-business optimism in its June survey and, not surprisingly, blames the government.
Source: Kent Bernhard, Jr., Portfolio.com
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7/13/2010
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Bernanke presses lenders to increase small-business lending - 7/13
Big companies are building up cash and are expected to report strong earnings starting this week. Not so for small businesses that can’t get loans — or hire freely until they do. Source: The Salt Lake Tribune
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7/13/2010
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Recent rise in SBA loans might be in jeopardy - 7/13
More small businesses qualified for federally backed loans across Indiana and the nation in recent months, loosening the tight credit market just a bit.
But that increase is slowing and is in danger of dropping if more federal stimulus money isn't granted to the program at a time when private credit remains tough to come by. Source: Richard Gootee, Indystar.com
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7/12/2010
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Commentary: With small businesses still struggling, president offers plan to give them a boost -7/12
Recently, I went to Pizzeria Paradiso and had the chance to talk to Ruth Gresser, the chef who owns the two locations of this small business here in Washington. Source: Karen Mills, The Washington Post
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7/11/2010
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S.B.A. Lending Plunged in June - 7/11
With the expiration of stimulus provisions that made Small Business Administration loans more attractive to borrowers and lenders — and with efforts to renew those provisions stalled in Congress — S.B.A.-backed lending all but collapsed in June. Source: Robb Mandelbaum, New York Times
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7/9/2010
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Limited Lending - 7/9
Small-business owners rely on the SBA to secure loans to grow their companies and create new jobs. But with the agency out of money again and Congress off, lines of credit are hard to come by.
Source: Kent Hoover, Portfolio.com
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7/9/2010
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Loss of stimulus funds means fewer SBA loans - 7/9
The number of loans from the Small Business Administration in southeastern Wisconsin dropped in June after several months of large increases, with the end of federal stimulus measures likely the main cause.
Source: Stacy Vogel Davis, The Business Journal of Milwaukee
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7/6/2010
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Gillibrand Announces Plans to Help Small Businesses - 7/6
Standing at the Massachusetts Avenue Project, U.S. Senator Kirsten Gillibrand today announced new Senate legislation to help small businesses create good-paying jobs across Western New York. Source: WKBW Programming, WKBW.com
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7/4/2010
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A big issue for Cape's small businesses - 7/4
Going into the winter, Tim Bunce needed a new employee at his restaurant, Buncey's Pizza and Sports Cafe in South Dennis.
But, burdened by high-interest loan payments, he had no money in his budget to hire another worker. He tried to refinance his debt with a traditional bank loan, but struck out. Source: Sarah Shemkus, Cape Cod Times
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7/1/2010
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Small business lending picks up tentatively - 7/1
Federally backed loans to small businesses in Southern California and across the nation are increasing as more banks participate in federal lending programs — at least for now. Source: Sharon Bernstein, Los Angeles Times
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7/1/2010
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What’s in the Senate Small-Business Jobs Bill for You - 7/1
The small-business jobs bill now under consideration in the Senate is a hearty mélange of tax relief-provisions, loan-program enhancements and inducements, and changes to other government programs. Some are temporary modifications but others are permanent and far-reaching. Source: Robb Mandelbaum, The New York Times
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6/30/2010
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Senate Takes Up Small-Business Jobs Bill - 6/30
Senate Democratic leaders on Tuesday unveiled their long-awaited small-business jobs bill — and in an indication of how urgently legislators view the matter, the Senate voted to begin debating the measure even before its details were finalized. Source: Robb Mandelbaum - New York Times
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6/30/2010
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Chase Offers Small Business Borrowers Incentives to Hire - 6/30
This is new: A bank offering companies incentives to hire. Today JP Morgan Chase announced that small businesses that open new business lines of credit can reduce their interest rates by .5 percent for each new hire by the end of the year, up to a 1.5 percent discount on credit lines of up to $250,000. Source: John Tozzi, Business Week
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6/28/2010
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Will $30 billion restart small business loans? 6/28
EVERY BASIS-POINT change in the interest rate, small adjustments to the loan amortization schedule and how net operating income is calculated was negotiable. This flashback was to my mortgage-banking career 20 years ago. But the memory remains vivid as I monitor secondary markets for small-business loans guaranteed by the U.S. Small Business Administration. Source: Jerry Chautin, Herald Tribune
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6/24/2010
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New First Mortgage Loan Poolers Will Jump-Start Secondary Market for SBA 504 Loans - 6/24
The U.S. Small Business Administration today announced the first nine loan pool originators authorized by the agency to assemble and sell pools of 504 program first mortgage loans, a major step to jump-starting a secondary market that should make fixed asset financing more widely available for small businesses. Source: SBA Press Office
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6/24/2010
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Will Obama’s Small-Business Agenda Survive Congress? - 6/24
It was late October when President Barack Obama first called for measures to stabilize struggling small businesses. Then, in his State of the Union address in January, he emphasized the role small business would play in healing the United States’ wounded economy. Source: Robb Mandelbaum, New York Times
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6/23/2010
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Creative Commercial Real Estate Financing for Small Business Owners - 6/23
Great YouTube video on 504 loans! Only issue with the presentation is that the bank portion is incorrectly stated. The bank portion is always 50% with the 504 portion typically coming in at 40% & the borrower providing a 10% down payment.
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6/21/2010
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The SBA Has a Deal for You - It's called a 504 loan - 6/21
The government is trying to entice more small businesses to tap one of its loan programs. Before applying for one of these loans, though, there are some fine points borrowers should consider. Source: Marshall Eckblad, The Wall Street Journal
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6/18/2010
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Senate Eases Impact of Bill’s Tax Increases on Small Businesses - 6/18
Senate Democrats trying to pass a bill that extends many popular but expired tax breaks have softened two tax increases that had aroused concerns among some small-business supporters. But that was not enough to save the revised measure from a threatened Republican filibuster on Thursday night. Source: Robb mandelbaum, New York Times
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6/17/2010
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Bean Small Business Lending Bill Passes House - 6/17
The House today passed Congresswoman Melissa Bean's Small Business Lending Fund Act of 2010 (H.R. 5297), which will incentivize increased small business lending by community banks
. Bean co-sponsored the measure and led debate in favor of the measure on the House floor, and was proud to see it pass today 241 to 182 as part of her ongoing efforts to help small businesses access credit on affordable terms. Source: Jonathan Lipman, Congressional Documents & Publications
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6/17/2010
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Lending by small banks focus of bill in House - 6/17
Democrats on Thursday looked to increase lending by small banks as a way to resuscitate their election-year jobs agenda. The Senate rejected a $140 billion bill Wednesday that would renew pieces of last year's economic stimulus bill, forcing lawmakers to pare the measure in an attempt to round up votes.
The catchall bill combined jobless aid for the long-term unemployed, aid to cash-strapped state governments and the renewal of dozens of popular tax breaks for businesses and individuals. Source: Stephen Ohlemacher - Associated Press
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6/17/2010
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Maine's Congressional Reps Press for More Loan Authority for SBA - 6/17
Democrats Mike Michaud and Chellie Pingree say while small businesses serve as the engine of job creation, they're still having trouble accessing capital. Source: Maine Public Broadcasting Network
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6/16/2010
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Velazquez on the Small Business Lending Fund Act - 6/16
Rep. Nydia M. Velazquez (D-NY), the Chairwoman of the House Committee on Small Business, spoke on the floor of the House of Representatives today in support of H.R. 5297, the Small Business Lending Fund Act of 2010. Source: Chairwoman Nydia M. Velazquez (D-NY), House Committee on Small Business
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6/14/2010
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Goldman Sachs Launches 10,000 Small Businesses Initiative in Greater LA Metro Area-6/14
$20 Million in Small Business Loans to be Provided Through Local Community Development Financial Institutions, including Valley Economic Development Center
--Business Education Partners to Include Los Angeles Community College District, Long Beach Community College District Source: Joe Snodgrass - Goldman Sachs Press Release
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6/14/2010
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Klobuchar tours bakery to push plan to raise dough for small businesses - 6/14
Peter Kelsey, owner and head baker at Minneapolis-based New French Bakery, has the recipe for business success. “You need dough to bake bread,” he punned, making the point that it takes capital investment to grow a small business like his. Source: Brad Allen, MinnPost.com
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6/11/2010
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Obama seeks tax breaks, more lending for small businesses - 6/11
President Obama is urging Congress to move fast to pass new tax breaks and lending incentives that would open up lines of credit for small businesses. Source: Mimi Hall - USA Today
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6/11/2010
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Ortiz Cosponsors Small Business Job Creation Legislation - 6/11
U.S. Representative Solomon P. Ortiz has cosponsored the Small Business
Job Creation and Access to Capital Act in the House of Representatives. The legislation increases access for America's small businesses to the working capital they need to expand and create jobs by raising the limits on Small Business Administration loans. Source: Congressional Documents and Publications/ContentWorks via COMTEX
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6/9/2010
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Official calls to expand loan stimulus programs - 6/9
The Small Business Administration's top official told local businesspeople Tuesday that she wants SBA loan stimulus programs expanded because the recession continues to take a bite out of small business. Source: John G. Edwards, Las Vegas Review-Journal
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6/3/2010
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Maaco Franchisee Testifies Before Congress on Behalf of Small Business - 6/1
Record-breaking Littleton, Colo., Maaco operator Brian Greenley testified before a Congressional committee on behalf of policies that help small business. His advocacy of continued funding for SBA loan programs and other tools small businesses needed to drive economic growth drew favorable responses from House Small Business Committee Chairwoman Nydia Velazquez (D-New York) and committee member Mike Coffman (R-Aurora). Source: BodyShopBusiness.com
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6/3/2010
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Commercial Deals Abound but Loans Are Scarce - 6/3
Real-estate prices are enticingly low in many areas of the country, prompting business owners to pursue sweet deals on storefronts, manufacturing facilities and other commercial properties. But because banks remain wary of commercial real-estate loans, landing financing to make such a purchase can be time consuming and tedious. Source: Emily Maltby, Wall Street Journal
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6/3/2010
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Fed Chief Urges More Lending to Small Business - 6/3
DETROIT — Ben S. Bernanke, the Federal Reserve chairman, said Thursday that banks needed to increase lending to small businesses to reduce unemployment and help the economic recovery. Source: Nick Bunkley, The New York Times
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6/3/2010
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Agriculture Secretary Vilsack & SBA Administrator Mills Announce Agreement
AGRICULTURE SECRETARY VILSACK AND SMALL BUSINESS ADMINISTRATOR MILLS ANNOUNCE AGREEMENT TO STIMULATE RURAL BUSINESS CREATION AND EXPANSION
Partnership Will Increase Access to Capital in Rural Communities; Spur Business Growth, Job Creation
Agriculture Secretary Tom Vilsack and U.S. Small Business (SBA) Administrator Karen G. Mills today announced that the two agencies have signed an agreement to encourage sustainable growth and development of rural small businesses. The announcement was made during the National Summit of Rural America, which gathered agricultural leaders, farmers, ranchers, community leaders, and residents of rural communities to share their vision and ideas that can help rebuild and revitalize rural America.
