SBA Urged to Jump Start Lending

I was reading the Washington Post this morning and a great article on the SBA caught my eye - “Small-Business Agency Prodded to Spur Lending”.

The article begins with “The chairman of the House Committee on Small Business yesterday urged the new head of the Small Business Administration to try to jump-start lending by using provisions in the economic stimulus bill that so far have sat idle.”

The stimulus bill passed a few months ago included the “Business Stabilization Loan Program and it’s goal is to “provide loans of up to $35,000 to small businesses so they can make payments on their outstanding debt. The loans would be 100 percent guaranteed by SBA”.

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Workshop helps small businesses to work directly with the Commonwealth of PA or to become a Commonwealth prime contractor

Do you own a small business? Have you ever thought about doing business directly with the Commonwealth? Do you wish you knew more about becoming a Commonwealth prime contractor? Now is your chance to take your business to the next level! The Bureau of Minority & Women Business Opportunities is conducting this workshop where small business owners can learn:

· How to read and understand Request for Proposals (RFPs)
· How to write effective proposals
· Find and market your company to Commonwealth agency heads, purchasing agents, and RFP administrators
· Learn the Do's and Don'ts on becoming a prime contractor for the State.

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Get Involved: Help SBA Reform Federal Regulations

OK, so the nearly $1 trillion Wall Street rescue is all but assured, but the benefits to small business remain to be seen. In the long run, more credit should become available for entrepreneurs who need funding to start a business or expand an existing one, but for now it's the big players who will lap up the taxpayer-sponsored river of capital.

Even if the plan works perfectly and the federal coffers become flush with cash over the next several years--decades?--how can this be seen as anything other than a catastrophic failure of a system that is supposed to self-regulate as a way to avoid such collapses? OK,so the nearly $1 trillion Wall Street rescue is all but assured, but the benefits to small business remain to be seen. In the long run, more credit should become available for entrepreneurs who need funding to start a business or expand an existing one, but for now it's the big players who will lap up the taxpayer-sponsored river of capital.

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Banks Not Cooperating on SBA Loans

The Washington Post last week reported that "Two weeks after President Obama announced a $15 billion initiative to spark lending for small businesses, every major provider of these kinds of loans says the plan will not work as designed." The Post article quotes the Chief Executive of Signature Bank as saying; "Why would you participate?....

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Technology Proposed to Assist Small Businesses

Congressman Glenn Thompson of Pennsylvania last week introduced legislation designed to provide distance learning to potential and existing entrepreneurs. The bill, H.R. 1807, was referred to the House Small Business Committee. The legislation directs the SBA Administrator to contract with qualified third-party vendors for entrepreneurial training content and the development of communications technology that can distribute content under this section throughout the United States.

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Borrowing for Growth

When people call the Albany Colonie Regional Chamber of Commerce to ask for money to start and grow a business, they typically are asking for either a grant or a loan. First, I tell people the truth about grants right up front. There are a few out there, but they’re mostly for building façade improvement. Cohoes has a Restore grant for building improvement. Metroplex administers Schenectady’s grants and Albany also has a façade improvement grant.

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Karen Gordon Mills Confirmed By Senate as SBA Administrator

WASHINGTON – The U.S. Senate today confirmed by unanimous consent President Barack Obama’s nomination of Karen Gordon Mills as the 23rd Administrator of the U.S. Small Business Administration.

“Small business is the backbone of the American economy,” Mills said upon her confirmation. “The SBA has a vital role to play in supporting our nation’s small businesses so that they can be the key driver in getting our economy moving again. I look forward to leading this critical agency at this important time.

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SBA Resource Day – Salinas Valley Chamber of Commerce

Salinas, CA - The U. S. Small Business Administration (SBA) will be meeting with small business entrepreneurs on April 21, 2009 at the Salinas Valley Chamber of Commerce to provide information on how the SBA and our many resource partners can help you in the growth and development of your own small business.

During the SBA visit, entrepreneurs, startup companies and even seasoned firms can confidentially discuss and review business strategies. Topics of discussion may include how to start a small business, how to apply for a SBA loan, selling to the federal government and an overview of the many SBA management and technical assistance programs that are available to assist small business entrepreneurs.

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Attention Springfield: Free Small Business Technical Assistance April 14th

We are working with three springfield businesses currently. If you are a retailer, home based business, nonprofit or just thinking of opening a small business, you will benefit from talking to one of our Certified Business Analysts.

