SBA Licenses Its First Public-Private Impact Investment Initiative Fund in Michigan

Today, the U.S. Small Business Administration announced that InvestMichigan! Mezzanine Fund will be the first licensed Impact Investment Fund in the SBA’s new Impact Investment Initiative. The fund will focus exclusively on providing capital to businesses that are headquartered in Michigan, have a significant presence in Michigan, or are in the process of expanding their operations in Michigan so they can grow and create jobs.

SBA will partner with Michigan Growth Capital Partners, L.P., an investment partnership whose anchor investor is the State of Michigan Retirement Systems, and The Dow Chemical Company to provide up to $130 million of investment capital over the next five years to high-growth businesses throughout Michigan.

Credit Suisse’s Customized Fund Investment Group structured the InvestMichigan! Mezzanine Fund and will manage the fund in partnership with Beringea, a Michigan-based investment manager. Of the total funding, Dow will provide $15 million; Michigan Growth Capital Partners will provide $35 million; and SBA will provide $80 million, which must be repaid.

“InvestMichigan! is an important new ally in SBA’s commitment to foster small-business growth and job creation in underserved communities,” said SBA Administrator Karen Mills. “They’re an experienced team that is well-positioned to drive more investment in small businesses in hard-hit Michigan.

“We will continue to grow this and other public-private partnerships by licensing more funds -- giving taxpayers a strong bang for their buck, and putting more capital in the hands of small-business owners to scale up and create good jobs.”

The Impact Investment Initiative is part of Startup America, a White House initiative to bring together public and private organizations to accelerate the growth of America’s entrepreneurs. It will use the infrastructure of the SBA’s Small Business Investment Company Program [SBIC], an established and successful program that operates at no cost to taxpayers.

The SBIC program began in 1958 with the mission to improve and stimulate the national economy and small businesses by supplementing the flow of private-equity capital and long-term loan funds for the sound financing, growth and expansion of small businesses. In FY 2010, the SBIC program provided $1.59 billion of financing to nearly 900 U.S. small businesses.

The Impact Investment Initiative will drive up to $1.5 billion into the hands of small businesses over the next five years. It will combine public and private funding for high-growth companies that will generate not only a financial, but also a “social” return, by focusing on businesses located in underserved communities or communities facing barriers to capital.

Through the Impact Investment Initiative, SBA will commit $1 billion to investment funds focused on investing in underserved markets, or in sectors that have been defined as national priorities.

Impact investments can be:
* Place-based -- Targeting small businesses located in, or employing residents of, low- or moderate-income areas or economically distressed areas; or
* Sector-based -- Targeting industry sectors that the Obama Administration has identified as national priorities. Currently only clean-energy and education have been identified as priority sectors.

To serve these markets, SBA will collaborate with private, institutional investors to identify impact investments and provide expedited licensing and capital to fund managers who qualify to organize and operate an Impact Investment SBIC.

High-growth firms are a small part of the small-business community, but they create a large number of net new jobs each year. The Impact Investment Initiative will help high-growth companies receive the funding they need to continue to expand and create jobs in America’s underserved communities and priority sectors.

For more information on SBA's Impact Investment Initiative, visit http://1.usa.gov/ImpactSBA.

GoodBiz113's Take

InvestMichigan! marks a significant development in the potential power of public-private synergies to boost out nation's economy -- state by state, community by community.

Kudos to SBA and its partners for making it happen. We'll be watching...

SOURCES: U.S. Small Business Administration, The White House
____________________

Get FREE Next-Business-Day Delivery with Your $50 Order at OfficeDepot.com! ^AF

SBA Announces 15 Appointments to Advisory Council on Underserved Communities

Fifteen individuals from across the country have been appointed to the U.S. Small Business Administration’s [SBA] Council on Underserved Communities [CUC].

Building on SBA’s core programs and Recovery initiatives, the CUC will provide input, advice and recommendations on strategies to help strengthen competitiveness and sustainability for small businesses in underserved communities. These strategies will be focused on increasing entrepreneurship and technical assistance; creating new, and strengthening existing, outreach and training; and raising awareness in underserved communities of SBA programs and services.