News Release: USDA, Weldon Freeman and SBA, Hayley Matz
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6/2/2010
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Popular SBA Loan-Fee Relief Programs in Peril - 6/2
Businesses hoping to escape paying fees for some of the U.S. Small Business Administration’s premiere loan programs are at the mercy of Congress.
Federal funding for fee relief for the SBA’s 7(a) and 504 loan guarantee programs was exhausted last week, and Congress has yet to pass an extension. In the meantime, the administration has activated its waiting list for applicants.
Source: Alex Tiegen, Sunshine State News
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5/28/2010
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Bean: Wall Street reform package by Fourth of July - 5/28
Wall Street reform legislation will likely be passed by the Fourth of July, U.S. Rep. Melissa Bean, D-Barrington, said Thursday.
In a separate action, Bean has introduced a bill that would expand the Small Business Administration's loan program for real estate and capital purchases.
The Small Business Asset Investment and Modernization (AIM) Act would raise maximum 504 loan size from $1.5 million to $5 million, and from $4 million to $5.5 million for small manufacturers.
Source: Jim Newton, Lake County News-Sun
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5/28/2010
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SEED loans to Weymouth and Sharon businesses total $1.7M - 5/28
The South Eastern Economic Development Corporation closed on three small business loans recently for Weymouth and Sharon businesses totaling $1.7 million.
The loans enabled the businesses to expand and create new jobs.
Source: The New England Business Bulletin - SouthCoastToday.com
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5/26/2010
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Administrator Mills Urging Continued Support for Small Businesses’ Recovery Loan Program - 5/26
Queue Activated as SBA Presses for Longer Term Funding.
Statement from Administrator Mills. Source: Hayley Matz, SBA Press Office
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5/26/2010
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SBA out of money for loan breaks - 5/26
The Small Business Administration once again has run out of money for breaks that made its loans less risky for lenders and more affordable for borrowers.
Source: Kent Hoover, Washington Business Journal
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5/26/2010
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TMC Development Closes $14 Million 504 Real Estate Financing Deal - 5/26
TMC Development, a leading Certified Development Company providing SBA real estate loans in California and Nevada, today announced the closing of a $14 million sale for Y.M.I. Jeanswear, Inc., a Los Angeles-based wholesale distributor of nationally advertised junior/youth contemporary brands. An SBA 504 loan was used to purchase a 107,806 square-foot commercial condo located at 1155 S. Boyle Avenue in Los Angeles.
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5/25/2010
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Computer Simulation Company from Florida is National Small Business of the Year - 5/24
Waymon Armstrong, the owner of a small business that uses computer simulations to help government and private sector clients prepare for and respond to natural disasters, medical emergencies and combat, was today named National Small Business Person of the Year by Karen Mills, Administrator of the U.S. Small Business Administration. Mills made the announcement during ceremonies at SBA’s celebration of National Small Business Week 2010. Source: Mike Stamler, SBA Press Office
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5/25/2010
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Obama Urges Congress on Small-Business Proposal - 5/25
President Barack Obama urged Congress Tuesday to pass legislation that would create a $30 billion fund to incite banks to extend credit to small businesses.
Mr. Obama outlined the proposal in February and it is part of a broad effort by the administration to spur small-business growth amid a lending slowdown caused by the economic downturn. Such efforts include several tax breaks and changes to Small Business Administration lending programs. Source: Jared A. Favole, Wall Street Journal
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5/25/2010
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Kansas City’s EDC Loan Corporation Earns National Recognition for Increasing SBA 504 Loan Approvals
Kansas City’s EDC Loan Corporation, an agency of the Economic Development Corporation of Kansas City (EDC), proudly accepted an award from the National Association of Development Companies (NADCO) at their annual meeting on May 14. The award recognized the EDC for achieving the greatest increase in Small Business Association (SBA) 504 loan approvals. This honor shines the spotlight on the EDC for its top performance among lenders with a portfolio of $10-$25 million.
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5/24/2010
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Reno care center realizes much-needed expansion - 5/24
For the better part of two decades, Diane Ross has been creating a vision of a care facility that stretches from pediatrics to geriatrics.
But when it came time to finance a much-needed facility for her business, Ross found that a compelling vision may not be enough to stir lenders to action — especially when the lenders are surrounded by the worst financial panic in 70 years. Source: John Seelmeyer, Northern Nevada Business Weekly
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5/24/2010
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SBA Administrator Karen Mills Keynote Remarks at 2010 Small Business Week - 5/24
In my first year as Administrator, one of the things that has impressed me most about America's entrepreneurs and small business owners is their vision. They see potential to grow their businesses and create jobs. And they're determined to overcome the barriers in their way.
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5/24/2010
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SBA loans assist north state firms - 5/24
A government-backed guaranteed loan program, buoyed by federal stimulus funds, has helped some businesses prosper and grow in Shasta County.
Numbers from ProPublica, a nonprofit investigative reporting center that has compiled federal data, show that in Shasta County at least 20 businesses and individuals had obtained recent Small Business Administration funding.
The loans ranged in size from $1.2 million to Shasta Lanes, a bowling alley in Redding, to a $5,000 loan to Alloy Marine Products in Redding. Source: David Benda, www.redding.com
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5/24/2010
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SBA Recognizes Top Financial Institutions At National Small Business Week - May 24
Eight lenders and two investment companies were honored today by the U.S. Small Business Administration in Washington, D.C. for their commitment to delivering vital financial assistance to American small businesses, as part of National Small Business Week. Source: Businesswire.com
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5/24/2010
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Good Times, Bad Times - 5/24
The Small Business Administration kicked off National Small Business Week today, but the celebration could end on a sour note: The agency is about to run out of money for the breaks that revitalized its lending programs.
Source: Kent Hoover, Portfolio.com
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5/21/2010
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Biz incubator's lending arm wins SBA award - 5/21
The Horizon Certified Development Co., the lending unit of the Hamilton County Development Co. in Norwood, was honored this week by the U.S. Small Business Administration's Columbus district office as the No. 1 certified development company for 2009. Source: www.Cincinnati.com
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5/21/2010
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Kiolbassa expansion leads to hot sales - 5/21
Kiolbassa Provision Co. has turned in a sizzling sales performance since expanding its San Antonio plant six years ago.
The family-owned company posted revenue of $21 million last year, a 110 percent increase over its 2004 mark. And the company is forecasting sales growth of 14.3 percent to $24 million this year.
Source: Tamarind Phinisee, BizJournals.com
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5/21/2010
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SBA loans back from doldrums for Silicon Valley companies - 5/21
Salah “Sal” Hamed and Jose Luis Diaz never wanted to own their office building.
Hamed and Diaz were happy running their small San Jose circuit board coating company, Advanced Surface Finishing Inc., out of a rented suite. But then their landlord filed for bankruptcy protection in the fall of 2007.
Source: Eli Segall, Sacramento Business Journal
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5/20/2010
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Presidential Proclamation--Small Business Week - 5/20
Small business owners embody the spirit of entrepreneurship and strong work ethic that lie at the heart of the American dream. They are the backbone of our Nation's economy, they employ tens of millions of workers, and, in the past 15 years, they have created the majority of new private sector jobs. During Small Business Week, we reaffirm our support for America's small businesses and celebrate the proud tradition of private enterprise they represent. Source: The White House, Office of the Press Secretary
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5/19/2010
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Hagan lobbies to extend SBA provisions - 5/19
Sen. Kay Hagan said Wednesday she will push for a vote on extending some provisions from the federal stimulus act related to small business loans.
In a conference call with reporters, Hagan, a Democrat from Greensboro, said she met with Karen Mills, administrator of the Small Business Administration, earlier this week. The two discussed extending the provisions that allow the SBA to waive fees for loans to small business owners and that increase the federal guarantee on qualified loans to as high as 90 percent.
