Archive for the ‘SBA’ Category

Florida Small Business Development Center Network Receives National Accreditation

July 9th, 2010 admin

Accreditation is critical for the SBDC to secure continued funding from the U.S. Small Business Administration (U.S. SBA), and is also essential for the national SBDC program to be recognized as a high quality economic development organization. On May 31, 2010, the Florida Small Business Development Center Network (FSBDC Network) was notified that the statewide network has received full accreditation by the national accrediting agency—the Association of Small Business Development Centers (ASBDC). The SBDC at the University of North Florida is a member of the Florida SBDC Network. No other publicly-funded program undergoes the annual accountability examinations and review that SBDCs receive to ensure management strength, financial accountability and economic impact. Read more about the FSBDC Network’s Accreditation at: http://www.floridasbdc.org/.

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Florida Oil Spill:SBA Economic Injury Disaster Loan Program Activated

May 17th, 2010 admin
SBA Economic Injury Disaster Loan Program Activated


In response to the Deepwater BP Oil Spill, the SBA has authorized the activation of the Economic Injury Disaster Loans (EIDL) program for the counties included in the attached SBA Press Release. The SBA is setting up an office in Pensacola at the SBDC at UWF Center located at 401 E Chase St, Ste 100 beginning on Tuesday, May 18. One of the Mobile Assistance Centers (MACs) will also be on site and could be deployed elsewhere if the need arises. The other MAC will continue with its previously scheduled events in Ocala, Indian River and Orlando over the next few weeks, but may be pulled if the situation calls for it. Paymon Shokoohi will be in contact with the FSBDCN Business Response & Recovery Team (BRRT), as there may be a need for additional CBAs to respond.

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SBA loan fees returning

February 22nd, 2010 admin

Thanks to Florida First Capital Finance Corporation for this update that indicates the funds for eliminating soft costs for SBA 7a and 504 loans are exhausted so we are returning to the pre-ARRA regulations unless the Obama jobs bill is passed. The bill includes a provision to eliminate loan fees through September 2010. Read on…

The Small Business Administration (SBA) has announced plans to simultaneously wind down the temporary enhancements for the 504 and 7(a) programs and bring both programs back to pre American Recovery and Reinvestment Act (ARRA) terms.

In December, Congress and President Obama extended the temporary elimination of most up-front program fees for 504 and 7(a) loans as well as an increased guaranty percentage on 7(a) loans. Those enhancement funds, however, are now exhausted. Given this, the SBA has re-activated its Recovery Loan Queue effective Monday, Feb.22.

As was the case in November, 504 applications submitted as Recovery Act loans will be processed up to the point of approval and then will be placed into the queue awaiting the availability of funds. Sometimes previously approved loans are later cancelled or never disbursed for a variety of reasons.

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SBDC’s get their funding…

January 26th, 2010 admin

The Small Business Administration will provide more assistance and capital to small businesses. The FY 2010 Appropriations Bill shows the SBA will receive $824 million which is $212 million above 2009 and $45 million above the request. Highlights include:
· Overall Lending: Supports $28 billion in new lending to small businesses
· Microlending: $25 million in new microlending. $22 million in related assistance
 · SBDCs: $113 million ($3 million above 2009, $16 million above the request)

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Small Business Lending Making a Comeback?

January 5th, 2010 admin

It appears that the SBA is showing an increase in the number of government backed loans. In the last quarter of 2009, the SBA backed over 12,000 7a loans as compared to the same quarter in 2008 where the total was only 9,000.

While encouraging, the last quarters numbers are quite a bit lower than the 20,000 loans guaranteed for the same period of 2007. Lets hope the upward trend continues.

According to a CNNMoney.com article on SBA lending, “SBA loans represent a tiny portion of the overall small business lending landscape, but they’re an important barometer of banks’ willingness to extend credit to startups and growing companies.”
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Small Business Link of the Week: SBA Online Learning

July 2nd, 2009 admin

The SBA has a series of free online small business training sessions you can take at your convenience. Available courses include Starting a Business, Surviving in a Down Economy, Business Management and Financing and Accounting. You can learn about the specific courses by clicking, “About these Courses.” In general, the courses are all self-paced and should take about 30 minutes to complete. Most of the courses require a brief online registration.
These short courses make for a great primer on small business subjects, but should not be used in place of live courses which are far more thorough.
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Small Business: Summer Checkup for Profitability

June 27th, 2009 admin

Sound advice from Joyce M. Rosenberg in this recent Associated Press article. Many of our clients are assessing their financial situation and taking a mid-year look at the bottom line. But what about networking? That is worth some analysis as well. We advise clients to reach out to current and former clients. Recently a business owner we are working with visited a customer just to thank him for their business. The result? Two new contracts that couldn’t have come at a better time. We have a reputation at the SBDC for helping businesses with financial assessment, but we also excel at networking. Consider coming in and we can get you back in front of the right people again. The ones who can give you business.

Small companies need holistic midyear checkups

Small business owners might want to put two important items at the top of their midyear to-do lists: get a financial checkup, and do more networking.

