Archive for the ‘SBA’ Category
Posted January 18, 2011on:
The U.S. Small Business Administration is accepting grant funding proposals from eligible and well-established national organizations interested in providing training, guidance, counseling, mentoring and procurement assistance to small businesses in teaming arrangements, which may be in the form of a joint venture or prime and subcontractor relationship, under its new Small Business Teaming Pilot program.
The Small Business Teaming Pilot program was established by Congress under the Small Business Jobs Act of 2010. Under this new program, the SBA expects to make 10-to-20 grant awards in the range of $250,000-$500,000 totaling up to $5,000,000 for fiscal year 2011.
To be eligible for these grant awards, an applicant must:
- be a private, non-profit or for-profit entity;
- have been in existence continually for the past three years;
- have experience dealing with issues relating to small business on a national level; and
- demonstrate that it has the capacity to provide assistance to small businesses.
Read this Small Business Post at http://www.homebusinessbug.com/sba-accepting-grant-funding-proposals-for-small-business-teaming-program-10189/
New Legislation Helps Exporters by Providing Higher Loan Limits
Export-related loans to small businesses approved under the Jobs Act provisions have reached nearly $110 million as of Dec. 31, the U.S. Small Business Administration announced today.
“The Jobs Act builds on the efforts already underway through the National Export Initiative by providing SBA with additional tools to help small businesses tap into the global market,” SBA Administrator Karen Mills said. “We know that to take that next step to begin exporting or expand into a new market a small business often needs both financial and counseling resources.”
Read the full Small Business post at http://www.homebusinessbug.com/small-business-exporting-gets-a-boost-from-sba-10186/
Posted January 4, 2011on:
WASHINGTON – Today, SBA Administrator Karen Mills announced that as of Dec. 31 the agency had approved more than $10.3 billion in loan guarantees which supported more than $12 billion in lending to small businesses since President Obama signed the Small Business Jobs Act of 2010 on Sept. 27. The Jobs Act included an extension of reduced fees and higher guarantee loan enhancements in the agency’s two largest loan programs.
In a statement, Mills noted that SBA moved quickly to get these critical loan dollars in the hands of small businesses and just three months later all of the $505 million in subsidy provided in the Jobs Act to support the loan enhancements has been utilized by the agency’s national network of lending partners. In light of that, the SBA has activated the SBA loan queue to ensure that any remaining funds that result from loan cancellations in the coming weeks are redirected to new Jobs Act loans.
Following is the full statement from Mills:
“In just three months since the Small Business Jobs Act was signed into law, SBA supported more than $12 billion in lending to small businesses and entrepreneurs across the country. SBA is on the front lines with small business owners and our lending partners every single day. I’m very proud that as a result of those close relationships and partnerships we were able to quickly put this significant amount of capital into the hands of our nation’s largest job creation engine.
“The loan enhancements of higher guarantees and reduced fees first implemented as part of the Recovery Act have been a vital resource for tens of thousands of small businesses at a critical time when lending markets had dried up. Beginning in February 2009, these loan enhancements engineered a significant turnaround in SBA lending, including driving record-high levels of SBA lending in recent weeks. The end result is that the agency helped put more than $42 billion in the hands of small businesses through the Recovery Act and Jobs Act combined.
“These enhancements have been a key piece of the Obama Administration’s efforts to help small businesses drive our nation’s economic recovery. As we transition back to our standard guarantees and fee rates, SBA loan programs will continue to play an important role, as they have for decades, in helping entrepreneurs and small business owners start or grow their businesses and create jobs.
“The Small Business Jobs Act is the most consequential piece of legislation affecting small businesses enacted in more than a decade. While we are proud of how quickly SBA could provide $12 billion in capital to small businesses, we remain focused on implementing other key
provisions of this law that will continue to expand access to capital, help small businesses compete for federal contracting dollars, strengthen small business exports and provide other critical support.”
During the quarter, SBA approved nearly 22,000 small business loans for $10.47 billion, supporting a total of $12.16 billion in lending. The amounts are greater than the volume for Jobs Act loans over the same period because they exclude some loans that were not eligible for one or more Jobs Act enhancements.