SPAR has recently joined with the Small Business Development Center at the University of North Florida to provide free technical assistance and confidential guidance to business owners and nonprofits in Springfield and the surrounding area. Certified Business Analysts Kevin Monahan and Paul Arrington are available to meet at the SPAR office on the second Tuesday of each month.

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Mercantile Capital Corporation Retracts Earlier SBA 504 Announcement

ALTAMONTE SPRINGS, Fla. — Mercantile Capital Corporation (formerly known as Mercantile Commercial Capital, LLC) has retracted an earlier story about its new public-private partnership with the U.S. Small Business Administration (SBA) and the U.S. Treasury.

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Business.gov Launches First Government-Sponsored Online Community for Small Businesses

SBA’s Business Gateway Program announced today the launch of a new Web initiative – http://Community.Business.gov – the first government-sponsored online community built specifically for small businesses.The objective of the Business.gov Community supports the White House’s mission to create a transparent and connected democracy, and aims to provide small business owners, bloggers, and the government with a place to discuss and share information about starting and running a successful business.

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SBA Fact Sheet Recovery Act QA for Small Business Owners

The Treasury Department will commit up to $15 billion to help unlock the secondary markets for small business loans. By purchasing these securities, the Treasury Department will facilitate the ability of lenders to make new loans to small businesses by providing confidence that there will be a ready buyer for those loans in the secondary market.

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Stimulus Rumor: Grants for Small Businesses

At the Small Business Development Center, we have been getting a lot of inquiries about free money for people who want to start a business or are in small business debt. Take our word for it, there are no small business grants (and there never have been).

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Exports are a Bright Spot in Economic Downturn

A better market for U.S. exports was the highlight of the fading economy of 2007, according to The Small Business Economy report released today by the U.S. Small Business Administration’s Office of Advocacy. Small businesses, like other firms, faced growing challenges, as housing starts fell and energy prices increased.

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Small Businesses and ARRA

Following last weeks' topic, this blog will also be dedicated to the Economic Stimulus Package and how the monies will impact small businesses. Below are the links to multiple articles that discuss the American Recovery and Reinvestment Act of 2009 (ARRA) and Small Businesses.

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SBA Revises Goodwill Lending Provisions in SOP; Will Consider Higher Limits Case-by-Case

WASHINGTON -The U. S. Small Business Administration announced that it is accommodating concerns raised regarding the recently announced policy guidance on the financing of goodwill. SBA will consider loans for larger goodwill amounts on a case-by-case basis through August 31, 2009. The announced policy guidance originally allows SBA loans to be used to finance goodwill, but limits that financing to no more than half the loan amount, up to $250,000.

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Small Business is the Heart of the American Economy

by Michael Bowers

"Small Business is the Heart of the American Economy" is how President Obama referred to small business in his speech on March 16. The President outlined a plan to increase liquidity in the secondary market for Small Business Administration (SBA) loans by using a portion of the TARP funds to purchase SBA loans from banks. This would allow banks to make loans, sell the loan on the secondary market and use the funds they received from the sale to make more loans.

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SBA Offers FREE Workshops for Entrepreneurs

SBA Offers FREE Workshops for Entrepreneurs

“Strategic Planning for a GREENER Business”

“Economic Change is Here – Where are you?”

Fresno, CA – History shows that small business entrepreneurs are quick to respond to change and survive. Today’s entrepreneurs are facing challenges and hurdles never seen before. Resiliency is the name of the game, but to be successful business owners must continue to make changes and adapt daily.

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Follow Up on the Stimulus and SBA

I wanted to follow up with our friends at SBA on which items, specifically, we should be aware of that are relevant to small business owners in terms of translating the stimulus package to action.

John Banks, Lead Business Development Specialist in the Philadelphia District Office, was kind enough to spend some time creating an informative email to me, outlining exactly what the American Recovery Reinvestment Act has in store to stimulate lending. John has given me permission to copy his email thoughts to this Blog. You will find them below.

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SBA’s March Web Chat Will Highlight the Recovery Act

WASHINGTON – The American Recovery and Reinvestment Act will be the focus of discussion for the U.S. Small Business Administration’s March Web chat. SBA Associate Administrator for Capital Access Eric Zarnikow will help small business owners get answers to their questions about what the Recovery Act means for the nation’s small businesses.

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