SBA Lending News Senator Minority Leader: "Small Business Bill May Pass" McConnell said the small-business jobs bill the president is pushing for "may" pass later this month, but cautioned that "it shouldn't be oversold." "There is a little itty-bitty small business bill that no one thinks will have much of an impact on the economy, because they want to stick into it a too-big-to-fail provision and did stick it in. But the larger question is that business is sitting there, hoarding cash because they are concerned of the health care taxes, the health care mandates, the tax increases that are coming in September potentially. This administration has done a lot to discourage business from growing and hiring, and that's the problem. . . . keep reading Citi Survey: Small Biz Owners Say Double Dip Is Coming In a Citibank survey, small business owners rate business conditions as fair or poor and say they are prepared for another economic downturn. A full 86 percent of small business owners told Citibank they expect a double-dip recession while 75 percent said they have prepared for such an event by reducing debt, increasing cash reserves, freezing hiring and delaying expansion plans. Citibank said 61 percent of small business owners surveyed said they plan on working longer hours themselves. Another 44 percent said they would get by with fewer employees. . . . keep reading Departing Obama Adviser Urges More Stimulus Departing White House chief economist Christina Romer urged Congress on Wednesday to "finish the job of economic recovery" by pumping more cash into the economy through additional tax cuts for businesses and middle-class families, as well as fresh investments in the nation's infrastructure. Her remarks at the National Press Club came as President Obama's economic team is working on additional measures to combat an unemployment rate stuck at 9.5 percent. . . . keep reading President Calls for Redoubling of Efforts to Aid Entrepreneurs as Hiring Falters Amid the latest signs of a sluggish recovery from the deep recession, Obama chastised Republicans for holding up legislation that would restore funding for certain federally backed loans to small businesses and provide other relief. "The small-business owners and the communities that rely on them, they don't have time for political games," he said. "Holding this bill hostage is directly detrimental to our economic growth." Obama said his administration was working to "identify additional measures" that could boost hiring, but economists don't see lawmakers approving new major programs to stimulate the economy until after midterm elections in November -- at the earliest. . . . keep reading Small Business & Entrepreneurship Council President and CEO Karen Kerrigan Urges Democratic Leaders to Stop Pushing for Passage of the Small-Business Lending Bill Small Business & Entrepreneurship Council President and CEO Karen Kerrigan on Tuesday urged Democratic leaders to stop pushing for passage of the small-business lending bill because it does not address the underlying reasons for why small-business expansion has stalled. "The concerns and needs of most business owners go much deeper, and this legislation does not address broader issues related to taxes, regulations and excessive spending which threaten to aggravate currently poor economic conditions," she said in prepared remarks. "At the end of the day, proposed tax hikes along with legislation and regulatory initiatives in the pipeline will drive business costs higher and drain more private capital from our economy." . . . keep reading Philadelphia SBA Event To Bring Lenders and Business Borrowers Together Small-business lending is down. Pick a reason, but that won't change the fact that lots of small firms would like to borrow money to expand or buy some new equipment right now. So, what to do? Well, the Philadelphia District of U.S. Small Business Administration is planning to host four "matchmaking events" this month where hopeful borrowers can pitch willing lenders. And the price seems right: free. The first will be held next Wednesday at the Radisson Valley Forge Hotel in King of Prussia from 9 a.m. to noon. It's a bit of a departure for the SBA to do this. The federal agency has held matchmaking events to connect government procurement officers with potential private-sector contractors. But getting bankers and entrepreneurs in the same room? . . . keep reading New SBA SOP 5010 Announcement with Significant Changes -- Exclusive Coverage Follow us on Twitter.com/BobColeman #sba #americaeast #sbasop live from 8:00am ET to 12:00pm ET from the America East SBA Lender's Conference in Portland, Maine. 11:00am ET - 11:30am ET ***James W. Hammersley, Deputy Assistant Administrator, Office of the Administrator, SBA, Washington, D.C. Breaking news for our lenders, we anticipate the new SBA SOP 50-10, Loan Processing, will be approved very soon. Jim will do a 30 minute preview of the significant changes, which will have a very beneficial impact on lenders and our customers.*** . . . keep reading U.S. Bank SBA Division Names SBA Veteran Rob Buckner to Business Development Positon in San Diego Rob Buckner has joined U.S. Bank SBA Division as a business development officer serving small businesses primarily in San Diego County. Buckner is based at the U.S. Bank SBA Business Center headquartered at 9918 Hibert Street, in Scripps Ranch. Buckner provides SBA loans to a wide variety of small businesses throughout San Diego and Imperial counties. U.S. Bank SBA Division has been a major SBA lender for 33 years and operates as an SBA Preferred Lender in California and nationwide. . . . keep reading Bob Coleman America East Keynote Speech Youtube Videos -- August 31, 2010 Bob Coleman was the keynote speaker at the 2010 America East SBA Lender's Conference in Portland, Maine. Coleman presented three videos during the speech, focusing on the theme, "Character is the First C." Coleman interviewed 8 small businesses from around the country asking them simple questions, "How did you survive the great recession and what character traits do you possess to keep your business alive?" . . . keep reading President Obama Pleads for Republicans to "Drop the Blockade", Again AUGUST 30-- At the beginning of a busy week for the President, Obama took time out to once again address the small business bill on hold in the Senate. "There is one thing we know we should do; something that should be Congress' first order of business when it gets back. And that is making it easier for our small businesses to grow and hire," President Obama said. . . . keep reading The Consequences of Republicans' Small Business Obstructionism - Washington Monthly A month ago