Read full news article at http://www.homebusinessbug.com/jobs-act-supported-12-billion-in-sba-lending-to-small-businesses-10183/
With small business owners and entrepreneurs in traditionally underserved communities continuing to face challenges accessing capital, the U.S. Small Business Administration today announced two new initiatives aimed at increasing SBA-backed loans to small businesses in these markets.
SBA Administrator Karen Mills also today named Catherine L. Hughes, chairperson and founder of Radio One, Inc., and a former SBA borrower, to chair the agency’s new Advisory Council on Underserved Communities.
SBA and U.S. Department of Commerce studies have shown the importance of lower-dollar loans to small business formation and growth in underserved communities. With that in mind, the two new loan initiatives – Small Loan Advantage and Community Advantage – are aimed at increasing the number of lower-dollar SBA 7(a) loans going to small businesses and entrepreneurs in underserved communities. The agency’s most popular loan product, 7(a) government-guaranteed loans can be used for variety of general business purposes, including working capital and purchases of equipment and real estate.
In conjunction with the implementation of these two new Advantage loan initiatives by March 15, the agency will end its existing Community Express pilot loan program on April 30.
Read this full press release at http://www.homebusinessbug.com/sba-aimed-at-increasing-lending-in-underserved-communities-10179/
Posted November 30, 2010on:
WASHINGTON – Small businesses interested in exporting now have a new online tool to help them tap into the global marketplace to grow their business. Developed by the U.S. Department of Commerce and the U.S. Small Business Administration, Six Steps to Begin Exporting, www.export.gov/begin, is the latest tool in the National Export Initiative toolbox to help entrepreneurs begin exporting.
The six-step process begins with a self-assessment to help potential exporters gauge their readiness to successfully engage in international trade. The self-assessment is followed by sections on training and counseling programs; resources to create an export business plan; information on conducting market research; assistance for finding foreign buyers; and investigating financing for your small business exports, foreign investments or projects.
Upon completing the self-assessment, businesses receive a score indicating their level of readiness. Based on the score, additional resources are identified fitting their specific needs, including SBA and its nationwide resource partners SCORE and Small Business Development Centers, as well as Commerce’s U.S. Export Assistance Centers, which provide individualized support.
“This practical, interactive website is just the latest example of the commitment the Obama administration has made to helping American businesses – especially small businesses – sell more of what they make around the world,” U.S. Commerce Secretary Gary Locke said. “Connecting America’s entrepreneurs and small businesses with new buyers and new markets abroad will help create jobs and spur sustainable economic growth.”
“With nearly 96 percent of the world’s customers living outside the United States and two-thirds of the world’s purchasing power in foreign countries, tapping into opportunities in the global market makes perfect sense and is more attainable than ever for small business owners,” SBA Administrator Karen Mills said. “One of the main hurdles potential exporters face is their fear that exporting is too complicated. This six-step process addresses and dispels that concern. Across the administration, we continue to strengthen the tools and resources so we can be the best possible partner in helping small business owners grow their customer base beyond our borders and, in doing so, create new jobs here at home.”
This joint Commerce-SBA effort is part of an array of activities by federal agencies to support President Obama’s National Export Initiative, which calls for doubling U.S. exports and supporting 2 million jobs over the next five years. So far this year, U.S. exports have increased nearly 18 percent compared to the same period in 2009.
President Obama has outlined five steps the Administration is taking to help U.S. firms expand sales of their goods and services abroad: creating a new Cabinet-level focus on U.S. exports, expanding export financing, prioritizing government advocacy on behalf of U.S. exporters, providing new resources to U.S. businesses seeking to export, and ensuring a level playing field for U.S. exporters in global markets.
For more information on export services for small businesses or to find local counseling and technical assistance resources, please visit www.export.gov.