The CUC is chaired by Catherine Hughes [pictured], founder and chairperson of Radio One and TV One, and will have 20 members who represent a diverse range of backgrounds and geographic areas.

"One of SBA’s core missions is to support small businesses in traditionally underserved communities -- including minorities, women, veterans, people with disabilities, and in rural areas," said SBA Deputy Administrator Marie Johns. "The Council on Underserved Communities will provide valuable insight and advice into how we can ensure that small businesses in these communities throughout the country have access to the tools they need to grow, create jobs and win the future."

The CUC’s first meeting will be held in July, in Washington, DC. Before the first meeting, members of the CUC will hold listening sessions in their regions to hear from small-business owners and members of the community about what they need from the SBA.

"Thirty years ago, I grew my business with the help of an SBA loan," said Hughes. "Now, I’m so pleased to be chairing the Council on Underserved Communities, and help entrepreneurs in communities across the country take advantage of those same opportunities for success."

The CUC is part of the SBA’s ongoing efforts to expand its reach into underserved communities. While the nation’s economic recovery is moving forward, that recovery has been uneven --particularly for socially, economically and geographically disadvantaged small-business owners. To help SBA better address the challenges facing small-business owners, the CUC will meet regularly and advise SBA on ways to increase access to capital, and promote sustainability, growth, and job creation.

The 15 Newly Appointed Members of the SBA's New Council on Underserved Communities:

* Dr. Hassell McClellan is an associate professor and former associate dean of Boston College’s Carroll School of Management. He has previously worked in corporate banking with Harris Trust in Chicago and as a faculty member at the Harvard Business School. McClellan’s specialties include strategic management and global competitiveness. He is the author of several case studies, as well as a book on the banking industry, "Managing One-Bank Holding Companies."

* Dasil "Das" Elius Velez is currently serving as a senior executive in New York Governor Andrew M. Cuomo’s administration with the Empire State Development Corporation, as the executive director of Minority and Women Business Development. Prior to Velez’s appointment, he served as senior advisor to Gov. David A. Paterson. He has also held a number of executive positions in public service sector and was a founding partner of Carro, Velez, Carro and Mitchell LLP, which became New York City's largest Latino law firm.

* B. Doyle Mitchell Jr. serves as president and CEO of Industrial Bank in Washington, D.C. Mitchell is chairman of the National Bankers Association and the D.C. Chamber of Commerce Foundation. He serves as a board member for the Greater Prince George’s Business Roundtable, the Council for Court Excellence, the Minbanc Foundation and the Sewell Music Conservatory.

* Eric Collins, COO of Mobile Posse in McLean, Va., is a veteran of the mobile software industry. Prior to his work at Mobile Posse, Collins led the Tegic business unit for Nuance Communications. Eric also headed marketing for Nuance’s Mobile Division. Following law school, Eric worked as a strategy consultant for technology and entertainment companies before launching a career in mobile technology at AOL.

* Derek S. Hyra is an associate professor of Urban Affairs and Planning at Virginia Tech. His research focuses on inner-city economic development, with an emphasis on national housing policy, urban politics, affordable housing and small-business finance, poverty, and race. Hyra previously worked at the U.S. Department of the Treasury, assessing affordable housing and small-business lending programs; and at the U.S. Department of Housing and Urban Development, examining the community-level impact of national urban legislation. He currently serves as the vice chairman of the board of commissioners for the Alexandria Redevelopment and Housing Authority.

* Ron Busby Sr. is president of the United States Black Chamber of Commerce Inc. Prior to coming to Washington, D.C., he was the president of the Greater Phoenix Black Chamber of Commerce, and served as the president of the 100 Black Men of the Bay Area [Oakland, Cal.]. Recognized as one of the country’s best CEOs, Busby grew his first business, USA Super Clean, from $150,000 annual revenue to over $15 million per year. He has served as co-chair of the XLII Super Bowl Host Committee and on the board of directors of the Arizona Governor’s African American Leadership Council.

