Maria Contreras-Sweet, the newly appointed Administrator of the Small Business Administration, recently announced an updated formula for defining “small” at the SBA. The bottom line is that starting July 14th thousands of companies that were considered too big to qualify for SBA programs will now be considered small. This new status means access to cheaper financing and new sales opportunities. It’s kind of a big deal. SBA small business size standards: how the SBA measures the size of your … [Read more...]
Easier SBA lending requirements are in your future
There's good news for entrepreneurs: Small business lending is hot again. Since the financial crisis of 2008, small businesses have had a difficult time accessing loans through traditional banks. But with small-business confidence on the rise and a slowly-but-surely improving economy, small-business borrowers are once again front and center on the competitive stage of business loans. Numerous non-bank lenders that are focused on small business have emerged in the past few years, with some … [Read more...]
The SBA’s sequester-related cuts will reduce loan guarantees for small businesses
Does The SBA Have A Sequestration Contingency Plan? The SBA's sequester-related cuts will reduce loan guarantees for small businesses. What's their contingency plan? While the sequestration-related budget cuts are no longer front-page news, their impact is only just beginning. One of the agencies that has been impacted is the Small Business Administration, which uses a significant portion of its budget to secure small-business loans. It is very likely that cuts from the sequester will reduce … [Read more...]
Massive SBA Loan Fraudster Pleads Guilty
Joon Park promised to help small businesses obtain SBA-backed loans. Instead he scammed banks and his clients. SBA Loan Fraudster Pleads Guilty Small-business owners have to work very hard to secure financing for their businesses. It is extremely disappointing when people who claim to help small businesses obtain loans turn out to be nothing more than scam artists. One such person, Joon Park, owner of Jade Capital & Investments, LLC, plead guilty to conspiracy to commit bank fraud … [Read more...]
SBA Proposes Major Changes to 504 and 7(a) Loans
SBA plans to make it much easier for small businesses to qualify for its loan programs. The Small Business Administration recently published in the Federal Register proposed changes to its most popular small-business loan guarantee programs. The goals of the changes are to streamline the application process for borrowers, speed up the approval process for lenders and expand the number of companies that qualify for SBA programs. The 504 Loan Program provides long-term fixed asset financing to … [Read more...]
SBA Opens Business Recovery Center
Finance expert Mike Periu on the SBA efforts to help small businesses with a Business Recovery Center in the aftermath of Hurricane Sandy. November 08, 2012 The Small Business Administration has opened a business recovery center in Staten Island to assist business owners affected by Hurricane Sandy. The center has a team of SBA staff available to offer personalized support to owners that have experienced physical damage to their businesses or lost revenues due to the hurricane. Staff members … [Read more...]
SBA Helps Finance $1.7 Billion in Small Business Exports
OPEN finance expert Mike Periu on an SBA export program. The Small Business Administration (SBA) provided over $920 million in financing over the last 12 months to small businesses that produce goods and sell them to foreign companies. Under the SBA's International Trade Loan Program, companies can receive financing support to expand manufacturing facilities or to buy equipment that will be used to make products for sale abroad. In order to tap into this financing small businesses can either … [Read more...]