SBA's Floor Plan Loans -- Only 75% Guaranty "In recent months, we've seen a dramatic decrease in the availability of credit for financing dealership inventories," said SBA Administrator Karen G. Mills. "We want to be a partner for these small businesses and help ensure they have the resources they need to help keep their businesses open, save jobs and survive these tough economic times." . . . keep reading
Karen Mills on the Road with Good News -- SBA Lending Up 40% Mills spoke to 500 people attending a joint meeting of the Asian Chamber of Commerce, Latin Chamber of Commerce and Urban Chamber of Commerce at Paris Las Vegas. She said President Barack Obama's administration has been revitalizing the SBA after it languished during the last eight years under former President George Bush. "It's 180 degrees different," Mills said. . . . keep reading
Dealer Floor Plan Pilot Initiative SUMMARY: SBA is introducing a guaranty loan pilot initiative to make available 7(a) loan guaranties for lines of credit that provide floor plan financing to support that sector of the Nation's retail community that traditionally requires floor plan financing in order to acquire titleable inventory. SBA is creating this pilot initiative to help address the significant decline in the number of lenders that have provided the majority of this type of financing in recent years. . . . keep reading
SBA ARC Loans Projected to Reach 50.1% of the Allocation (10,000 Loans) The ARC loan program has gotten off to a sluggish start. In the first 11 days an average of 12.6 loans have been made per day nationwide. For the program to process the 10,000 loans that were allocated through September 30, 2010, lenders need to be doubling that and make 25 per day. . . . keep reading
SBA Financial and Activity Report - Recovery.gov Federal agencies will provide data on how they are using the money, and eventually, prime recipients of Federal funding will provide information on how they are using their Federal funds. Recovery.gov will use interactive graphics to illustrate where the money is going, as well as estimates of how many jobs are being created, and where they are located. And there will be search capability to make it easier for you to track the funds. . . . keep reading
SBA Fast-Tracks Jamba Juice Franchises Jamba said last month that it plans to make 150 company-owned stores back into franchises, primarily outside of California. It also hopes to add up to 50 new franchised locations by the end of this year. This step by the SBA will make it easier for Jamba to meet those targets. . . . keep reading
Bob Coleman to Brits: US Small Businesses Will Lead World Out of Recession Bob Coleman, Publisher of Coleman Publishing, will speak in London at the Specialized Information Publishers Association (SIPA) UK Conference on July 8th. In London, Bob Coleman will host two roundtables discussing the state of small businesses in the US, primarily how the market will rebound once credit is flowing back to mainstreet. . . . keep reading
Goodwill Rules: A Risk-targeted Approach by Robert Heffner Business acquisition lending often involves financing a large proportion of goodwill, versus hard assets--since for so many small businesses (for example, professional, services, construction; retailers or wholesalers who lease their real estate) the value of hard assets is a small part of total appraised market value--which is primarily determined by cash flow. SBA's guarantee has until now played a crucial role in business transfers, because conventional, non-guaranteed lending generally requires full collateral coverage, and goodwill has no collateral value. That prominent (indeed, essential) SBA role is consistent with the agency's long-held principle that financing should not be denied on the basis of collateral shortfall alone. . . . keep reading
E-Myth Worldwide and SBA Lenders Team up to Fuel Small Business Startups Santa Rosa, CA -- To support the Small Business Administration's efforts to stimulate the U.S. small business economy, E-Myth Worldwide® today announced the launch of the E-Myth® Technical Assistance Online™ (TA Online) program, an online business education program that makes it easy for lenders to provide the technical assistance required by the SBA's Community Express Pilot Loan Program. . . . keep reading
Webster Bank's Robert Polito, Senior Vice President, Discusses Patriot Express Loans Robert Polito: "The armed services mold leaders. Attention to detail and the courage and drive to complete the mission are ingrained upon entering the service. Operating in a business environment, one has to have the same courage and determination to complete a mission or attain a goal. Failing isn't an option as you never want to let your buddy or your unit down. That type of mission focus is readily adaptable to the business world." . . . keep reading
From The SBA, Another Small Step - NY Times As the name suggests, a 504 loan is meant to stimulate community development, and must create or sustain a certain number of jobs. The proceeds may be spent only on fixed assets such as land, a building, or machinery. "It was a forward-looking program for new investment rather than looking backward at previous transactions," says David W. Amick, executive director of Premier Capital Corporation, a C.D.C. in Indianapolis. The rules therefore greatly limited the ability to refinance as part of the project. . . . keep reading