* Dr. Randy Blass is a faculty member of The Jim Moran Institute for Global Entrepreneurship, and the program director for the Entrepreneurship Bootcamp for Veterans with Disabilities [EBV] Program -- all within the College of Business at Florida State University. Before joining the faculty at Florida State, he served as a lieutenant colonel in the U.S. Air Force. Blass specializes in power and influence in organizations, organizational socialization, and human resource management, and has more than 25 years of practical experience in designing and implementing training and development programs.

* Ned Fawaz, the founder and CEO of Energy International Corporation, is responsible for the expansion in worldwide business, including tactical and strategic sales. Beginning his career over 32 years ago, Dr. Fawaz has an extensive background in international business, and in the mechanical and electrical engineering and equipment industry. He studied mechanical engineering at York Institute in York, Penn., and worked for 10 years for York International. He was awarded an honorary doctorate degree [LLD] from Davenport University of Michigan, served in the U.S. Army, and was stationed in Germany for two years.

* Eddie Reyes serves as the historically underutilized business coordinator for the University of North Texas. Reyes was selected by the SBA as the 2010 National Minority Small Business Champion the Year. Reyes also serves as the chairman of the board of directors, Greater Grand Prairie Hispanic Chamber of Commerce.

* LeeAnn Marker is a business advisor for Hutchinson Credit Union and a small-business owner. As a commercial lender in a Kansas community with a population of approximately 45,000, Hutchinson has experienced first-hand the challenges facing America’s small businesses in today’s uncertain economic environment.

* Roni K. Wisdom is CFO for the San Luis Valley Development Resources Group, a nonprofit regional economic development organization that provides funding and counseling to small businesses, nonprofits and local governments. Wisdom previously worked as a manager and owner of small businesses, a business banker, and a small-business counselor. She spent much of her past 30 years in the banking field, with most of those years in "nontraditional" financing in the rural counties of Colorado.

* Hilda Kennedy serves as founder/executive director, AmPac Tri State Certified Development Company in Grand Terrace, Cal. -- a certified lender for the SBA’s 504 loan program and the first faith-based CDC in the country. Kennedy previously worked in local government in the city of Inglewood for more than 12 years as chief of staff to the mayor and city administrator, public information officer, and economic development director.

* Rod Hsiao is director of strategic operations for BUILD, a nationally recognized nonprofit that uses entrepreneurship to excite and propel disengaged, low-income students through high school to college success. He worked in economic development research at Harvard and Yale, then served as a senior legislative advisor in the U.S. Congress on international development and domestic policies. He led two statewide studies for Maine and Massachusetts to assess the needs of their manufacturers, and recommended ways to spur innovation and economic competitiveness. Subsequently he worked in management consulting for SRI Consulting and A.T. Kearney before returning to the nonprofit sector as a COO to help lead nonprofits involved in teaching business and management skills.

* Hugh Short serves as president and CEO of Alaska Growth Capital. He is also the current chairman of the Alaska Industrial Development Authority [AIDEA], a one-billion-dollar, state-owned economic development agency based in Anchorage, Alaska. Additionally, Short serves as the current treasurer of the Alaska Humanities Forum and Pacific Northern Academy. Past leadership positions include roles as mayor and member of the city council for the city of Bethel; vice president of support services for Yukon Kuskokwim Health Corporation; and managing partner of the Subway of Bethel. Active in many community service roles, Short is a founding member of the Alaskan Native Leadership Network, and has served as director of Yuut Elinaurviat [People’s Learning Center], Big Brothers and Big Sisters, and the University of Alaska Fairbanks, Kuskokwim Campus.

