Emergency small business loans coming in June

The new program will back short-term loans of up to $35,000 that business owners can use to temporarily cover their payments on existing debt. No repayment on the ARC loans will be due for 12 months, and owners will have up to five years to repay them.

New SBA Administrator Karen Mills on the stimulus

The program is the right program at the right time to the right constituency. We wanted to unlock capital to small business. We wanted banks to lend again. And we got an immediate response at an ever-increasing rate. So we feel very, very good about that.

Small-Business Credit Sees Thaw

Many small-business lenders are seeing signs of a thaw in the secondary market for loans backed by the Small Business Administration. That is spurring more lenders to originate new loans -- and more small companies to apply for them.

Small Business Administration Temporarily Expanding Its Definition of 'small'

Starting early next week, larger businesses will temporarily be eligible to apply for loans backed by the Small Business Administration, a move aimed at getting help to besieged auto dealers and industry suppliers.

Should Car Dealers Qualify for SBA Loans?

President Obama’s task force is looking into a solution to prevent the shuttering of tens of thousands of dealerships by making loans currently reserved for small businesses available to car dealers, making it easier for them to borrow money to get showroom vehicles.

SBA help not getting through to businesses

The parts of the federal government's stimulus program aimed at small-business owners aren't working as they should, say local owners and small-business experts who are trying to figure out what to do about the problem.

Small-Business Agency Prodded to Spur Lending

The chairman of the House Committee on Small Business yesterday urged the new head of the Small Business Administration to try to jump-start lending by using provisions in the economic stimulus bill that so far have sat idle.

Small business lending drops 57%

President Barack Obama warned recently that small business lending had declined so sharply that the Small Business Administration was on track to back only half as many loans this year as it did last year. The SBA's lending data for the just-ended quarter bears out that bleak forecast: The number of loans the agency backed though its flagship program declined 57%.

SBA pick pledges to help get credit flowing

President Barack Obama's choice to head the Small Business Administration told lawmakers Wednesday that if she is confirmed, she would make it a priority to get money flowing again through the agency's loan programs.

Federal Plan to Aid Small Businesses Is Flawed, Lenders Say

Two weeks after President Obama announced a $15 billion initiative to spark lending for small businesses, every major provider of these kinds of loans says the plan will not work as designed.

Top lenders pull plug on small biz loans

At a time when small business owners desperately need loans and credit lines to help them weather the recession, some of the industry's most active lenders have bolted shut the doors to their vaults.

Stimulus Prompts Small Business Loan Scams

The government does not give loans directly to small businesses. The government works through commercial lenders, such as banks, by guaranteeing the small business loans of banks that participate in their loan programs.

Gov't Takes Steps to Make SBA Loans Easier to Get

Small business owners who have watched banks and automakers get assistance from the government can now receive some help too.

Emergency biz loans: What qualifies

The Small Business Administration is still drawing up guidelines for its forthcoming emergency loans program, a stopgap measure intended to shore up small businesses struggling to keep up with payments on existing debt. But the agency this week confirmed an unexpected twist: Businesses with current loans backed by the SBA won't be able to use the new loans to cover payments on their existing SBA debt.

The Pros and Cons of Easing Access to Credit

Over the past few weeks, President Obama has unveiled multiple plans for aid to small businesses, including lowering loan fees, increasing guarantees on government-backed loans, and buying up to $15 billion in Small Business Administration-backed loans. But will the new programs unfreeze credit as they are intended to do? And how can entrepreneurs take advantage of the warmer climate if they do?

Small Business Administration Wary of Rebate Scam

he U.S. Small Business Administration has issued a scam alert to small business owners warning them not to respond to letters that falsely claim they can qualify for a federal tax rebate under the Economic Stimulus Act.

SBA readies emergency biz loans

Called the Business Stabilization Program, the initiative will offer loans of up to $35,000 that are essentially interest-free. The loans will only be available to companies that already have bank-issued business loans - Congress wants the new loans to be used to make interest payments and pay down principal on existing debt.

SBA's 'Goodwill' Leaves Bad Taste for Small Businesses

The SBA's new rule means that if a buyer is interested in purchasing a $2 million firm and is asked to come up with a 20 percent down payment, or $400,000, the SBA would be able to provide a qualified buyer $250,000 under the new rules for the goodwill portion of the company's value. Previously, it could have offered as much as $1.6 million on that particular deal, according to Don Naideck, president of business broker Prime Investments in North Bethesda, Md.

On Front Lines of Debt Crisis, Luggage Maker Fights for Life

When Chuck Bidwell and Jennifer Guarino took over J.W. Hulme Co. a few years ago, their plan was to transform the tiny maker of duck-hunting gear and fishing-rod bags into a luxury luggage company.

SBA Loans (Still) Plunging

A closer look at the numbers reveals that the biggest drop in 7(a) lending occurred among -- wait for it -- SBAExpress loans, for which banks use their own forms and credit scoring models to decide independently -- and immediately -- whether to approve the loan. (In exchange for delegating that authority, the SBA offers only a 50 percent guaranty.) Express loans are down a whopping 64 percent. This should come as no surprise to faithful readers -- it's been apparent ever since the downturn in SBA lending began last spring. Express loans were an easy way for the SBA to bulk up loan numbers -- or reach more borrowers, to construe it more charitably -- at little cost to the agency.

SBA Awards Energy Efficiency Grants To Assist Small Businesses

Four Small Business Development Centers, one each in Idaho, Nebraska, Nevada and New York, have been awarded Small Business Sustainability Initiative grants totaling $500,000 to fund projects offering energy efficiency assistance to small businesses, the U.S. Small Business Administration said today.

Phoenix lender debuts $3.5M small-business stimulus plan

Business Development Finance Corp. has launched its own economic stimulus package for small businesses, earmarking $3.5 million for Arizona banks that authorize SBA 504 loans.

Can You Get an SBA Loan?

The Small Business Administration has come under fire for not lending more at a time when business owners need cash the most. We asked an Inc. 5000 SBA lender for his opinion about changes the agency is making to help small companies survive the recession.

Message to Obama: Send loans fast

What could jump-start the economy? Affordable loans for small business.