Early July is a good time for owners to plan for the rest of the year. But the recession has likely chilled many companies’ plans to expand or make big capital expenditures.

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ARC Loans: Not Everyone Will Get One..

June 24th, 2009 admin



Mark Deo writes in this Reuters piece (with a nod to Entrepreneur.com) about the hesitancy of banks to play in the SBA’s ARC loan arena. We have a number of ARC loans going in for approval and if our clients do indeed receive funding to pay down debt, it may well be the difference between sustainability and failure.

Will Anyone Be Saved by the SBA’s New ARC?

On June 15, banks began taking applications for the America’s Recovery Capital loan program.

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As seen on Colemanpublishing.com

June 24th, 2009 admin
Thanks to Coleman Publishing for featuring our blog on their nationally known website!

Coleman Publishing

ARC LENDERS
Wachovia
Wells Fargo & Co.
J.P. Morgan Chase & Co.
PNC Financial Services Group Inc.
Regions Bank
Suntrust
BB&T

Courtesy: University of North Florida SBDC

Known Participating Banks in the SBA ARC Loan ProgramKnown Participating Banks in the SBA ARC Loan Program
University of North Florida (SBDC) released a list of 8 lenders making SBA ARC loans. Some big lenders including Bank of America Corp., KeyCorp’s Key Bank unit and Toronto-Dominion Bank, or TD Bank Financial Group, are still on the fence about participating, citing concerns about heavy paperwork and strict rules on applicant eligibility.

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The SBA plans to release a partial lender list of ARC loan participants by Monday

June 20th, 2009 admin

Known participating banks in the SBA ARC loan program as of June 20th:
Here is a Wall Street Journal article written by Raymund Flandez that adresses the current Arc lending situation.

SBA Offers Aid to Cash-Strapped

The Rub: Some Big Banks See the Reward as Too Small for the Paperwork

The emergency loan program launched in the past week by the Small Business Administration is designed to give established businesses some breathing room to pay principal and interest payments on existing debt.

Borrowers, however, may find it difficult to find a bank that is providing the “America’s Recovery Capital” interest-free loans.

Some big lenders including Bank of America Corp., KeyCorp’s Key Bank unit and Toronto-Dominion Bank, or TD Bank Financial Group, are still on the fence about participating, citing concerns about heavy paperwork and strict rules on applicant eligibility.

“The general consensus is that the lenders aren’t too excited about it,” says Bob Coleman, publisher of “The Coleman Report,” a La Canada, Calif.-based trade publication for SBA lenders.

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SBA Small Business Loans :ARC Loan Update

June 18th, 2009 admin

The SBA’s ARC Loan program started June 15th. As of today it is known that Wachovia Bank, Regions Bank, and BB&T are participating. It is thought that Suntrust and Banco Popular may also be a participating bank but this is not confirmed. Contact the bank directly to get a loan application. Contact your own bank and ask if they are participating.
We believe that these banks are only doing ARC Loans for existing account holders. We will be glad to assist any small business in our 18 county service area in preparing a loan package and provide technical assistance as needed. Stay tuned for updates.
America’s Recovery Capital (ARC) loans are deferred-payment loans of up to $35,000 available to established, viable, for-profit small businesses that need short-term help to make their principal and interest payments on existing qualifying debt. ARC loans are interest-free to the borrower, 100 percent guaranteed by the SBA, and have no SBA fees associated with them.
The ARC loans can provide the critical capital and support many small businesses need to make it through these tough economic times.

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SBA ARC Loans: Hints on Which Banks May Play

June 11th, 2009 admin
Jeff Ostrowski , a writer for the Palm Beach Post has some new information on possible bank participation in the SBA ARC Loan program.
Bailout plan offers small businesses up to $35,000
After spending billions to bail out banks, taxpayers are poised to offer a much smaller amount for loans to struggling small businesses.

Starting Monday, employers can apply for loans of up to $35,000 through the Small Business Administration’s America’s Recovery Capital program. The terms are generous: No payments for the first year, and no interest for five years after that.
Not everyone will qualify. To land one of the emergency loans, a small business must be in trouble – but not too much trouble.

Borrowers must face “immediate financial hardship,” SBA says, meaning that their sales are falling or they can’t pay employees or lenders. But borrowers also must be “viable,” defined as positive cash flow for at least one of the past two years.
Borrowers can’t be more than 60 days behind on any loan, must have “an acceptable business credit score” and must present a convincing plan for surviving the recession.
“You’ve got to show us what you’re going to do,” said Tom Gallman, an SBA manager in Fort Pierce.
Gallman spoke to 25 small business owners Wednesday at a seminar in Wellington organized by the Palms West Chamber of Commerce.
Lenders said they’re still waiting for details from the SBA about the program, but they predict a flood of interest from borrowers.
“I’m assuming everybody in the room is going to at least ask the question,” said Jaene Miranda, chief executive of the Palms West Chamber of Commerce.
Lenders from Wachovia, SunTrust, TD Bank, Washington Mutual and National City said they’ll make loans through the SBA program.

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