Source: The Business Journal of the Greater Triad Area
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5/19/2010
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Landrieu, Snowe Hold Confirmation Hearing for SBA Deputy Administrator - 5/19
United States Senator Mary L. Landrieu, D-La., Chair of the Senate Committee on Small Business and Entrepreneurship, and Ranking Member Olympia J. Snowe, R-Maine, today held a confirmation hearing for Marie Collins Johns, President Obama's nominee to be Deputy Administrator of the Small Business Administration (SBA). Johns was nominated by President Obama on December 17, 2009. Source: U.S. Senate Committee on Small Business & Entrepreneurship
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5/18/2010
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New Credit Initiative to Boost Lending to Small Businesses- 5/18
The U.S. Treasury Department on Tuesday unveiled a grant initiative that could spur billions in lending to small businesses and help small, minority-owned firms.
Gene Sperling, senior counsel to Treasury Secretary Timothy Geithner, said the new policy is modeled after state-level initiatives known as capital access programs. Sperling told U.S. lawmakers that states would be "required to support at least $10 of lending across all programs for every federal dollar received." Source: Darrell A. Hughes, Wall Street Jounal
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5/18/2010
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Lending Fund Gets a Hearing - 5/18
Congress finally is starting to consider the Obama administration’s proposal to create a $30 billion fund that would provide cheap capital to community banks for use in making loans to small businesses.
Source: Kent Hoover, Portfolio.com
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5/18/2010
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MVEDC Sees Demand Return for Loans; $7.5M Project Taking Shape in Canfield - 5/18
GIRARD, Ohio – Last year, the Mahoning Valley Economic Development Corp., Liberty Township, did not close -- nor did its board approve -- a single loan through the U.S. Small Business Administration 504 program.
But yesterday, in an indication there could be some give in a stubborn lending market, the board approved five loan applications, among them a $2 million SBA loan to Ironwood Assisted Living Inc., which wants to build a $7.5 million assisted living center in Canfield. Source: Dan O'Brien, Business Journal Daily
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5/17/2010
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Financial Services Corporation Cut Ribbon on $2.4 million SBA 504 Small Business Loan - 5/17
A ribbon cutting ceremony was attended by several dignitaries and representatives from the U.S. Small Business Administration and was hosted by the Prince George's Financial Services Corporation, a local non-traditional lender. Source: WashingtonContinent.com
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5/17/2010
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Tightening the Credit Screws - 5/17
In the depths of the credit crunch, community lenders became a popular financing source for Main Street. But small-business owners may need to work harder to get support from local banks these days. Even though most community banks came through the financial collapse in good health, with lots of capital and liquidity to extend loans, some of them have gone under. So, the Federal Deposit Insurance Corp., Federal Reserve and other regulatory agencies are increasing their scrutiny of local lenders to spot troubled assets and keep the banks in solid financial shape. As part of the effort, the watchdogs are asking the banks to boost their capital and loan-loss reserves even further—which means raising more money, getting more selective about making new loans and canceling the risky loans on their books. Source: Emily Maltby, Wall Street Journal
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5/14/2010
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Indiana CDC Executive Director Re-Elected to National Post - 5/14
The executive director of the Indiana Statewide Certified Development Corporation has been re-elected as chair of the National Association of Development Companies. Jean Wojtowicz will serve a second one-year term as chair of the organization that serves as the national trade association for 270 certified development companies in the U.S. Source: Inside Indiana Business
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5/14/2010
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Small businesses briefed on loans - 5/14
The past two years of economic uncertainty have hit small businesses hard. With credit harder to come by, many have succumbed to the pressure and gone under. To combat this downfall and provide support to the backbone of the U.S. economy, government-backed loan programs will shore up more funding. Source: Arlinda Smith Broady, Savannah Morning News
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5/13/2010
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Small business credit still tight, SBA picks up some slack - 5/13
A proven business plan and a long track record running restaurants weren’t enough for Dean Zanella and his business partner, Scott Harris, to secure a small business loan without roadblocks. Source: Melissa Aparicio, Medill Reports Chicago
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5/13/2010
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3 Reasons Why Big Banks Loaned Less to Small Business - 5/13
Policymakers who thought bailing out big banks would increase loans to small business were kidding themselves. Still, the bailout's Congressional Oversight Panel (COP) ran by Harvard Law Professor Elizabeth Warren published a report (.pdf) criticizing large institutions for disproportionally lending less money to smaller firms. The COP found Wall Street banks sharply reversed the trend of increasing their loans to smaller companies through 2007 by cutting their small business loan portfolios in 2008-2009 by 9% -- more than double the 4.1% decline of their entire loan portfolios. Source: Daniel Indiviglio, The Atlantic
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5/13/2010
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Big banks slashed small business credit lines - 5/13
The biggest Wall Street banks slashed their small business loan portfolios by 9% between 2008 and 2009, more than double the rate at which they cut their overall lending, according to a government report released Thursday. Source: Catherine Clifford, CNN.com
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5/13/2010
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Optical Company Hopes to Add Second Shift - 5/13
A Greenwood-based optical company is hoping to add a second shift now that it has secured a loan from the U.S. Small Business Administration 504 program. LensTech Optical says the funding will help it purchase new machinery to expand its eyeglasses product line. LensTech officials say the equipment will help them compete with larger companies. Source: Inside Indiana Business
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5/6/2010
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Three Best Ways to Court a Community Bank - 5/6
Discouraged by big-bank practices and bureaucratic procedures, many Main Street firms have "gone local" with their lenders. Community banks are often more willing than their larger counterparts to conduct business on a handshake because they understand the needs of their neighboring establishments and, in many cases, have underwriters in-house to approve loans. Source: Emily Maltby, Wall Street Journal
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5/5/2010
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SBA, Google launch partnership - 5/5
How many times have you heard or said “Google it”?
The term has become synonymous with conducting a search on the Internet. But, few small businesses actually know how to use Google to advertise and grow their business.
Source: Susan R. Miller, South Florida Business Journal:
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5/5/2010
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Small Businesses Believe They Will Lead the U.S. out of Recession - 5/5
FedEx Office (formerly FedEx Kinko's), an operating company of FedEx Corp. /quotes/comstock/13*!fdx/quotes/nls/fdx (FDX 88.56, +0.01, +0.01%) , today released the results of its third annual Signs of the Times national small business survey, just ahead of National Small Business Week. The study found that small business owners are eager to lead the charge out of the country's protracted recession -- with almost three-quarters (72 percent) saying they will be the driving force behind the U.S. economic recovery in 2010. In fact, 51 percent of the small business owners polled say their businesses have already or will fully recover by the end of this year. Source: Marketwatch.com
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5/5/2010
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Business Lending: Finally on the Comeback? 5/5
Rusty Cloutier's billboards are finally starting to pay off. In 2008, Cloutier's MidSouth Bank erected giant roadside signs proclaiming the bank had $200 million and was looking to lend. For nearly two years, the signs made little difference. The number of individuals and companies going to the Lafayette, La.–based bank continued to drop. But in the past two months that has started to change.
Source: Stephen Gandel, Time.com
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5/3/2010
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Small business lending increase a sign of recovery - 5/3
One sign of a recovery: Small business lending across the Dallas-Fort Worth region through fiscal 2010 is expected to break records.
The North Texas regional office of the Small Business Administration has seen both the number of small business loans and the dollar amounts loaned skyrocket through the first six months of the administration’s 2010 fiscal year, which began in October 2009. The numbers, area banking and business experts say, are a sign of economic recovery. Source: Leslie Wimmer, Fort Worth Business Press
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5/1/2010
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Economic Development Programs: Providing Lending Opportunities for Banks - Spring 2010
The American Recovery and Reinvestment Act of 2009 (Recovery Act) is promoting economic stability and growth with incentives offered by new and expanded federal programs. The programs are available through the U.S. Small Business Administration (SBA), U.S. Department of the Treasury, U.S. Department of Housing and Urban Development (HUD), and U.S. Department of Agriculture (USDA). The programs give banks opportunities to expand lending, investments, and community development activities. Participating banks may be eligible for consideration under the Community Reinvestment Act (CRA). National banks are encouraged to discuss the possible CRA consideration of specific community and economic development activities with their OCC supervisory office. Source: Community Developments - Office of the Comptroller of the Currency
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4/30/2010
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How to Secure an SBA Loan - 4/30
In the wake of the credit crunch, the U.S. Small Business Administration's role in helping to guarantee loans for small companies has become more important than ever. Source: Inc. Staff
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4/30/2010
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SBA Loans: Valuable Growth Tool for Small Business - 4/30
It’s no secret that credit markets have been tight in the past couple of years, which has created challenges for people wanting to start new businesses, expand their current operations or refinance debt. But, there is good news on the credit front, particularly for eligible small and medium-sized businesses. A variety of loan products through the United States. Small Business Administration (SBA) are providing the needed capital for growth opportunities for many businesses in our region.
Source: David Feldpausch, Capitol National Bank in The Greater Lansing Business Monthly
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4/29/2010
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SBA Administrator Karen Mills to Keynote NADCO Annual Meeting in Savannah - 4/29
The Administrator of the U.S. Small Business Administration, Karen Mills, will provide the keynote address at next month's Annual Meeting of the trade association representing the nation's Certified Development Companies, the National Association of Development Companies (NADCO).
Administrator Mills is scheduled to address NADCO members and others who work in the SBA 504 industry at the Savannah International Trade & Convention Center at 9:00 a.m., May 13, 2010. This will be the first time Administrator Mills has addressed a NADCO member meeting and her appearance is significant. Source: NADCO
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4/27/2010
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Battered CIT returns to profitability - 4/27
In its first full quarter since emerging from a whirlwind trip though bankruptcy, CIT Group returned to profitability.
