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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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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How to borrow from the SBA

Think of it as the Fort Knox for small-business loans. Many businesses do.

The U.S. Small Business Administration (SBA) in some ways serves as the cash cow for fledgling businesses through the agency's myriad loan guarantees and direct grants, resulting in an overall portfolio of more than $45 billion.

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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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Recovery Act More Than Doubles Surety Bond Guarantee Ceiling for Small Businesses 3-27-09

WASHINGTON – Effective today, small businesses that need surety bonds to compete for construction and service contracts can qualify for U.S. Small Business Administration-backed surety bonds of up to $5 million. The higher amount, a result of the Recovery Act, is more than double the previous $2 million maximum surety bond guaranteed by SBA.

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Emergency biz loans: What qualifies

The SBA's forthcoming loan-relief program can't be used to pay down existing SBA loans -- but past borrowers will still be eligible for help with other debts.

The Small Business Administration is still drawing up guidelines for its forthcoming emergency loans program, a stopgap measure intended to shore up small businesses struggling to keep up with payments on existing debt. But the agency this week confirmed an unexpected twist: Businesses with current loans backed by the SBA won't be able to use the new loans to cover payments on their existing SBA debt.

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Something For Everyone

I've been in sunny Florida, which does the heart good when you live in winter-until-May Northeastern Pennsylvania. While there I accumulated a number of topics and corresponding information from SBDC staff and others I'd like to share. Someday I'll do a blog on customer service and the airline industry....but this isn't the day!

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Obama to unveil plans to help small businesses

WASHINGTON – Amid misgivings over his spending blueprint, President Barack Obama has decided to provide billions of dollars in federal lending aid aimed at struggling small business owners.

The broad package of measures to be announced Monday includes portions of the $730 million from the stimulus plan that will be used to immediately reduce small-business lending fees and increase the government guarantee on some Small Business Administration loans to 90 percent. The government also will take aggressive steps to boost bank liquidity with more than $10 billion aimed at unfreezing the secondary credit market, according to officials briefed on the plan who demanded anonymity to avoid pre-empting the president's announcement.

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Economic Recovery Plan: The Good, the Bad and the Ugly for Small Business

Between job cuts, daily announcements of more Wall Street abuses, the ramifications of the failing auto industry and the credit crunch, it's no wonder road rage is up and people everywhere are pulling back on spending.

Good News

There is good news, however. Small business is getting a break with the new economic stimulus recovery, which is good for businesses of all sizes and industries! If you counsel small businesses, if you sell to small businesses or if you are a small business, read on...

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