yesterday, there was reason for optimism on the small-business bill pending in the Senate. The aid package included tax breaks, new incentives, and an attempt to expand credit through a lending program that utilizes local banks, and with 59 supporters, the Democratic majority only needed one GOP vote to overcome yet another Republican filibuster. They didn't get that vote. Shortly before the Senate broke for its recess, Republicans threw a bit of a tantrum over the number of amendments they were allowed to consider, and unanimously blocked the chamber from voting on the bill. . . . keep reading Obama Presses For Small-business Aid as Hiring Stalls - LA Times Intuit's data showed that small businesses added just 26,000 jobs in August, the same as in July and one-third of the number added in April when confidence was higher. The information is based on payrolls that the company processes for 57,000 businesses with fewer than 20 employees. "Small-business employment is still expanding, but since April, it's been expanding at a slower and slower rate," said Susan Woodward, the economist who analyzed the payroll data for Intuit. The results are of particular concern, she said, because August is usually a good month for hiring. . . . keep reading 2010 America East SBA Lender's Conference Coverage America East SBA Lender's Conference Exclusive Coverage - PORTLAND, Maine August 30, 2010 -- SBA Administrator Karen Mills kicked off the America East SBA Lender's Conference this morning with an important update about the Small Business Lending Bill. Speaking to 350 lenders, Administrator Mills said the bill will be the first issue Congress will address after the recess is over to lead the US economy out of the recession. The coverage can be viewed via Twitter (www.twitter.com/bobcoleman) all day long. . . . keep reading Follow #BobColeman at the America East SBA Lender's Conference in Portland, Maine Follow BobColeman (www.twitter.com/bobcoleman) at the America East SBA Lender's Conference in Portland, Maine. This morning SBA Administrator Karen Mills will kick off the conference with the first keynote speech. Bob Coleman is scheduled to speak on Tuesday, August 31st at 12pm ET. . . . keep reading Small Business Chief Sees Small Firms as Vital to Recovery Q: After months of debate, Congress still hasn't voted on the latest small-business aid bill, which is designed to spur lending and reduce loan fees. How is this affecting small businesses? A: We had a very, very successful Recovery Act loan program. We were able to step in and provide a lot of access to capital when credit markets froze in 2008. (But) we ran out of money, and the supplement to that program is in this small-business jobs package. The Recovery Act provisions ran out (at the end of May). We were still offering our regular loan packages, but our (lending) volume dropped 60% in (June). . . . keep reading Small Businesses Hold Off Spending While Waiting For Aid Small businesses have put hiring, supply buying and real estate expansion on hold as they wait out the vote on a small-business-aid bill that stalled in the Senate earlier this summer. Many other businesses have paused expansion as they wait for the outcome of the bill, says Bob Coleman, publisher of the Coleman Report, which provides information on small-business lending. Some businesses can save thousands of dollars on the waived loan-fee provision alone, and they are thinking, " 'I might as well hold off and save the money,' " he says. . . . keep reading Democrats Plug Vulnerable Members' Small-Business Records House Democrats are using this week to highlight efforts to assist small businesses both here in D.C. and back home in their districts. Democrats know that small businesses are key to our economic recovery and, since day one of this Congress, Democrats have focused on a small business agenda that helps stabilize the economy, spur private sector job growth, and provides small business owners the tools they need to succeed. This Congress has enacted 8 separate tax cuts for small businesses, made health insurance more affordable, and fought to get credit flowing -- time and again, over Washington Republican opposition. As part of this agenda, the House passed: . . . keep reading Ridgestone Bank Funds SBA Loan to Keep Doors of 54 Year Old Business Open "This loan was a little tricky - because of the uniqueness of Frama's collateral, which was our client's extensive industry experience, traditional financing was not available. The SBA's view of intangible assets enabled us to work in tandem with the SBA to support the financing need," said Tony Kim, assistant vice president at Ridgestone Bank. "Now, the current owner will be able to implement new business strategies, which come from over 26 years of experience in the industry." "The economy's current state coupled with the lack of availability of funds made obtaining this loan very difficult," said Bill Claussen, president of Frama Building Products. "The bankers at Ridgestone valued the experience I have and used that to help with the funding my loan. I tried working with numerous other banks and my experience didn't seem to matter. Since this loan I've been able to add to our team and look forward to a successful future." . . . keep reading Last Call for ARC Loans; Program Short of Goal - WSJ A small-business lending initiative launched as part of last year's stimulus bill is set to expire next month. America's Recovery Capital program, or the ARC loan program, aimed to help 10,000 small firms survive short-term financial hardship by granting them interest-free loans of up to $35,000 to help pay down existing debt. But as of Aug. 20, the Small Business Administration had approved 8,281 ARC loans totaling about $268 million. At its current rate, the agency looks to fall short of its goal by more than 1,000 businesses. . . . keep reading Business Loans May Not Be Easy to Get -- the Scottsdale Banker Here are the real numbers, 14.5% of banks said they eased standards for small business loans. 5.5% of banks tightened standards and the other 80% remained unchanged. What that means to the small-business owner is that unless you bank at one of the 14.5% of banks that eased their standards it may be more for your small business to get a loan. Both large and small banks are being described as "more cautious about lending." What that really means is it is harder than ever for a small business to get a loan from both large and small banks. . . . keep reading More

Questions, Comments or Suggestions? Please E-mail them to bob@colemanpublishing.com Contact Information Bob Coleman P.O. Box 546 La Canada, CA 91012 (818)790-4591 (c) 2000-2010 All Rights Reserved