The newly restructured CIT (CIT, Fortune 500), now led by former Merrill Lynch CEO John Thain, on Tuesday reported net income of $97 million for the quarter ended March 31, breezing past analyst forecasts. Revenue for the quarter was $588 million. Source: Catherine Clifford, CNN Money.com
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4/26/2010
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Entrepreneurs Find Success With Specialty Lenders - 4/26
Marla Litchenberger found a location and commissioned architecture plans for an emergency animal clinic in Glendale, Wis. But then she was turned down by six banks and the landlord was threatening to find another tenant unless she could open soon. Source: Emily Maltby, Wall Street Journal
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4/26/2010
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More SBA loans issued in Southern California - 4/26
Small-business lending across the nation remains slow, but a welcome thaw seems to be underway in Southern California — at least when those loans come with backing from the federal Small Business Administration. Source: Cyndia Zwahlen, Los Angeles Times
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4/26/2010
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Small Business Administration Budget Hearing - 4/26
United States Senator Mary L. Landrieu, D-La., Chair of the Senate Committee on Small Business and Entrepreneurship, held a hearing on the Obama Administration’s budget blueprint for the Small Business Administration (SBA). The hearing was entitled “The FY2011 Budget Request for the Small Business Administration.” SBA Administrator Karen Mills testified before the Small Business Committee to give an overview of the budget request and the priorities for the Agency. The Obama Administration’s budget request called for budget authority of $994, an increase in funding to the Agency by $170 million from last year’s enacted level. Source: U.S. Senate Committee on Small Business & Entrepreneurship
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4/24/2010
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Are S.B.A. Loans in Trouble? 4/24
The Reuters headline on Thursday was alarming: “Weakness rife in US small business loans.” The article reported on testimony at a hearing held by the House Small Business Committee. “The U.S. Small Business Administration’s inspector general found weakness in more than two-thirds of loans it examined in a program aimed at encouraging construction projects,” Reuters reported. “Some $255 million worth of these so-called 504 loans were made to borrowers who might not be eligible or might not be able to repay them.” Source: Robb Mandelbaum, NY Times
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4/23/2010
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SBA lending approaching pre-crisis levels - 4/23
A Small Business Administration loan gave Susan Duer the kind of independence from her ex-husband that only money can buy.
Duer is CEO of Vienna-based Duer Advanced Technology and Aerospace Inc., which provides information technology consulting for government contractors.
Source: Bryant Ruiz Switzky, Washington Business Journal
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4/22/2010
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Hawaii small-business owners take advantage of SBA-guaranteed loans - 4/22
Hawaii small-business owners are turning to loans backed by the U.S. Small Business Administration for everything from buying real estate and launching new businesses to covering overhead expenses. Source: Nanea Kalani, Pacific Business News
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4/22/2010
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Small-Business Lenders Get Funding Boost - 4/22
President Barack Obama signed legislation last week that will pump another $80 million of stimulus money into the Small Business Administration's lending programs. That sum may not sound like much, but the SBA says this added funding will support nearly $3 billion in loans to America's small businesses. Source: Sether Fiegerman, MainStreet
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4/22/2010
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Without federal aid, banks plot different course - 4/22
BBVA Compass Bank, the nation's 15th largest, was one of the biggest financial institutions to survive the economic crisis without aid from the federal government's Troubled Asset Relief Program. Source: Dennis Cauchon, USA Today
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4/19/2010
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CapitalSource expands by acquisition - 4/19
CapitalSource has acquired MainStreet Lender, a Small Business Administration lender founded by George Harrop and Robert Haft, for $100 million. Source: Thomas Heath, The Washington Post
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4/16/2010
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Hawaii SBA-guaranteed loans grow in number & amount - 4/16
Activity among Hawaii banks for loans guaranteed by the U.S. Small Business Administration during the first six months of the federal fiscal year was up 6 percent over the previous year.
And, the amount of money loaned during the period from Oct. 1, 2009, to March 31, 2010, increased by 33 percent over the same period last year, according to data from the SBA’s Hawaii District office.
The office has made a total of 182 loans during that time, up from 172 during the previous fiscal year, with a total value of $26.8 million, up from $20.2 million. Source: Janis L. Magin, Pacific Business News
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4/16/2010
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SBA real estate loans double in Bay Area - 4/16
The Bay Area saw almost a doubling of commercial mortgages backed by the SBA’s 504-loan program during the first quarter. Source: Mark Calvey, San Francisco Business Times
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4/16/2010
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Small Business Loan Breaks Extended Until May 31 - 4/16
A U.S. Small Business Administration program to help small businesses obtain loans at more favorable terms has been extended yet again, this time through May 31. Source: Courtney Rubin, Inc.com
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4/12/2010
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ARRA Stimulates SBA Lending - 4/12
The number of U.S. Small Business Administration loans made in Arkansas continued to slide in 2008, but the total value of the loans increased - thanks in part to enhancements that were part of the American Recovery & Reinvestment Act of 2009. Source: Gwen Moritz, ArkansasBusiness.com
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4/8/2010
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For franchisees, a new lender steps up to bat - 4/8
NEW YORK (CNNMoney.com) -- A new player is charging into the arid landscape of banks willing to lend to franchise operators. Bancorp Bank, based in Wilmington, Del., said this week that it will launch a new program specifically targeting startup and expanding franchises. Source: Catherine Clifford, CNN Money
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4/8/2010
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Those Seeking Loans Are Left in the Lurch by Erratic Funding - 4/8
Congress has infused a popular small-business loan program with capital three times to keep it running. But the short-term renewals, rather than the government committing to the program long-term, are causing some business owners to fall through the cracks of the lending process.
Bill Cimino was approved for a $1.6 million loan last year to purchase the property on which his Wilmington, Mass., car dealership sits. The loan was backed by the Small Business Administration and—thanks to the government stimulus program—carried no borrower fees and provided his lender with a substantial guarantee against default. Source: Emily Maltby, Wall Street Journal
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4/8/2010
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SBA Announces Appointment of Jorge Silva-Puras as Administrator for Region II - 4/8
Today, the U.S. Small Business Administration announced the appointment of Jorge Silva-Puras, as the regional administrator in Region II, to oversee the SBA’s programs and services in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands. Source: SBA
(more)
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4/8/2010
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SBA loans help businesses buy commercial property - 4/8
The U.S. Small Business Administration is not just about small business start-ups. That was the message and more Thursday morning, April 1, at Chesapeake College's Economic Development Center.
Tom Turner, representing Chesapeake Business Finance, a Certified Development Company licensed by the Small Business Administration, talked about SBA 504 loans for small and mid-sized businesses. A typical loan financed by his corporation can be as high as $4 million for for-profit businesses that want to buy commercial real estate and/or larger pieces of commercial equipment. Source: Chris Knauss, Chesapeake Business Ledger
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4/6/2010
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Big opportunities for small businesses: SBA loan program helps 4/6
Santa Fe businesswomen Mary Bonney, owner of the William and Joseph Gallery, and Suhana Gibson, owner of Chalk Farm Gallery, were in rented spaces when they decided to do something about it.
That something was buying buildings for their art galleries. Source: The Santa Fe New Mexican - McClatchy-Tribune Information Services via COMTEX
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4/5/2010
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White House starts $21 million program to aid small businesses - 4/5
In March 2009, President Obama vowed to address the drought of bank lending to small companies and announced an initiative to use $15 billion from the federal bailout to unfreeze the markets that finance Small Business Administration loans.
More than a year later, the program was finally launched -- as a $21 million effort. Source: David Cho, Washington Post
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4/2/2010
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Landrieu: Economy Improving, But More Help Needed - 4/2
United States Senator Mary L. Landrieu, D-La., Chair of the Senate Committee on Small Business and Entrepreneurship, made the following statement on the announcement that approximately 162,000 Americans were put back to work in the month of March:
"Last month, approximately 162,000 Americans were put back to work - a sign that the measures Congress is taking to improve the economic climate are working. While I am encouraged by the number of jobs that were created, there is still much work to be done to support the nation's small businesses and those Americans still out of work. To build on the successful recovery loan initiatives - higher guarantees and fee waivers on borrowers of Small Business Administration loans - I urge my colleagues in the Senate to work to adopt the provisions coming out of the Small Business Committee. With small business accounting for 65 percent of all new jobs, these proposals are aimed at creating jobs and spurring small business growth, and have passed this Committee with bipartisan support." Source: U.S. Senate Committee on Small Business & Entrepreneurship
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4/1/2010
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Small Business Loans on The Rise - 4/1
The Indiana Statewide Certified Development Corp. (ISCDC) is reporting an increase in the amount of small business loans made during the first half of the 2010 fiscal year. Officials say they have approved more than $16 million for 22 projects, which is more than double the figures from the previous year. Source: Inside INdiana Business
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3/29/2010
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SBA Recovery Lending Extended Through April 30 - 3/29
Administrator Mills urges longer-term extension for successful programs
WASHINGTON – President Barack Obama signed on Friday legislation extending through April the U.S. Small Business Administration’s ability to provide enhancements in its two largest small business loan programs. The enhancements, first made available under the American Recovery and Reinvestment Act, include a higher guarantee on some SBA-backed loans and fee relief.
The SBA estimates the $40 million extension will support about $1.4 billion in small business lending.
“Thousands of small businesses across the country have taken advantage of these Recovery loan enhancements to get the capital they need during these tough economic times,” said SBA Administrator Karen Mills. “The increased guarantee and reduced fees on SBA loans helped put more than $23 billion into the hands of small business owners and brought more than 1,100 lenders back to SBA loan programs. As a result, average weekly loan approvals by SBA have climbed by 86 percent compared to the weekly average before passage of the Recovery Act. These programs have been successful in helping jump-start our economy, which is why we will continue to work with Congress on a longer extension of the increased guarantee and reduced fees.
