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Posts Tagged ‘SBA Loans

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/

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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/