* Marilyn Strickland was sworn-in as mayor of Tacoma, Wash., on Jan. 5, 2010, and previously served as a city council member for two years. Born in Seoul, Korea, Strickland grew up in South Tacoma and has been a downtown resident for over a decade. She is a graduate of the University of Washington and holds a master’s degree in business administration from Clark-Atlanta University. Strickland has professional experience in both the private and public sectors. She served as development officer for the Tacoma Public Library, and has held management positions with the American Cancer Society, Starbucks Coffee Company and JayRay Communications, where she worked with Tacoma Public Utilities to help launch Click!Network. Strickland has been appointed to the U.S. Conference of Mayors Public Education Task Force. Active in the local community, she is a member of the Black Collective and previously served on the boards of KBTC Public TV Association, the Grand Cinema, and Safe Streets.

GoodBiz113's Take

SBA's formation of its CUC marks a significant step forward in sharing the wealth of small-business opportunities across diverse demographics.

Kudos to this highly impressive cadre of advisors for their willingness to serve for the greater entrepreneurial good.

SOURCE: U.S. Small Business Administration
____________________

Get 20% Off QuickBooks Pro Small Business Accounting Software + Free Shipping + Free Learning CD ^AF

SBA Approves First Six Lenders to Start Making Community Advantage Loans to Small-Business Borrowers

The U.S. Small Business Administration has approved an initial group of six community-based, mission-focused lenders to start accepting and processing Community Advantage loan applications from small-business borrowers immediately, the agency announced today.

The new Community Advantage pilot program was announced by SBA in December, and is designed to expand access to lower-dollar loans and lending in traditionally underserved communities.

SBA and U.S. Department of Commerce studies have shown the importance of lower-dollar loans to small-business formation and growth in underserved communities. Even though SBA loans are three to five times more likely to go to women and minority-owned small businesses, underserved communities were hit disproportionately hard by the recession.

The pilot is specifically aimed at expanding points of access to capital for small-business owners by opening SBA’s 7[a] loan program to community-based, mission-focused financial institutions -- including Community Development Financial Institutions, SBA’s Certified Development Companies, and SBA’s nonprofit microlending intermediaries. Community Advantage leverages the experience these institutions already have in lending in economically challenged markets, along with their management and technical-assistance expertise to help make their borrowers successful.

"Working with these community-based, mission-focused lenders will greatly enhance our ability to bring much-needed financial backing to small businesses in underserved communities, which include minority-, women- and veteran-owned, as well as rural, businesses," said SBA Administrator Karen Mills [pictured]. "These businesses are among the hardest-hit by the recent economic downturn, and helping them to recover, expand and create jobs will strengthen both their local, and our nation’s, economy."

SBA began accepting applications from lenders on Feb. 15. The first Community Advantage approved lenders are:
* Central Texas CDC [CTCDC] dba BCL of Texas -- Austin, Tex.
* The Progress Fund -- Greensburg, Penn.
* Eastern Maine Development Corporation -- Bangor, Me.
* Idaho-Nevada Community Development Financial Institution -- Pocatello, Id.
* Kentucky Highlands Investment Corporation -- London, Ken.
* CDC Small Business Finance -- San Diego, Cal.

These lenders may begin making Community Advantage loans immediately. SBA will continue approving lenders on a rolling basis.

Expanding opportunities for entrepreneurs and small-business owners in underserved communities is core to SBA’s mission. As a result, all of SBA’s programs are having an impact in underserved communities.

In addition to the Community Advantage pilot program, in December, SBA announced the new Small Loan Advantage, which is open to the agency’s 630 existing Preferred Lenders.

Both Community Advantage and Small Loan Advantage offer a streamlined application process for SBA-guaranteed 7[a] loans up to $250,000. Advantage loans will come with the regular 7[a] government guarantee -- i.e., 85 percent for loans up to $150,000; and 75 percent for those loans greater than $150,000.

SOURCE: U.S. Small Business Administration
____________________

QuickBooks Online -- Anytime, Anywhere. Easily Track Sales, Bills & Expenses. Try FREE for 30 Days! ^AF

Sen. Reid Announces Small Business Committee Assignments for 112th Congress

Today, U.S. Senate Majority Leader Harry Reid [D-Nev., pictured] released Small Business Committee assignments for the 112th Congress.