Read more Small Business news at http://www.homebusinessbug.com/small-business-news/
Posted November 27, 2010on:
WASHINGTON – In an open letter to small business owners, SBA Administrator Karen Mills described requirements that small businesses report all transactions greater than $600 as “burdensome,” and called for their repeal. Mills said the reporting requirements in the Affordable Care Act, which were to have begun in 2012, add up to “too much paperwork, too much filing.”
The text of the letter, which is posted on the SBA Website at http://www.sba.gov/1099letter/, follows:
Dear Small Business Owner,
I’m writing to update you on the progress that we have made regarding concerns stemming from the expanded 1099 reporting requirement in the Affordable Care Act, which could affect small businesses starting with 2012 purchases and 2013 filings.
The SBA and the Administration support the Small Business Paperwork Relief Act (introduced by Senator Baucus) which would repeal this provision.
As President Obama said on Nov. 3: “… the 1099 provision in the health care bill appears to be too burdensome for small businesses. It just involves too much paperwork, too much filing. It’s probably counterproductive.”1 Our support for the Small Business Paperwork Relief Act also follows the Administration’s support in September for Senate Amendment 45952 (offered by Senator Bill Nelson), which would have relaxed the reporting requirement.
All businesses that pay another individual or business $600 or more for goods or services starting in 2012 will be required to issue 1099s. The unintended consequence of a potential paperwork burden resulting from this provision quickly came to light, and we immediately began working across the Administration to reduce the burden of these potential future reporting requirements, as I noted in a letter to small businesses in May.3 We gathered feedback and comments from the small business community through roundtables, forums, and other feedback mechanisms involving outreach from the SBA, the Treasury Department, the I.R.S. and others.
Importantly, the repeal of this provision through the Small Business Paperwork Relief Act will not adversely affect the Affordable Care Act, which provides important health care benefits to millions of Americans. Small businesses are already taking advantage of the new tax credits4 for providing health insurance to employees this year, and future benefits such as the insurance exchanges in 2013 will provide small businesses with more negotiating power and reduced administrative costs.
Thank you for the input and feedback that many of you have provided on the impact that the expanded 1099 reporting requirement could have on your business. Overall, with your help, we will continue to ensure that America’s entrepreneurs and small business owners operate in an environment not burdened by excessive regulation, allowing you to continue doing what you do best: grow businesses, create jobs and lead America’s economic recovery.
Read more Small Business News at http://www.homebusinessbug.com/sba-backs-repeal-of-1099-reporting-requirements-small-biz-transactions-10166/
On October 15th, Marie Johns the Deputy Administrator of the U.S. Small Business Administration, held the first public meeting of the President’s Interagency Task Force on Veteran Small Business Development.
Annoucement from the White House Blog:
“The need for this task force is clear. America’s service men and women are returning home and using the skills they honed while on active duty to start their own businesses. Many more veterans have owned businesses for years. Our commitment is to be there as a partner along the way as they start and grow their businesses, create jobs, and drive our economy forward.
The Task Force is divided into six committees, each focusing on one of the objectives outlined by the President in his executive order. This includes expanding access to capital, increasing federal contracting opportunities, and reducing the paperwork burden for federal programs. We will be asking tough questions of our agencies, talking with the veteran community, and listening to the public.
Already, there have been some good ideas. Among other topics, we discussed how we can help veterans take advantage of programs in the Small Business Jobs Act, which will put billions of dollars in the hands of small business owners. Meanwhile Sue Hoppin, of the National Military Spouse Network, brought up the need to focus outreach not just on veterans but on their families and spouses as well, because veterans turn to these support networks first.
The task force will send a report with its recommendations to the President once every year. Overall, our goal is to build on what works, fix what doesn’t, and find new ways to get veteran entrepreneurs and small business owners the tools they need to succeed. President Obama has said that “our nation’s commitment to our veterans is a sacred trust, and upholding that trust is a moral obligation.” Part of that means ensuring that our veterans have the tools and resources they need to start businesses and take hold of their piece of the American dream that they fought so honorably to protect.”
Read more Small Business News at http://www.homebusinessbug.com/small-business-news/