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Florida First Capital Announces Lowest Interest Rates Ever for SBA 504 Loans
For the first time in program history, both the 20-year and 10-year fixed interest rates on U.S. Small Business Administration (SBA) "504" loans fell in September to their lowest levels yet. For small business owners seeking to purchase or enhance commercial property, the current 20-year interest rate is just 4.62%. The previous record was set at 4.86% in October of 2009. Additionally, the current interest rate for a 10-year industrial equipment loan is only 3.68%, edging out the prior record of 4.15% set in November of 2009. Both rates are fixed for the term of the loan with as little as 10% down payment requirements. . . . keep reading
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Nevada SBA Borrowing Decreases as Fees Return
Following the expiration of Small Business Administration loan incentives at the end of May, already anemic borrowing demand in Nevada fell even further. The federal stimulus law enacted last year contained provisions that temporarily waived application fees for SBA loans, which ran 2 percent to 3.75 percent for general business loans made under the 7(a) program and 1.5 percent for 504 loans used to buy real estate and equipment. Also, the amount of a 7(a) loan that the government would guarantee was boosted from 75 percent to 90 percent. The House of Representatives passed legislation this year that would extend the incentives, but the Senate has failed to act. The Senate is due to take up the bill, which covers many other subjects, when it returns from summer recess. . . . keep reading
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60th Vote For Obama Small Business Lending Bill?
A $30bn White House plan to boost lending to small business has secured the support of a key Republican senator, putting Democrats on course to pass the first in a series of mini-stimulus bills. George Voinovich, the Republican senator from Ohio, has agreed to back the long-delayed legislation at a vote due next week, according to Republicans and Democrats familiar with talks between Mr Voinovich and Harry Reid, the Democratic leader in the Senate. The bill would set up a $30bn Treasury-backed loan facility to encourage banks to lend more to small companies. It also contains more than $12bn in tax breaks for the struggling sector that, unlike large multinational companies, cannot circumvent troubled banks and tap the bond market. . . . keep reading
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$8.2 Million SBA 504 Financing for Environmentally Friendly TierPoint 3 Data Center
"All of us at Bank of America/Merrill Lynch are extremely proud to have played a key role in providing financing for TierPoint and we look forward to seeing the new facility take shape," said Kurt Walsdorf, Bank of America Market President. "Working together in partnership with Evergreen Business Capital and the Small Business Administration, the SBA 504 loan program enabled TierPoint to secure long-term fixed rate financing that would not have been available under traditional commercial lending terms. Congratulations on TierPoint 3 and thank you for allowing Bank of America/Merrill Lynch to play a part in this exciting new project." "This project was eligible for the SBA's 504 Loan Program because it met the new energy reduction goal. Evergreen Business Capital was able to provide a larger loan than is typically available and still provide the benefits of a low down payment, long term and low fixed interest rates," commented Stephanie Arnold, VP and Senior Loan Officer of Evergreen Business Capital. "This will enable TierPoint to continue to grow and create jobs." . . . keep reading
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SBA OIG Recommends Elimination of Community Express
We believe that it is not reasonable to continue a program that is heavily reliant on one high-risk lender for most of the loan activity, and whose costs have had a significant impact on the 7(a) program subsidy rate. We understand that SBA is interested in maintaining the Community Express program as a vehicle for reaching new market groups because the SBA Express program, which has contributed the most to this market, has experienced significant declines in loan volumes. However, we believe that SBA would be better served by focusing its efforts on how to make the SBA Express program work instead of making the Community Express program permanent. We recommended, therefore, that SBA not extend the Community Express program in its current form when it expires in December 2010 and re-evaluate the need for the program. . . . keep reading
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SBA Head Urges Passage Of Small Business Bill
The Small Business Administration turned $680 million into nearly $30 billion in loans that helped save or create hundreds of thousands of jobs. SBA Administrator Karen Mills is urging passage of a small business bill stalled in the Senate arguing that additional funds provided by the 2009 economic stimulus provided about 70,000 loans, she said Friday in a blog post on the White House's website. Mills said she was surprised to hear recent comments made by Senate Minority Leader Mitch McConnell (R-Ky.) that the pending small business legislation is "a little itty-bitty small business bill that no one thinks will have much of an impact on the economy." . . . keep reading
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Government Declares War On Small Business - Forbes
If you look to the Kauffman Foundation, startup firms are the "sole engine" of job creation in the U.S. economy. Kauffman crunched a data set from the Census Bureau covering the years 1977-2005. In all but seven years during that period, existing businesses cut an average 1 million jobs, while firms in existence for a year or less created 3 million. "Policymakers tend to focus on changes in the national or state unemployment rate, or on layoffs by existing companies," explains Kauffman Vice President of Research and Policy Robert Litan. "But the data from this report suggest that growth would be best boosted by supporting startup firms." . . . keep reading
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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
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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
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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
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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
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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
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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
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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
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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
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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
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Coleman Small Business Lending Library
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2010 Franchise SBA Loan Default and Charge-Off Data
The data includes:
SBA Loans disbursed in 2009
Loan Dollar Amount disbursed in 2009
Number of loan failures in 2009
Loss Rate/Charge-Off Rate in 2009
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