"I am looking forward to continuing to work with the members of this committee in the new Congress," said Sen. Mary L. Landrieu [D-La.], selected to continue in her role as committee chair.

"We have taken some extraordinary steps over the last two years to improve access to capital for small businesses," Landrieu noted, "to promote trade and exporting opportunities, and to ensure that small businesses receive their fair share of federal contracts.

"But our work is not finished. We have built the foundation for small businesses to lead our economic recovery and to create jobs. Now, it is time for us to strengthen those initiatives, so that our nation’s job creators can truly succeed in today’s competitive global marketplace."

Members of the Small Business Committee for the 112th Congress include Carl Levin [D-Mich.], Tom Harkin [D-Iowa], John Kerry [D-Mass.], Joseph Lieberman [ID-Conn.], Maria Cantwell [D-Wash.], Mark Pryor [D-Ark.], Benjamin Cardin [D-Md.], Jeanne Shaheen [D-N.H.], Kay Hagan [D-N.C.], Olympia Snowe [R-Maine], David Vitter [R-La.], Jim Risch [R-Idaho], Marco Rubio [R-Fla.], Rand Paul [R-Ky.], Kelly Ayotte [R-N.H.], Mike Enzi [R-Wyo.], Scott Brown [R-Mass.] and Jerry Moran [R-Kan].

SOURCES: Harry Reid: United State Senator for Nevada [photo], U.S. Senate Committee on Small Business and Entrepreneurship
____________________

Business Proposals: It’s All About Trust. [affiliate link]

New Jobs Act Helps SBA Put More Capital, Assistance Behind Small-Business Exporting

Export-related loans to small businesses approved under the Jobs Act provisions have reached nearly $110 million as of Dec. 31, the U.S. Small Business Administration announced today.

"The Jobs Act builds on the efforts already underway through the National Export Initiative by providing SBA with additional tools to help small businesses tap into the global market," said SBA Administrator Karen Mills [pictured]. "We know that, to take that next step to begin exporting or expand into a new market, a small business often needs both financial and counseling resources.

"The Jobs Act strengthened SBA’s ability to provide assistance in both those areas by enhancing our export loan programs, and also making counseling and technical assistance more accessible. Already, we’re seeing these tools put to use by small businesses that are in a position to grow and create good-paying jobs in their communities.'

The Jobs Act, signed into law on Sept. 27, 2010, raised SBA 7[a] export-related loan limits to $5 million. SBA helps small-business exporters through three different export loan programs: Export Express, Export Working Capital Loan, and International Trade Loan. The Jobs Act greatly enhances the tools the SBA has to help small-business exporters grow.

The Jobs Act
* Helps provide sufficient capital for small businesses looking to start or expand their exporting efforts. The law increased the maximum size of 7[a] International Trade Loans and Export Working Capital Loans to $5 million -- up from $2 million -- both with 90 percent guaranties.
* Makes the agency’s Export Express loan, which offers a streamlined application process, permanent -- with a 90 percent guaranty for loans up to $350,000, and 75 percent for loans between $350,000 and $500,000.
* Provides $90 million in grants over three years beginning in mid-2011 for states, to help small-business owners start or grow their exporting efforts.
* Makes counseling and technical assistance more accessible by increasing the SBA’s staff and other resources available to small business.

For a list of current SBA export lenders, visit http://bit.ly/ExportLenders.

President Obama has called for doubling the nation’s exports to support creating two million jobs in the next five years. SBA has taken target steps to strengthen its partnership with other federal agencies involved in international trade, creating new tools to help small businesses both begin exporting and grow their exports, and making loans to exporters more accessible.

The National Export Initiative also called for the creation of a new Cabinet-level focus on exports; expanding export financing [which, in part, is fulfilled by the new SBA loan limits]; prioritizing government advocacy on behalf of U.S. exporters; and providing new resources to U.S. businesses seeking to export, among other things.