“Additionally, we continue to encourage the Congress to act on other proposals the President has put forward, including higher SBA loan limits and refinancing for commercial property mortgages to help thousands of small businesses avoid potential foreclosure. Small businesses need the changes the President has called for to ensure that they have the tools to drive economic growth and create jobs in communities all across the country.”
As part of the Recovery Act enacted on Feb. 17, 2009, SBA received $730 million to help small businesses, including $375 million to increase the SBA guarantee on 7(a) loans to 90 percent and to waive borrower fees on most 7(a) and 504 loans. The funds for these programs were exhausted on Nov. 23, 2009, and an additional $125 million was provided in December. Those funds were exhausted in late February, 2010, and an additional $60 million was provided subsequently. That funding was exhausted late Friday.
Under the new extension SBA may continue to waive loan fees and provide higher guarantee levels on 7(a) loans through April, 30, 2010, or until the funds provided under the bill are exhausted.
When the funds provided for March were exhausted, SBA reactivated the Recovery Loan Queue, as occurred in November and again in February, to cover the brief period of time before the funds from the extension become available, which should be within a few days.
Eligible small business loan applicants, in consultation with their lenders, may choose to be placed in the queue for possible approval of a Recovery Act loan when funding becomes available.
For non-Recovery Act 7(a) or 504 loans already funded during the Recovery Loan Queue period, this extension does not provide a retroactive guarantee or fee relief. Loans that were funded under non-Recovery Act terms cannot be canceled and resubmitted to take advantage of the Recovery Act extension provisions.
This extension does not affect other SBA Recovery Act programs, including the America’s Recovery Capital (ARC) loan program or the agency’s microloans. Recovery Act funding still remains available for both of those programs.
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3/26/2010
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ARRA Fees Funding
Legislation was passed by the House and Senate yesterday (H.R. 4938) to provide additional funds to cover the fees for both 504 and 7(a).
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3/25/2010
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Congress Wrestles Over Small-Business Jobs Bill - 3/25
Small businesses got a bit of good news on Wednesday when the House of Representatives passed a short-term job-creation bill. While the thrust of the legislation, which would cost $19 billion over 10 years, is infrastructure programs like “Build America Bonds,” a financing program for local governments, small businesses won $3.6 billion in tax breaks. Source: Robb Mandelbaum, New York Times
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3/25/2010
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Head of small-business agency plays key role in Obama's job creation initiatives - 3/25
Years before President Obama tapped her to run the Small Business Administration, Karen G. Mills was tasked with creating jobs at the Brunswick Naval Air Station near her Maine home. Source: Michael A. Fletcher, The Washington Post
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3/25/2010
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Loans give boost to smaller firms - 3/25
Many area business owners are trying to buy the buildings they lease to take advantage of lower interest rates and real estate prices.
Those were among the remarks made by presenters yesterday at the "Financing for Small Business Growth" seminar at Germanna Community College's campus in Spotsylvania County.
Source: Bill Freehling - Fredericksburg.com
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3/23/2010
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Owner of Daystar Desserts named SBA’s Virginia Small Business Person of the Year - 3/23
John D. Fernandez, president and CEO of Daystar Desserts LLC, has been selected as Virginia’s Small Business Person of the Year 2010 by the Small Business Administration. Source: The Mechanicsville Local
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3/23/2010
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Supporting small business - 3/20
The mission of the U.S. Small Business Administration is to help small businesses start, grow and succeed. Last year, the emphasis was mostly on survival for small firms hit by the recession, and as a result the number and amount of loans backed by the SBA were down sharply. Source: Justin Willett, Columbia Daily Tribune
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3/19/2010
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Magna Bank counting on SBA loans - 3/19
Magna Bank is pushing into small business lending in an effort to double its commercial and industrial lending. Source: Christopher Sheffield, Memphis Business Journal
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3/19/2010
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Dollars & Sense: SBA Loans - 3/19
Small business owners could be in for a break if they are looking to expand their operations right now.
Even if they are not looking for financing at the present time, small business owners should be aware of the Small Business Administration's 504 loan program. Kirk Matthews, KHON2 - Honolulu, HI
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3/18/2010
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The 504 loan program offers funds for small companies’ expansion - 3/8
For one-third of the cost of his lease, John Murray is now the owner of a 24,175-square-foot waterfront building that houses M&B Sea Products, a scallop-harvesting and processing operation in New Bedford, Mass. Source: Joanne Friedrick, Seafood Business
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3/18/2010
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AgraForm wins Mayor’s Spirit Award - 3/18
St. Louis Mayor Francis Slay presented the Mayor’s Spirit of St. Louis Award Thursday to AgraForm, a chemical processing plant and packaging company. Source: St. Louis Business Journal
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3/17/2010
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Small Business Financing: 504 Loan Program - 3/17
This podcast covers the Small Business Administration’s (SBA) Certified Development Company (504) loan program. The 504 loan is a long-term, fixed-rate loan to help small business owners expand their already existing businesses.
The podcast is in an interview format with Ron Johnson from the SBA interviewing Jim Hammersely, the Director fo the Office of Financial Assistance Loan Programs at the SBA. Source: StartNewJerseyBusiness.com
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3/10/2010
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Interested in SBA Loan Incentives? Get in Line Now - 3/10
The clock is ticking if you want to apply for bank loan with a Small Business Administration guarantee.
The incentive program – consisting of a 90 percent government guarantee on the SBA's flagship 7(a) loans for start-ups and small businesses, as well as a trim or total cut of the fees on 7(a) and 504 loans – was set to expire February 28. President Barack Obama signed an extension through March 28 into law last week. Source: Courtney Rubin, Inc.com
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3/10/2010
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Why Won’t the S.B.A. Lend Directly to Small Businesses? 3/10
Back in late January, a Florida entrepreneur, Steve Gordon, got the opportunity to take his concerns about the recession straight to the top. If banks won’t make loans to small business, he asked President Obama at a town hall meeting in Tampa, why not have the Small Business Administration make loans directly? Source: Robb Mandelbaum, New York Times
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3/8/2010
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New SBA Loan Rules - 3/8
If you own a small business and have had trouble getting financing, there could be some help on the way. On Wednesday, the Small Business Administration will once again begin offering loans that waive fees for borrowers and are more secure for lenders. As Diane Eastabrook reports, this program has been one of the few bright spots for small businesses. Source: Diane Estabrook, PBS - Nightly Business Report
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3/8/2010
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Small Businesses Await Details of Obama Loan Plan - 3/8
When sales were hot two years ago, Ernest East had no idea how hard it would be to keep his business, Miz Lynn’s Pies, alive for its 10th anniversary this month. Source: Alexa Vaughn, MissionLocal.org
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3/5/2010
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TALF, Kickstarter for Small-Business Loans, Departs - 3/5
This month, one of the initial recovery efforts aimed at the small-business lending market is set to expire.
Announced in November 2008 and implemented almost exactly a year ago, the Term Asset-Backed Securities Loan Facility, or TALF, worked behind the scenes to propel the market for loans guaranteed by the Small Business Administration. Source: Emily Maltby - Wall Street Journal
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3/4/2010
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A Plea for Direct Lending to Small Businesses - 3/4
Small businesses want a more direct line to loans.
Most recovery efforts directed at Main Street have required participation from cautious lenders, but with credit still tight, small companies say they haven't received the same treatment as large corporations. Source: Emily Maltby, Wall Street Journal
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3/4/2010
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Extension of SBA Recovery Lending Programs Will Support $1.8 Billion in Small Business Lending 3/4
WASHINGTON – President Barack Obama signed legislation Tuesday extending until March 28 the U.S. Small Business Administration’s ability to provide small business loans that are enhanced with special provisions of the American Recovery and Reinvestment Act (ARRA), including a higher guarantee of SBA-backed loans and a waiver of loan fees normally paid by borrowers. Source: Hayley Matz, SBA
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3/3/2010
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Congress coughs up cash for small business loans - 3/3
NEW YORK (CNNMoney.com) -- Added incentives for banks to make Small Business Administration-backed loans will continue through the end of March, thanks to a fresh funding infusion authorized by Congress as part of Tuesday's bill extending unemployment benefits. Source: Stacy Cowley, CNNMoney.com
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3/3/2010
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SBA loan breaks temporarily back in place - 3/3
Incentives that make U.S. Small Business Administration loans more attractive are back in place, but only for a few weeks.
President Barack Obama signed the Temporary Extension Act of 2010 into law Tuesday, after the Senate passed the legislation on a 78-19 vote. The House passed the legislation – which also extends unemployment benefits, federal highway spending and other popular programs – on Feb. 25. Sen. Jim Bunning, R-Ky., blocked the bill in the Senate before finally relenting. Source: Ken Hoover, Washington Business Journal
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3/2/2010
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Savannah’s Meddin Studios Gets Visit from President Obama - 3/2
SAVANNAH, Ga.—A digital media company was part of President Barack Obama’s tour of Savannah Tuesday. The president visited Meddin Studios [SBA 504 Borrower] at 2315 Louisville Road around 2:00 p.m. The president toured the state of the art, 22,000 square foot facility with owners Jon Foster and Nick Gant. Source: Tuquyen Mach, Reporter for WSAV3 - Savannah
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2/26/2010
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SBA chief touts plan to address credit gaps - 2/26
WASHINGTON -- Karen Mills was sworn in as head of the U.S. Small Business Administration last April, just as the economic stimulus bill was starting to revive the SBA’s lending programs. Now she is pushing President Barack Obama’s jobs plan, which calls for increased lending to small businesses, tax breaks for hiring and business investment, and programs to help innovative businesses grow. Source: Kent Hoover, Phoenix Business Journal
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2/23/2010
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Lack of customers, assets stunting growth of small business - 2/23
The Obama administration says the nation's small businesses are waiting for loans so they can start growing again, sparking economic recovery.
