Miami Herald Reports Push for Small Business Loans
Karen Mills, the administrator for the Small Business Association (SBA), is receiving praise for increasing lending to small businesses and in particular, credit for the government's decision to guarantee 90% of loans for businesses that would not normally qualify. In a Miami Herald interview, Mills said that Banks weren't lending to small businesses because of two reasons 1) they didn't have any money, and 2) they didn't want to take the risk. They addressed the issue by releasing $30 billion to local and community banks. Yet it seems contradictory that the government is asking the banks to be more prudent with ...
SBA 504 Loan Total $19.3 Million in AZ
There is a great sign that the Arizona economy is bouncing back Bizjournals.com reported, as SBA 504 loans jumped to $19.3 million in Feburary, up from January's $12.7 million and December's $7.5 million. SBA 504 financing helps small business owners purchase commercial real estate, including buildings and large real estate. The loan aids businesses in conserving working capital and helps them retain liquidity. The program was developed for entrepreneurs looking to expand by purchasing real estate for new businesses, thus stimulating growth and ultimately the economy.
Obama’s Small Business Loan Fund Stalling
Obama's Small Business Lending Fund was proposed in his [tag]State of the Union address[/tag] last January 27th, and yet more than a month later, [tag]business[/tag] owners still do not know the details of the plan. Mr. [tag]Obama[/tag] claimed that local [tag]banks[/tag] are more supportive for [tag]small business[/tag]es, and thus they will receive the $30 billion in repaid [tag]TARP[/tag] funds to help continue to prop up small businesses suffering from a poor economy and a lack of credit. According to the [tag]White House[/tag], community [tag]banks[/tag] comprise 20% of banking assets and yet provide over 50% of the small businesses in the United ...
Richest Man in the World – Carlos Slim Helu
The richest man in the world, Carlos Slim Helu has positive projections for Mexico and the Latin American economy Forbes reported this past Thursday. With more than 200 different types of businesses from telecommunications, energy and tourism, the billionaire tycoon worth a whopping $53.5 billion, has taken upon himself the civic responsibility for creating additional wealth from wealth to help drive the world's economy. "Wealth, either public or private, should be managed with efficiency, promoting through reinvestment economic growth," he said to Forbes. "Managing wealth means responsibility and commitment to create more wealth and, through more employment and the generation ...
Big Banks to Increase Small Business Loans in 2010
Big Banks have started to answer to the government and the nation, claiming that they will significantly increase small business loans this upcoming year in 2010. However, no information has been released on how the banks plan to do this, or what requirements they will have. Furthermore there is a question of what qualifies as a small business as there is no standard for this. JPMorgan Chase & Co. plan to extend an addtional $10 billion to small businesses, along with Wells Fargo & Co. and Huntington Bancshares Inc. who plan to increase loans to small businessesto $16 billion and $1.2 ...
New York State adds Small Business Loan Funding
Governor Patterson proposed two new state stimulus packages which would have to be approved by the state Assembly and Senate: a $25 million Small Business Revolving Loan Fund and a $25 million New Technology Seed Fund. The New York Power Authority would begin with the initial contribution for the revolving loan fund and would be sustained as business began to pay back their loans. The money would be distributed to non-traditional lenders development corporations and credit unions. Furthermore women and minorities would have priority access to the money. The technology seed fund would provide small businesses who have promising products to bring ...
Obama Backs SBA $1.8 Billion in Small Business Loans
The Small Business Association announces this week, that Mr. Obama has signed off on a $1.8 billion initiative to continue to help provide higher guarantees and waive fees on SBA backed small business loans . Loan applications from the SBA queue will receive funding followed by new applicants. The program is intended to resume on March 10th. Initially the banks received $730 in government stimulus money to help guarantee 90% of the loans and also waive fees for applicants. The funds for this program were depleted on November 23rd, but another $125 million were made available in December which ran out in ...
States and Cities Help Small Businesses
While Washington is debating what it can do to help small businesses in the tight economy, States and local municipalities have stepped up their efforts to help struggling businesses. San Fransisco has launched a new offensive to help stimulate employment, Jobs Now, which reimburses owners for 100% of some new hires. The $25 million campaign has helped restaurants, cafes, and even law firms. Employers have to pay for social security and for benefits, but the program obviously had huge incentives for businesses to hire. In the Cleveland area, a small business counsel has implemented a program to help promote local businesses instead ...
Economic Recovery Official
Business Insider declared Friday, March 5th, that the economy has officially begun recovering from the economic recession as consumer credit has increased 2.4% or $5 billion in comparison to December 2009. This surprised economists as they expected a decline of $4.5 billion in January. This has stopped 11 months of consecutive decline in consumer credit. Here is the chart released by the Federal Reserve:
Obama’s $30 Billion Unlikely to Cause Surge in Small Business Loans
Mr. Obama pledged a $30 billion diversion of TARP money to small businesses across America in his State of the Union Address this past Wednesday. The Wall Street Journal has reported however, that this infusion of TARP money to local community banks will unlikely create a resurgence in small business loans. "The president's plan will mean $30 billion in capital for smaller banks, which has the potential to leverage a far higher amount of actual new small-business lending," said Gene Sperling, a counselor to Treasury Secretary Timothy Geithner. However, critics of the program claim that it's just another misuse of what ...
Bankers to Obama, “Thanks, but no thanks.”
The Obama administration is looking to use $30 million worth of Troubled Asset Release Program (TARP) funds to help small businesses obtain loans from community banks. Local banks however, are declining the effort saying, "Thanks, but no thanks." The banks claim that they have plenty of money to meet small business loan demands. Regulators however are putting more pressure on underwriters to tighten lending standards in order to minimize losses. “The whole TARP program is perceived as a misadventure by the public,” says Dennis Jacobe, chief economist for Gallup Inc. in Washington. “I think it is greatly disliked.” Overall, the public ...
Debt Consolidation
Many merchants and small business owners suffer from high credit card debt and loans. An easy way to consolidate all that debt is by receiving a lump sum of cash to pay off venders, credit cards, and other financial institutions the small business owners owe. By consolidating debt into one payment, merchants can focus more on the actual running of the business rather than worrying about making payments.... [Read more of this post]
Daylight Savings
As we approach spring, the snow melts with the warm weather, the birds begin to chirp, and people begin to crawl out of their winter holes with sunglasses to see daylight. Most likely, we will see a renewal of business, as people’s mood improve and consumers begin to spend again. Additionally, daylight savings adds an extra hour of sunlight to our days and we can pack more work which means... [Read more of this post]
Declined Small Business Loan
Veronica James, a Nashville Tennessee resident seeking a small business loan for her new business start-up, Urbandillo, was declined a bank loan from her recent bank the Nashville Business Journal reported on March 3rd. Ms. James decided to take to the streets, and stood outside while snow flurries drifted across her face, with a sign, “Will Work for Business Loan.” She has one patent... [Read more of this post]
We Proudly Sponsor Project Medishare!