For more information on export services for small businesses, or to find local counseling and technical assistance resources, please visit http://www.export.gov/.

SOURCE: U.S. Small Business Administration
____________________

No Expedia Change or Cancel Fees on Hotels, Cruises, Cars and More! [Expedia.com affliate link]

Senator Landrieu Defends Bipartisan Small-Business Lending Fund Legislation

United States Senator Mary L. Landrieu [D-La.. pictured on right], chair of the Senate Committee on Small Business and Entrepreneurship, yesterday spoke with Fox Business anchor Gerri Willis of "The Willis Report" about the state of small business.

Specifically, Sen. Landrieu defended the bipartisan Small Community Business Lending Fund in the Small Business Jobs Creation Act, which the Senate is currently debating.

Sens. Landrieu and George LeMieux [R-Fla.] introduced an amendment to the Small Business Jobs Creation Act that restored the $30 billion lending facility. The amendment passed the Senate by a vote of 60-39.

Despite a Republican filibuster and repeated attempts to stall legislation aimed at supporting small businesses, Sen. Landrieu has continued her fight to give businesses greater access to capital, to hire workers and grow their business. She called on her colleagues in the Senate -- Republicans and Democrats alike -- to put aside partisan rhetoric and deliver help to America’s 27 million small businesses.

To view the video of Sen. Landrieu's appearance on "The Willis Report," go to: http://bit.ly/LandrieuWillisVid.

For information on the LeMieux-Landrieu Amendment -- S. AMDT 4500, the Small Business Lending Fund [SBLF] -- visit http://bit.ly/Senate4500.

SOURCES: GovTrack.us, U.S. Senate Committee on Small Business & Entrepreneurship
____________________

HostGator.com: Green Web Hosting Made EASY and AFFORDABLE. [affiliate link]

SBA’s Economic Recovery Efforts and Impact Top $29.4 Billion

The U.S. Small Business Association [SBA] received $730 million in the American Recovery and Reinvestment Act [ARRA] to help unlock the small business-lending market and get capital flowing again to America’s small businesses. Due to the success of these programs, the SBA received an additional $305 million to continue several ARRA programs.

SBA Recovery Efforts -- Impact to Date
* SBA Has Supported More Than $29.4 Billion in Recovery Loans to Small Businesses: As of July 30, SBA had supported $29.4 billion-plus in small-business lending, with the approval of $22.1 billion in Recovery loans since Feb. 17, 2009. From ARRA's inception on Feb. 17, 2009, to July 30, 2010, weekly SBA loan-dollar volumes rose more than 90 percent in the 7[a] and 504 loan programs, compared to the weekly average before passage.

* Broad Support to Businesses: A significant share of Recovery loans have gone to rural [24 percent], minority-owned [21 percent], women-owned [18 percent], and veteran-owned [8 percent] businesses.

* Secondary Markets Uptick with 7[a] Loans: After months of reduced activity and lower premiums, the SBA 7[a] secondary market is picking up, and premiums are beginning to recover. Over the past 13 months, the average monthly loan volume settled from lenders to broker-dealers in the 7[a] secondary market has been $342 million, providing lenders with additional liquidity to increase lending.

* America's Recovery Capital [ARC] Loans Helping Small Businesses: As of July 30, SBA had approved 8,130 ARC loans -- totaling over $263.3 million by 1,278 lenders -- to help small businesses make it through this tough economy.

SBA Recovery Programs
To date, SBA has implemented programs for all of the $730 million in SBA Recovery Act funding -- plus an additional $305 million provided in December, February, March, and April -- for the agency’s lending programs, including:

* Eliminating and reducing fees for borrowers on 7[a] loans, and for borrowers and lenders on 504 loans;

* Raising to 90 percent the guarantee on 7[a] loans -- from 75 or 85 percent, depending on the size of loan;

* Doubling the surety bond guarantee from $2 million to $5 million, thus providing small businesses with another tool to help them compete for federal construction and service contracts;

* Assisting struggling small businesses with the new ARC loan program, which provides no-interest, deferred-repayment loans of up to $35,000 to viable businesses to help them make debt payments;

* Providing refinancing opportunities for certain eligible loans into SBA-backed 504 loans for expansion and job creation;

* Expanding access to investment capital for small businesses, by increasing funding levels for SBA-licensed Small Business Investment Companies [SBICs]; and

* Taking steps to ensure the stability of the secondary market for SBA loans.