Many small-business owners say they're still grappling with a more basic problem: They don't have enough customers. Source: Binyamin Appelbaum & Ylan Q. Mui - The Washington Post
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2/22/2010
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SBA loan breaks to go away until Senate acts - 2/22
The higher government guarantee and reduced fees that revived Small Business Administration lending are going away again, at least for a while. Source: Kent Hoover, Washington Business Journal
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2/22/2010
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Stimulus Bill Helps Spur Demand for SBA Loans - 2/22
While many banks are hunkering down, dealing with more problem loans, and being more careful about lending, lenders providing loans guaranteed by the U.S. Small Business Administration are seeing increased activity. Source: Mike Allen, San Diego Business Journal
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2/22/2010
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Waiting list starts for SBA loan breaks - 2/22
The Small Business Administration has run out of money for incentives that made its loans less risky for lenders and cheaper for borrowers. Source: Kent Hoover, New Mexico Business Weekly
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2/22/2010
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Small biz lending stimulus runs dry -- again 2/22
NEW YORK (CNNMoney.com) -- A stimulus program aimed at boosting small business lending is so popular that it has run out of funds -- for the second time. Source: Catherine Clifford, CNN.com
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2/19/2010
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SBA Will Re-Activate Recovery Loan Queue by Monday - 2/19
SBA issued the following statement today from Administrator Karen Mills regarding efforts to ensure continued funding for two key provisions in the American Reinvestment and Recovery Act (ARRA) of 2009. Source: SBA
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2/18/2010
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Owners of The Smart Car Wash Attend 'Stimulus in Action' Presidential Speech - 2/18
The ownership of The Smart Car Wash, which is expected to be the world's first full-service car wash with US Green Building Council's LEED Certification, was invited to the White House and attended President Obama's speech Wednesday on the one-year anniversary of the Economic Recovery Act. The Smart Car Wash received federal assistance through a Small Business Administration (SBA) 504 lending program which helped them to break ground in December in Woodbridge, Virginia and will bring new green jobs to the community this year. Source: PR Newswire
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2/18/2010
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S.B.A. Prepares, Again, to Lose Stimulus Support - 2/18
With the American Recovery and Reinvestment Act measures that have been subsidizing Small Business Administration loan programs scheduled to conclude by the end of the month, the S.B.A. announced Tuesday that it was “finalizing plans for an orderly transition” back to loans with higher fees and lower guarantees. "Source: Robb Mandelbaum - The New York Times
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2/18/2010
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Congress may whack 504 loan incentives - 2/18
A federal program that has helped dozens of Bay Area small businesses own property is close to losing special incentives unless Congress votes to extend stimulus funding. The money allowed the U.S. Small Business Administration to reduce fees and raise its guarantee level to 90 percent on SBA-backed loans. Source: Blanca Torres - San Francisco Business Times
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2/18/2010
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FORMER BANK OFFICIALS, SBA MANAGER AMONG 16 DEFENDANTS INDICTED FOR $10 MILL BANK FRAUD SCHEME 2/18
SPRINGFIELD, Mo. – Beth Phillips, United States Attorney for the Western District of Missouri, announced today that two former bank vice presidents and the former branch manager of the Small Business Administration’s office in Springfield are among 16 defendants who have been indicted, in five separate but related cases, for their involvement in a bank fraud scheme that took advantage of business loans guaranteed by the Small Business Administration. Source: Department of Justice
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2/12/2010
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Small Business Incentives Face a Hard Road in Congress
President Obama’s incentives for small business to create jobs appear to be foundering at the other end of Pennsylvania Avenue. Those proposals — tax credits for hiring and investment and initiatives to spur lending to small firms — all face strong resistance, and not all of it comes from the Senate. Each chamber has embraced separate elements of the administration’s agenda, and, for the moment, none of those elements overlap. Source: Robb Mandelbaum - New York Times
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2/5/2010
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Obama moving to expand credit for small businesses - 2/5
WASHINGTON, Feb 5 (Reuters) - President Barack Obama, looking for ways to drive down high U.S. unemployment, will announce plans on Friday to expand credit for small businesses, a main source of job creation in the United States.
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2/3/2010
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New bank plan offers lending incentive: Geithner - 2/3
WASHINGTON (Reuters) - The Obama administration's new plan to revive small business lending would reduce the cost of government capital for small banks as they make more loans, U.S. Treasury Secretary Timothy Geithner said on Tuesday.
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2/3/2010
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Obama Rolls Out Small Business Lending Program - 2/3
NASHUA, NH—President Barack Obama rolled out a $30 billion small business lending program Tuesday, as the White House tried to make congressional passage of its jobs initiatives a test of Republican commitment to bolstering the weak economy. Source: Elizabeth Williamson - The Wall Street Journal
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2/3/2010
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Obama's big plan for small business - 2/3
As the new evangelist for entrepreneurship, President Obama is finally on the right track. Mentioning "small business" 14 times in his State of the Union address last week, he pledged to increase small business lending and provide tax incentives to jump-start new jobs. Source: Amy M. Wilkinson - CNN
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2/2/2010
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Wells Executive VP Marc Bernstein: Q&A - 2/2
It appears that Wells Fargo (WFC Quote) is once again well-positioned to take advantage of a federal economic-stimulus initiative -- this time in small-business lending -- as the banking industry navigates through the recovery.
President Obama made small-business lending a focal point of his State of the Union address last week, and his administration has proposed funneling tens of billions of dollars into this key viaduct for economic growth. Much like Wells Fargo was a leader in the mortgage-modification effort last year, Wells is now at the forefront of the small-business lending push. Source: Lauren Tara LaCapra - TheStreet.com
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2/2/2010
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Obama proposes $30 billion allocation for small-business loans - 2/2
President Obama is set to campaign Tuesday for a plan to allocate $30 billion to community banks that agree to make loans to small businesses, despite skepticism from lawmakers and some industry officials that the program will work. Source: David Cho & Binyamin Appelbaum, The Washington Post
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2/2/2010
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Obama calls for $30 billion small business lending fund- 2/2
President Obama will call on Congress Tuesday to recycle $30 billion of the remaining Troubled Asset Relief Program (TARP) funds into a new government lending program offering super-cheap capital to community banks that boost their small business lending this year. Source: Catherine Clifford, CNN Money
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2/2/2010
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Obama 30 billion small business lending plan set to help owners & banks - 2/2
The Independent Community Bankers of America are expected to back the Obama plans to get capital in the hands of small business owners through local, community banks, presumably through the SBA 7(a) and 504 loan programs. Source: sbaloans-123.com
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2/2/2010
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Velazquez Comments on Small Business Administration Budget for FY 2011 - 2/2
Rep. Nydia M. Velazquez (D-NY), the Chairwoman of the House Committee on Small Business, released the following statement regarding the Administration's Fiscal Year (FY) 2011 budget for the Small Business Administration (SBA):
"In last week's State of the Union address, President Obama made clear the importance of small businesses to our economic recovery. Given the pivotal role small businesses play in job creation, it is important that the President's FY 2011 budget reflect the priorities of our nation's small firms. Source: Chairwoman Nydia Velazquez, House Committee on Small Business
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2/1/2010
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Landrieu: President Proposes Strong Budget for Small Business - 2/1
Senate Committee on Small Business and Entrepreneurship Chair Mary L. Landrieu, D-La., today praised the Small Business Administration (SBA) components of President Obama's budget proposal. For the second year in a row, the President has proposed increasing funding for the SBA and its programs, taking decisive steps to rebuild the SBA after eight years of cuts. The request proposes to increase funding to the agency by $170 million from last year's enacted level, to $994 million. This, along with new small business job-creating proposals the President outlined in his State of the Union address last week, show the Obama Administration's strong support for small businesses. Source: U.S. Senate Committee on Small Business & Entrepreneurship
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2/1/2010
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SBA: Small Business Loans Show Economic Rebound - 2/1
BATH, Maine -- An increase of small business loans granted during the first quarter of this fiscal year indicates Maine's economy is on the rebound, according to the head of the U.S. Small Business Association.
