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Posted on Tue, 01/31/2012 - 10:53 AM by
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U.S. Small Business Administration (SBA) is helping Ohio businesses to expand according to ‘Karen Mills’, the SBA director. Many small business owners received SBA loans. ‘Phoenix Steel’ and ‘Quality Electrodynamics’ are examples of it. Small Business Lending has hit an all time record last year as it approved $30 billion loans to 60,000 small businesses in the country. In Ohio itself, the loan amounted to $760 million for 3,228 businesses. The ‘American Recovery and Reinvestment Act’ better known as ‘Economic Stimulus Bill’ has helped to reduce fees and allows guarantee on SBA loan for up-to 90 percent. It is credited to be a very important legislation to pass through Congress in the span of last 10 years. This legislation helped to change the small business loan scenario. Mills Visited ‘Phoenix Steel’ and found that the company added 11 new jobs and also increased its sale. The onus of it goes to a $2 million loan support. Small businesses are making the recovery come bit by bit. Mayfield medical device company QED has hired 20 people last year. ‘Costas Mavromichalis’, the owner of West 9th Street grocer has received $2 million SBA loan and is using it to develop his 17,000 square-foot market. Small business owners are getting loans from SBA to help their business grow and expand. Last year, the SBA also launched the “More Doors More Dollars” program in an effort to certify community banks and small lenders and help them find loan amounts up-to $50,000 to $250,000. This way, more SBA dollars can be made available to underserved communities.
MORE NEWS FROM BIZ2CREDITSRDC Is Offering Loans Through RLFSouthwest Regional Development Commission (SRDC) is offering loans through revolving loan fund (RLF). Its purpose is to have a direct financing tool making loan funds available so as to assist in retail, manufacturing, and distribution businesses. Sound Business Plan is key for Business LoanA solid business plan makes it easy for the business to get access to credit. A solid business plan helps to win customers and it also becomes a strong calling card to secure business loans. Loan Approval Rate Declines Due To Fall in SBA GuaranteeBiz2credit finds overall approval rate of small business loans to increase in April compared to a year earlier. Alternative lenders approved 63% of small-business loans compared to 53.6% a year ago. Approval rate of credit unions is 57.4%, small banks 45.9% and big banks 10.6%. The approval rates are more compared to a year earlier. Minority Business LoanMinority business loan as the term describes is a type of financial help provided to the people of minority background for their business and commercial purposes. Such loans also come in different categories like small business loan, large business loan, loans for men and women. However, the provision of customized loan program is also available as per the specific requirement of a customer or a minority business owner. Likewise, government organizations are also assisting minority businesses and playing a vital role for their business growth including the lower income group. These government bodies not only meet the financial requirements but also socially fortify the financial backward divisions. Besides, women minority business owners are also unrestricted to get the benefit of these loans. In fact certain non-profit organizations are also proactively participating in minority business loan programs with the purpose of advancement of these minority groups. Bernanke Talks Of Loan Possibilities Post RecessionBen Bernanke, the Federal Reserve Chairman, has declared that it has become easier for consumers and businesses to borrow loans as banks are shoring up balance-sheets. Credit Unions have seen significant signs of improvement in several areas. RELATED SMALL BUSINESS NEWSCan a Gas Tax Fuel Clean Energy Innovation?With gas prices already reaching nearing $4 per gallon in many places, most business owners don’t relish the idea of them rising even further. Yet, some people are still calling for the government to deliberately increase them – by raising the gas tax. Don’t push when you can pullNo selling required There is a better way of winning new customers than pushing you and your B2B offer at them. Customers love it because they’re buying rather than being sold to. You’ll like it because it feels better than selling and you’ll get more long term business from it. U... You’re the Boss Blog: White House Opposes Small-Business Contracting Provision in Defense BillIn a statement, the administration called higher goals for small-business contracting "laudable but overly ambitious." ... How the 'Little Guy' Can Partner With Big CompaniesIf you're a little guy, there are plenty of ways to partner with a much larger company. Here are seven. ... "Scott Thompson Was A Terrible CEO" And Other Snippets From Fred WilsonAs always, Fred Wilson had a lot of insights share this morning at TechCrunch's Disrupt conference in New York. Here are some of the highlights from his talk with the always barbed Mike Arrington:... |
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This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to info@biz2credit.com