The SBA has also implemented two new programs that complement the ARRA measures and increase access to capital for small businesses by:

* Expanding 7[a] loan eligibility to more than 70,000 small businesses through a temporary alternate size standard; and

* Offering inventory financing for eligible auto, RV, boat and other dealerships under the new Dealer Floor Plan Financing pilot program.

To learn more about how SBA and the Recovery Act are helping small businesses succeed throughout America, go to: http://bit.ly/SuccessStoriesSBA.

SOURCE: U.S. Small Business Administration
____________________

Enjoy $30 Off Purchases of $150 or More at OfficeDepot.com. Excludes Technology. Offer Expires 12.31.10.

SBA-Backed Loans to Small Businesses Top $29.3 Billion, Thanks to Recovery Act Funding

The U.S. Small Business Association [SBA] received $730 million in the American Recovery and Reinvestment Act [ARRA] to help unlock the small business-lending market and get capital flowing again to America’s small businesses. Due to the success of these programs, the SBA received an additional $305 million to continue several ARRA programs.

SBA Recovery Efforts -- Impact to Date
* SBA Has Supported More Than $29.3 Billion in Recovery Loans to Small Businesses: As of July 2, SBA had supported $29.3 billion-plus in small-business lending, with the approval of $22 billion in Recovery loans since Feb. 17. From Feb. 17, 2009, to July 2, 2010, weekly SBA loan-dollar volumes rose more than 90 percent in the 7[a] and 504 programs, compared to the weekly average before passage.

* More Lenders Making Loans: From Feb. 17, 2009, to June 25, 2010, more than 1,363 lenders who had not made a loan since at least 2007 made a 7[a] loan.

* Broad Support to Businesses: A significant share of Recovery loans have gone to rural [24 percent], minority-owned [21 percent], women-owned [18 percent], and veteran-owned [8 percent] businesses.

* Secondary Markets Uptick with 7[a] Loans: After months of reduced activity and lower premiums, the SBA 7[a] secondary market is picking up, and premiums are beginning to recover. Over the past 13 months, the average monthly loan volume settled from lenders to broker-dealers in the 7[a] secondary market has been $342 million, providing lenders with additional liquidity to increase lending.

* America's Recovery Capital [ARC] Loans Helping Small Businesses: As of July 2, SBA had approved 7,925 ARC loans -- totaling over $256.6 million by 1,268 lenders -- to help small businesses make it through this tough economy.

SBA Recovery Programs
To date, SBA has implemented programs for all of the $730 million in SBA Recovery Act funding, plus an additional $305 million provided in December, February, March, and April for the agency’s lending programs -- including:

* Eliminating and reducing fees for borrowers on 7[a] loans, and for borrowers and lenders on 504 loans;

* Raising to 90 percent the guarantee on 7[a] loans -- from 75 or 85 percent, depending on the size of loan;

* Doubling the surety bond guarantee from $2 million to $5 million, thus providing small businesses with another tool to help them compete for federal construction and service contracts;

* Assisting struggling small businesses with the new ARC loan program, which provides no-interest, deferred-repayment loans of up to $35,000 to viable businesses to help them make debt payments;

* Providing refinancing opportunities for certain eligible loans into SBA-backed 504 loans for expansion and job creation;

* Expanding access to investment capital for small businesses, by increasing funding levels for SBA-licensed Small Business Investment Companies [SBICs]; and

* Taking steps to ensure the stability of the secondary market for SBA loans.