SBA Administrator Karen Mills visited Maine on Monday to tout the importance of small business to Maine's economy as the number of SBA-backed loans granted during the first quarter of this fiscal year has more than doubled compared to a year ago. Source: WMTW TV
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1/27/2010
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SBA Struggles as Citigroup, AIG Hog Money - 1/27
When asked how the government is helping small-business owners, Karen Mills cites "the three Cs." "Contracting" and "counseling" are making strides, the head of the Small Business Administration says. But "capital" has been stymied as large banks and insurers such as Citigroup(CITI Quote), Bank of America(BAC Quote) and AIG(AIG Quote) have received billions of dollars in bailouts to the detriment of smaller companies. Source: Carmen Nobel, TheStreet.com
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1/27/2010
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Cardin Introduces Bill to Promote Job Growth in America's Small Businesses - 1/27
As part of his continuing effort to support small business, U.S. Senator Benjamin L. Cardin (D-MD), a member of the Senate Small Business and Entrepreneurship Committee, today introduced a bill designed to spur job creation and strengthen our economy by providing essential tax credits and loans to small businesses. Key provisions of Senator Cardin's bill will make available urgently needed working capital loans, reward small businesses for creating new jobs, and help to offset the skyrocketing cost of health insurance. Source: U.S. Senate Committee on Small Business & Entrepreneurship
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1/26/2010
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SBA Loan Enticements Extended, For Now - 1/26
Good news for small-business owners seeking financing: The Senate last month voted to temporarily extend funding for two economic stimulus provisions related to Small Business Administration (SBA)-guaranteed loans. Source: Rieva Lesonsky, SmallBizTrends.com
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1/15/2010
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SBA sees big jump in loans in 2009 4Q - 1/15
PROVIDENCE – Lending through the U.S. Small Business Administration in Rhode Island jumped sharply in the final three months of 2009, thanks in part to lowered borrowing fees and an increased loan guaranty. Source: Providence Business News
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1/15/2010
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Stimulus sends SBA lending higher - 1/15
Star Limo has been trying to adapt to the tough economy by replacing some of its stretch limos with smaller corporate transportation vehicles. Source: Megan Kamerick, New Mexico Business Weekly
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1/15/2010
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Small-business loans boom in region, L.A. SBA reports - 1/15
Small businesses from Los Angeles to Santa Barbara counties benefited from a boost in lending between October and December, according to the U.S. Small Business Administration. Source: Los Angeles Times
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1/11/2010
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Stimulus money helps WGM Group move into roomier building - 1/11
n a $2.8 million deal spurred by stimulus dollars and “intestinal fortitude,” planning firm WGM Group opens next Monday in a new location, and one of its very own. Source: Keila Szpaller, Missoulian
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1/8/2010
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A Jump Start for Stalled Small Business Lenders - 1/8
A program to revive the secondary market for Small Business Administration 504 loans could unlock credit for companies trying to expand Source: John Tozzi - Business Week
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1/6/2010
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Small companies shed another 25,000 jobs - 1/7
Small companies shed another 25,000 jobs in December, marking the 23rd consecutive month of cuts, according to a report released Wednesday by payroll-processing firm Automatic Data Processing. Source: Catherine Clifford, CNN Money
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1/4/2010
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Small business lending begins to rebound - 1/5
Small businesses are still struggling to find financing, but for those seeking government-backed loans, the worst may be over. The Small Business Administration's flagship lending program backed 37% more loans in its latest quarter than it did a year ago, at the height of the financial crisis. Source: Catherine Clifford, CNN Money
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12/22/2009
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Obama urges community banks to lend more - 12/22
President Obama brought a dozen community bankers to the White House Tuesday to press them to boost their lending to small businesses. Source: Catherine Clifford, CNNMoney.com
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12/22/2009
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Additional Funding for SBA Recovery Lending Programs - 12/22
Agency plans to restart Recovery loan approvals by Dec. 28.
President Obama signed the U.S. Department of Defense (DOD) appropriations bill on Saturday, which included $125 million to continue through Feb. 28, 2010, the enhancements made possible through the American Recovery and Reinvestment Act (ARRA) to SBA’s two largest loan programs. The SBA estimates the additional funding will support $4.5 billion in small business lending. Source: SBA
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12/21/2009
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Stimulus Relief Extended for SBA Loans - 12/21
The Senate voted this weekend to temporarily extend funding for two popular stimulus provisions that reduced fees and boosted guarantees on Small Business Administration-guaranteed loans. Source: Emily Maltby, Wall Street Journal
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12/19/2009
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SBA Recovery Act Funding Extended - 12/19
With Recovery Act funding running out and with almost 1,000 small businesses on a waiting list for about $500 million in SBA-backed loans, the Senate today voted to extend funding for vital SBA Recovery Act provisions through February 2010. United States Senator Mary L. Landrieu, D-La., Chair of the Senate Committee on Small Business and Entrepreneurship, who along with 12 of her colleagues, requested this extension and praised the inclusion of funds to continue vital Small Business Administration (SBA) lending programs. Source: U.S. Senate Committee on Small Business & Entrepreneurship
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12/18/2009
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Congress Boosts SBA Loans - 12/18
After weeks of talk about the credit crunch facing small businesses, Washington finally is doing something about it. Source: Kent Hoover, Portfolio.com
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12/17/2009
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House, With a Surprise Objection, Extends S.B.A. Stimulus Provisions - 12/17
Last night, by a wide margin, the House of Representatives passed a $626 billion military spending bill. And tucked deep within that legislation — on page 149 of a 161-page document — is $125 million to resurrect the Recovery Act provisions that bolstered Small Business Administration lending. Source: Robb Mandelbaum - NY Times
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12/17/2009
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Small Business Committee Votes on Trade and Lending Legislation - 12/17
The United States Senate Committee on Small Business and Entrepreneurship today passed two bills to increase access to capital for small businesses and enhance small business trade opportunities. SOURCE U.S. Senate Committee on Small Business & Entrepreneurship
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12/16/2009
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Another $1 billion in small business credit vanishes - 12/16
The small business credit crunch is still deepening: Major banks cut their small business loan balances by another $1 billion in October, according to a Treasury report released late Tuesday. Source: Catherine Clifford, CNNMoney.com
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12/16/2009
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Landrieu, Colleagues Request Funds To Extend SBA Recovery Act Lending Programs - 12/16
United States Senate Committee on Small Business and Entrepreneurship Chair, Mary L. Landrieu, D-La., along with twelve other Senators, today sent a letter to the Committee on Appropriations requesting funds to extend Small Business Administration (SBA) Recovery Act lending programs.
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12/14/2009
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Bank of America pledges $5 billion more for small businesses - 12/14
As President Obama demands banks do more for small companies, Bank of America says it will reverse some of its lending decline. Source: Catherine Clifford, CNNMoney.com
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12/14/2009
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Landrieu Praises Passage of Omnibus Appropriations Act - 12/14
U.S. Senate Committee on Small Business and Entrepreneurship Chair and Appropriations Committee member Mary Landrieu, D-La., today praised the Senate's passage of the FY2010 Omnibus Appropriations Bill, which contains significant increases - that she fought for - for small business resources. The bill increases funding for the Small Business Administration (SBA) to $824 million - up $211.7 million in non-Recovery Act funding from FY2009. Source: U.S. Senate Committee on Small Business & Entrepreneurship
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12/14/2009
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CIT Group to waive fees on SBA loans - 12/14
CIT Group Inc., one of the nation's largest lenders to small and mid-sized businesses, said Monday it is waiving fees for the next three months on all approved Small Business Administration Loan applications. Source: The Associated Press
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12/14/2009
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Obama Jawbones the Bankers - 12/14
The day after he called them “a bunch of fat-cat bankers” on 60 Minutes, President Barack Obama met behind closed doors with the chief executives of the nation’s largest financial services firms. Source: Kent Hoover, Portfolio.com
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12/11/2009
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Updated: S.B.A. May Get Big Increase in Funds - 12/11
Update | 5:23 p.m. Shortly after 3 p.m. this afternoon, the Senate passed the appropriations bill 57-35, on a near party-line vote — three Democrats voted against it, counter-balanced by three Republicans who voted for it. The total spending contemplated in the bill approaches $1.1 trillion, so that funding for the S.B.A. constitutes less than one one-thousandth of the sum. Source: Robb Mandelbaum - New York Times
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12/11/2009
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CIT rises from the ashes - 12/11
Emerging from bankruptcy, CIT says it's ready to get back into the small business lending game. Source: Elizabeth Montalbano, CNNMoney.com
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12/11/2009
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Joblessness plan revamps rules on bank bailouts - 12/11
The Obama administration plans to channel money from the government's massive financial bailout program to small businesses as part of an effort to limit the political and economic damage of high unemployment. Source: David Cho, Washington Post
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12/10/2009
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Landrieu, Snowe Introduce Bill to Create Jobs and Increase Small Business Lending - 12/10
United States Senate Committee on Small Business and Entrepreneurship Chair Mary Landrieu, D-La., and Ranking Member Olympia J. Snowe, R-Maine, today introduced legislation to increase access to capital for small businesses and help create jobs. S. 2869, the "Small Business Job Creation and Access to Capital Act of 2009" would increase the small business loan limit to as high as $5.5 million and extend for a year the fee eliminations and increased guarantee set to expire under the Recovery Act. Source: U.S. Senate Committee on Small Business & Entrepreneurship
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12/10/2009
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SBA Announces Appointment of Calvin Goings as Administrator for Region X - 12/10
Today, the U.S. Small Business Administration announced the appointment of Calvin Goings, as the regional administrator in Region X, to oversee the SBA’s programs and services in Washington, Oregon, Idaho and Alaska. Source: SBA
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12/10/2009
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White House Jobs Proposal Draws Weak Praise - 12/10
President Barack Obama's latest plan to spur job growth among small businesses is drawing lukewarm praise from entrepreneurs and advocates. Source: Diana Ransom - Wall Street Journal
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12/9/2009
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New Jobs Hinge on SBA 504 Loans Being Approved - 12/9
With the $375 million in stimulus funds exhausted at the Small Business Administration as of November 24, 2009, a loan queue now exists for the hundreds of small businesses who applied for loans under the temporary elimination of SBA 504 loan fees as part of the American Reinvestment and Recovery Act. After making the leap of faith in economic recovery, these entrepreneurs are now anxiously waiting to see if any funds remain to cover their loan fees. The businesses, now in the approval queue, represent the very companies who could be adding valuable jobs to their communities if they had access to capital. Source: Chris Crawford, NADCO
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12/8/2009
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Better oversight urged for small-business loan program - 12/8
The Small Business Administration is failing to adequately monitor lenders in its $91-billion loan program, increasing the risk of defaults, a government report said this week. Source: Scott Wilson, Los Angeles Times
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12/8/2009
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Help Isn’t On The Way - 12/8
President wants to help small businesses and build more roads, but action depends on Congress. Source: Kent Hoover, Portfolio.com
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12/8/2009
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Little New for Small Business in Obama Job Speech - 12/8
With all of the run-up to the jobs proposals President Obama announced today — the White House forum last Thursday, the speech in Allentown on Friday — small-business owners might be forgiven for expecting something new in the administration’s initiatives. But what the president offered up, at least as far as small business is concerned, mostly just renews measures in last February’s Recovery Act. Source: Robb Mandelbaum - New York Times
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12/8/2009
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Obama jobs plan: Bailout for Main Street - 12/8
President wants to extend tax breaks for small business, invest in infrastructure and give rebates to consumers who make homes energy efficient. Source: Jennifer Liberto, CNN Money
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12/8/2009
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Uptick Catches Entrepreneurs by Surprise - 12/8
After Months of Hunkering Down, Small Businesses Have to Scramble to Take Advantage of Unexpected Opportunities. Source: Emily Maltby, Wall Street Journal
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12/8/2009
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For small businesses, times even tougher - 12/8
During good times, small businesses are often among the chief drivers of the economy, relying on innovation and creativity to fill niches that the stodgier, bigger businesses often avoid. Source: Dean Calbreath, Union-Tribune Staff Writer (signonsandiego.com)
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12/8/2009
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Business gives Obama jobs advice - 12/8
In a speech tonight, President Barack Obama may suggest redirecting a portion of the repaid $700 billion bailout for financial institutions to spur new job creation.