SBA's Patriot Express Loan Initiative Delivers $315 Million to 3,750 Vets, Military Community "This commitment to more than 25 million veterans across the country, and the thousands returning from the wars in Iraq and Afghanistan is something we at SBA take seriously," SBA Administrator Karen G. Mills said. "The Patriot Express initiative, in conjunction with other SBA programs, goes directly to the needs of our veterans who want to start, or already have their own businesses. This critical access to capital helps them grow their businesses and create good paying jobs in their communities." . . . keep reading
SBA Vacancy Announcements: 3 Loan Specialist Positions Available The following SBA vacancy has been posted on USAJOBS. This announcement is open to individuals with competitive status and any U.S. citizen. This announcement will automatically consider you under all methods for which you are eligible (i.e. DEU, Merit Promotion) based on your responses to the questionnaire within the announcement. This vacancy utilizes the USA Staffing system; therefore applicants may apply online or by fax only. Please refer to the instructions in the "How to Apply" section of the announcement for further details. . . . keep reading
IDS Corp 504 Update - 504 Refinancing: The more things change, the more they may yet change! Conventional wisdom was that 504 loans could not allow for refinancing. In fact, heretofore, there was and remains, a way to accommodate refinances under a 504 structure, by excluding the refinanced debt from the 504 project cost and wrapping the pre-existing debt in the new 504 first position third party permanent loan. As the preceding bit of syntax proves, it was possible, but not particularly straightforward. . . . keep reading
Central Valley Community Bank Adds Michael German to New Merced SBA Loan Department Michael German, Assistant Vice President, SBA Loan Officer, adds 31 years of local SBA lending experience to the new Merced office team. The Bank's decision to expand into Merced was based upon the desire to serve a growing customer base in between existing offices in Modesto and Madera, as well as fill a void from the recent acquisition of the town's local "community bank" by a large banking organization. . . . keep reading
Credit Unions and Small Businesses Schedule Town Hall Meeting on Twitter Intuit Inc. will host the Twitter meeting 2:00-3:00 p.m. EST on June 30. The discussion will focus on access to capital for small businesses and provide insights and tips on how they can obtain credit, build relationships with their financial institutions and the steps they can take to get credit now. . . . keep reading
SBA Tweaks Rules Of 504 Loan Program - WSJ In its latest effort to help cash-strapped entrepreneurs, the Small Business Administration on Wednesday permanently changed a key loan program so that businesses can refinance if they plan to expand or buy equipment. Previously, business owners could only take advantage of the SBA's 504 program when they sought new loans to buy real estate, upgrade machinery and make improvements. Now, borrowers can refinance their existing SBA-backed loans as long as the amount is 50% or less than the total cost of expansion. . . . keep reading
Not Even Close! First Week SBA ARC Loan Approvals Project Reaching 50% Budget Authority SBA says that in the first week of the ARC Loan program, which kicked off last Monday, lenders approved 72 loans totaling $2.4 million. Jonathan Swain of the SBA, said that the loans were made by 42 lenders from 21 states, and the agency is confident that once larger lenders with greater geographic reach jump on board, the program will expand into more regions. . . . keep reading
Federal Register Notice: 504 Loan Program Debt
Refinancing This interim final rule implements section 504 of the American Recovery and Reinvestment Act of 2009 (Recovery Act), which authorizes projects approved for financing under Title V of the Small Business Investment Act to include a limited amount of debt refinancing if the project involves the expansion of a small business concern and meets certain other conditions. . . . keep reading
SBA's Floor Plan Loans -- Only 75% Guaranty
Karen Mills on the Road with Good News -- SBA Lending Up 40%
Dealer Floor Plan Pilot Initiative
SBA ARC Loans Projected to Reach 50.1% of the Allocation (10,000 Loans)
SBA Financial and Activity Report - Recovery.gov
SBA Fast-Tracks Jamba Juice Franchises
Mercantile Capital Corporation Appoints Warren Mohr Vice President of Sales in New York, Long Island Region
Bob Coleman to Brits: US Small Businesses Will Lead World Out of Recession
Goodwill Rules: A Risk-targeted Approach by Robert Heffner
E-Myth Worldwide and SBA Lenders Team up to Fuel Small Business Startups
Webster Bank's Robert Polito, Senior Vice President, Discusses Patriot Express Loans
From The SBA, Another Small Step - NY Times
SBA's Patriot Express Loan Initiative Delivers $315 Million to 3,750 Vets, Military Community
SBA Vacancy Announcements: 3 Loan Specialist Positions Available
IDS Corp 504 Update - 504 Refinancing: The more things change, the more they may yet change!
Central Valley Community Bank Adds Michael German to New Merced SBA Loan Department
Credit Unions and Small Businesses Schedule Town Hall Meeting on Twitter
SBA Tweaks Rules Of 504 Loan Program - WSJ
Not Even Close! First Week SBA ARC Loan Approvals Project Reaching 50% Budget Authority
Federal Register Notice: 504 Loan Program Debt
Refinancing
