SBA Expands Microloan Program

Nice to see that the SBA is taking our advice and expanding the microloan program with funds from the Recovery Act: With the American Recovery and Reinvestment Act funding an additional $50 million for loans and $24 million for technical assistance, the U.S. Small Business Administration is expanding its Microloan program and increasing access to [...]

SBA ARC Loans for Emergencies Only?

I overlooked some details when reading about the new SBA-guaranteed American Recovery Capital loan program…file any earlier, positive posts in the “seemed like a good idea at the time” drawer. As Gene Marks of Business Week points out: To qualify [businesses] have to show evidence of immediate hardship, like a significant drop in sales, trouble [...]

Why Can’t Small Businesses Get the Money?

I’ve written a few posts about the current availability of borrowed capital for small businesses, mostly from the perspective of the U.S. Small Business Administration and lenders. The SBA has recently created new loan programs, improved the terms of existing programs, and taken other steps to increase the rate and volume of small business lending. [...]

What Makes a Business “Small,” and Why Does It Matter?

There is no objective definition of “small business,” though the U.S. government has a 44-page document that lets us know what “small” is in various industries for the purposes of federal contracting. Many people might be surprised to know that companies with up to 500 employees (or up to 1,500 in some fields) are considered [...]

SBA ARC Loans Available Now!

Existing small businesses can apply for America’s Recovery Capital (ARC) loans as of June 15, 2009: ARC loans are deferred-payment loans of up to $35,000, available to established, viable, for-profit small businesses that need short-term help to make their principal and interest payments on existing and qualifying business debt. ARC loans are 100 percent guaranteed [...]

Consensus Is…Money Is Available, Just Ask

I’ve been wondering how much truth there is in the current common wisdom that credit markets are “tight” or “frozen.” Small business owners might infer that this means it is difficult to get a loan. According to the latest newsletter from the SBA’s Office of Advocacy, the American Recovery and Reinvestment Act of 2009 provides [...]

Which Lenders Make SBA-Guaranteed Loans?

If you’re curious about what banks have historically distributed the most SBA small business loans and microloans, check out the latest report here. Note that this report is based on data collected in 2007 and 2008. The report provides data on the top institutions lending to small businesses in each state. …. The information is [...]

SBA Announces New Loan Program for Established Businesses

If you already own a viable business but are having trouble with payments on previous loans and certain other commitments, the U.S. SBA announced a new loan that is 100% guaranteed with no interest and no fees: Beginning on June 15 [2009], SBA will start guaranteeing America’s Recovery Capital (ARC) loans.  ARC loans are deferred-payment [...]