But Cincinnati and Northern Kentucky area business people have their ideas about how to spur job growth in a national economy with an unemployment rate of 10 percent in November and expected to go higher. Source: Mike Boyer, Cincinnati.com
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12/8/2009
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Remarks by the President on Job Creation and Economic Growth - 12/8
Excerpt from President Obama's address at The Brookings Institution in Washington, DC. "Now, these steps will help, but we also have to address the continuing struggle of small businesses to get loans that they need to start up and grow. To that end, we're proposing to waive fees and increase the guarantees for SBA-backed loans. And I'm asking my Treasury Secretary to continue mobilizing the remaining TARP funds to facilitate lending to small businesses."
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12/7/2009
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Landrieu, Snowe Urge Improved Lender Oversight on SBA Loans - 12/7
United States Senate Committee on Small Business and Entrepreneurship Chair Mary L. Landrieu, D-La., and Ranking Member Olympia J. Snowe, R-Maine, today commented on a report released by the Government Accountability Office (GAO) that found that, while there were improvements, the Small Business Administration's (SBA) oversight of lenders does not adequately reduce loan defaults and losses. SOURCE U.S. Senate Committee on Small Business & Entrepreneurship
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12/4/2009
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Making the 'Jobs' Bill Work for Architects - 12/4
Congress is moving quickly to develop legislation aimed at preserving American jobs and reducing unemployment. In fact, the House hopes to craft a bill by Christmas. With the Architecture Billing Index maintaining a negative score, indicating a reduction in demand for design services and architecture firms everywhere suffering the effects of the ongoing economic crisis, we need your help to ensure that this potential legislation is developed with provisions that work for architects. Source: Christine McEntee, Exec. V.P. & CEO, AIA National
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12/3/2009
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For Small Business, the Jobs Forum Is All About Credit - 12/3
Last night, in advance of today’s White House forum on job creation, the National Federation of Independent Business released its own agenda for job creation. In it, the N.F.I.B. urged the White House not to get distracted: “A plurality of small business owners today considers the lack of demand (poor sales) as their single most important problem. Over eight times as many cite poor sales as finance and interest rates. While loans to small business are down, it is not clear what portion of the decline is a supply issue and what portion is a demand issue.”
Source: Robb Mandelbaum - The New York Times
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12/3/2009
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Small Business Financing Forum - Report to President Obama - 12/3
As a follow up to the Nov. 18 Small Business Financing Forum, Treasury and SBA today issued their Report to the President summarizing the policy ideas and recommendations discussed. This forum brought together small business owners, lenders, regulators and policymakers for an open discussion focused on the best ideas for providing the support small businesses need to continue to drive economic recovery.
This report is provided at the link provided.
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12/3/2009
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Crashing the White House Jobs Summit - 12/3
Small Business Has Been Left Out of the Recovery, Maybe That's Why There Are No Jobs. Source: David Weidner, Wall Street Journal
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11/30/2009
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Congress should replenish loan fund for small business - 11/30
Confirmation by the Obama administration that the economic stimulus funds earmarked for the U.S. Small Business Administration’s 7(a) loan program have run out is bad news for small business and the workers they employ. But the depletion of the funds is also proof that the loan program was, and is, a critically important part of the nation’s efforts to recover from this deep recession. Small-business owners were able to have the credit needed to create and retain jobs. Source: Anthony Wilkinson, The Hill
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11/28/2009
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Two SBA Programs Out of Stimulus Cash - 11/28
The U.S. Small Business Administration has run out of economic stimulus money for its two most popular loan programs, leaving thousands of small businesses in limbo unless funding is extended. Source: Sheryl Jean - The Dallas Morning News
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11/27/2009
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SBA stimulus program ends just as it impacts - 11/27
A stimulus program touted to have provided an immediate payoff to the local business community has ended, and according to some observers, just as it started to make a real impact. Source: Margaret Cashill, Tampa Bay Business Journal
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11/24/2009
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For SBA Loans, Stimulus Well Runs Dry - 11/24
Two popular stimulus provisions that drew hundreds of banks back to the small-business lending arena ran out of funding Monday, setting the stage for a potential new credit squeeze for business owners. Source: Emily Maltby, Wall Street Journal
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11/24/2009
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U.S. stimulus funds run out for lower SBA loan fees - 11/24
WASHINGTON, Nov 24 (Reuters) - The Small Business Administration said on Tuesday that supplemental economic stimulus funds for its two most popular loan programs have run out and new loan volumes could fall if funds are not extended. Source: Nancy Waitz - Reuters
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11/23/2009
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Stimulus cash runs out for small business loans - 11/23
The stimulus cash that helped boost small business lending this year just ran out. Source: Catherine Clifford - CNN Money
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11/23/2009
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SBA Runs Out of Gas - 11/23
It’s a blue Monday for small businesses and the lenders that make SBA loans. Source: Kent Hoover, Portfolio.com
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11/20/2009
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Stimulus breaks over for SBA loans - 11/20
Say goodbye to the 90 percent guarantee and reduced fees that sparked a rebound in Small Business Administration lending. Source: Kent Hoover, Orlando Business Journal
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11/20/2009
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Senator Snowe Proposes Killing Her Own Loan Program - 11/20
On Monday, with little fanfare, Senator Olympia Snowe of Maine introduced legislation to put the America’s Recovery Capital loan program out of its misery. Her legislation would repeal the program immediately, and return the unobligated balance of the original $255 million appropriation — as of Tuesday, $153 million, according to the Small Business Administration — back to the Treasury. Source: Robb Mandelbaum, NY Times
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11/19/2009
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Geithner: 'The credit crunch is not over' - 11/19
Small businesses took center stage as Washington power players convened to tackle the growing crisis in lending. Source: Catherine Clifford, CNNMoney.com
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11/19/2009
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Landrieu Joins Secretary Geithner and SBA Admin. Mills at Small Business Financing Forum 11/19
United States Senate Committee on Small Business and Entrepreneurship Chair Mary L. Landrieu, D-La., today joined Treasury Secretary Tim Geithner, Small Business Administration (SBA) Administrator Karen Mills, other policymakers, lenders, and small business owners at a forum on small business financing. The forum explored new ideas and strategies for expanding access to financing for small businesses. Source: U.S. Senate Committee on Small Business & Entrepreneurship
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11/19/2009
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Report: Business Owners Regaining Confidence in the Economy - 11/19
According to a recent survey by Houston-based human resources company Administaff, small business owners are growing more confident in the economy, but still harbor trepidation due to impending government legislation. Source: J.J. McCorvey, Inc.com
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11/19/2009
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Main Street's Credit Crunch - 11/19
Treasury Secretary Tim Geithner spent most of the day Wednesday with small-business owners and bankers, discussing ways to ease the credit crunch that’s stifling economic recovery on Main Street. Source: Kent Hoover - Portfolio.com
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11/19/2009
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Small Businesses Turn to Goldman - 11/19
When Jay Richardson heard that Goldman Sachs Group Inc. and Warren Buffett were teaming to funnel millions to small businesses, he started making phone calls to see how he could get his share. Source: Mike Spector - Wall Street Journal
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11/18/2009
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Geithner Calls on US Banks to Boost Lending - 11/18
U.S. Treasury Secretary Timothy Geithner on Wednesday called on banks that received government aid during the financial crisis to boost lending, saying limitations on credit availability for small businesses may slow the nation's recovery. Source: Meena Thiruvengadam - Wall Street Journal
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11/18/2009
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SBA to Use More TARP Funds for Small Business - 11/18
The Treasury Department and the Small Business Administration convened a Small Business Financing Forum in which they discussed ways to expand credit to small business.
One the most prominent ideas broached at the conference was to use more of the money left over from the Troubled Asset Relief Program, or repaid by the banks, to help finance small businesses.
Source: WEBCPA Staff - www.webcpa.com
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11/18/2009
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Small biz lending freefall in spotlight - 11/18
Treasury Secretary Tim Geithner and Small Business Administrator Karen Mills will host a forum this week on how to get much-needed dollars to America's small businesses. Source: Catherine Clifford, CNNMoney.com
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11/18/2009
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UPDATE 2-Geithner:Tight small
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