Rich Balka is hungry for capital. The Trenton, NJ entrepreneur whose company makes specialty rubber products, says he needs the money to buy raw materials, pay his workers and weather the last stretch of the recession. Balka’s sales fell 30% last year, forcing him to lay off one-third of his staff … [Read more...] about 8.13.10: Business Owners Struggle as Lending Bill Stalls*
8.11.10: SBA 504 Loan Interest Rate Drops Below 5% for Small Business Borrowers*
The Small Business Administration’s (SBA) 504 loan program is providing long-term, fixed-rate financing for the purchase of commercial real estate at one of the lowest interest rates since the program's inception. The SBA's lending partners, Certified Development Companies (CDCs), are busy working … [Read more...] about 8.11.10: SBA 504 Loan Interest Rate Drops Below 5% for Small Business Borrowers*
7.23.10: U.S. Senate Votes $30 Billion in Small-Business Aid
The U.S. Senate voted last Thursday to include a proposed $30-billion lending program in a package of aid for small businesses; two Republicans joined Democrats to support the amendment. The vote was 60 to 39, with Senators George LeMieux (R, FL) and George V. Voinovich (R, OH) delivering crucial … [Read more...] about 7.23.10: U.S. Senate Votes $30 Billion in Small-Business Aid
6.8.10: U.S. House Could Vote on Small-Business Package This Week
The U.S. House of Representatives could vote as early as this week (week of June 7) to approve legislation that would create a $30-billion fund aimed at spurring small-business lending. The bill embodies a plan first floated by President Barack Obama in his State of the Union address in January. But … [Read more...] about 6.8.10: U.S. House Could Vote on Small-Business Package This Week
4.29.10: USDA Business and Industry (B&I) Loan Program Gains Popularity
The USDA B&I loan guaranty program, historically underfunded and a difficult program to actually close loans through, is gaining renewed popularity under President Obama’s American Recovery and Reinvestment Act of 2009 (“Recovery Act”). With Recovery Act funding, the USDA can guarantee up to 90% … [Read more...] about 4.29.10: USDA Business and Industry (B&I) Loan Program Gains Popularity