The SBA has also implemented two new programs that complement the ARRA measures and increase access to capital for small businesses by:

* Expanding 7[a] loan eligibility to more than 70,000 small businesses through a temporary alternate size standard; and

* Offering inventory financing for eligible auto, RV, boat and other dealerships under the new Dealer Floor Plan Financing pilot program.

To learn more about how SBA and the Recovery Act are helping small businesses succeed throughout America, go to: http://bit.ly/SuccessStoriesSBA.

SOURCE: U.S. Small Business Administration
____________________

Shop Amazon.com: Green Office for Environmentally Friendly Office Supplies, Electronics, Furniture, Lighting & Accessories. [affiliate link]

SBA Supports More Than $29.2 Billion in Recovery Loans to Small Businesses

The U.S. Small Business Administration [SBA] received $730 million in the American Recovery and Reinvestment Act [ARRA] to help unlock the small-business lending market and get capital flowing again to America’s small businesses. Due to the success of these programs, the SBA has received an additional $305 million to continue some ARRA programs through May.

SBA Recovery Efforts -- Impact to Date
* SBA Has Supported More Than $29.2 Billion in Recovery Loans to Small Businesses: As of June 25, SBA has supported $29.2 billion-plus in small-business lending, with the approval of $21.9 billion in Recovery loans since Feb. 17. From Feb. 17, 2009 to June 25, 2010, weekly SBA loan dollar volumes rose more than 90 percent in the 7[a] and 504 programs, compared to the weekly average before passage.

* More Lenders Making Loans: From Feb. 17, 2009 to June 25, 2010, more than 1,363 lenders who had not made a loan since at least 2007, made a 7[a] loan.

* Broad Support to Businesses: A significant share of Recovery loans have gone to rural [24 percent], minority-owned [21 percent], women-owned [18 percent], and veteran-owned [8 percent] businesses.

* Secondary Markets Uptick with 7[a] Loans: After months of reduced activity and lower premiums, the SBA 7[a] secondary market is picking up, and premiums are beginning to recover. From June to May, the average monthly loan volume settled from lenders to broker-dealers in the 7[a] secondary market has been $330 million, providing lenders with additional liquidity to increase lending.

* America's Recovery Capital [ARC] Loans Helping Small Businesses: As of June 25, SBA has approved 7,871 ARC loans totaling over $254.8.5 million by 1,265 lenders to help small businesses make it through this tough economy.

SBA Recovery Programs
To date, SBA has implemented programs for all of the $730 million in SBA Recovery Act funding, plus an additional $305 million provided in December, February, March and April for the agency’s lending programs -- including:

* Eliminating and reducing fees for borrowers on 7[a] loans, and for borrowers and lenders on 504 loans;

* Raising to 90 percent the guarantee on 7[a] loans -- from 75 or 85 percent, depending on the size of loan;

* Doubling the surety bond guarantee from $2 million to $5 million, providing small businesses with another tool to help them compete for federal construction and service contracts;

* Assisting struggling small businesses with the new ARC loan program, which provides no-interest, deferred-repayment loans of up to $35,000 to viable businesses to help them make debt payments;

* Providing refinancing opportunities for certain eligible loans into SBA-backed 504 loans for expansion and job creation;

* Expanding access to investment capital for small businesses by increasing funding levels for SBA-licensed Small Business Investment Companies [SBICs]; and

* Taking steps to ensure the stability of the secondary market for SBA loans.

The SBA has also implemented two new programs that complement the ARRA measures and increase access to capital for small businesses by:

* Expanding 7[a] loan eligibility to more than 70,000 small businesses through a temporary alternate size standard; and

* Offering inventory financing for eligible auto, RV, boat and other dealerships under the new Dealer Floor Plan Financing pilot program.

To learn more about how SBA and the Recovery Act are helping small businesses succeed throughout America, go to: http://bit.ly/SuccessStoriesSBA.

SOURCE: U.S. Small Business Administration
____________________

Infusionsoft Is the Only Software That GUARANTEES to DOUBLE YOUR SALES. Get a FREE 15-DAY TRIAL to E-mail Marketing 2.0 Now. [affiliate link]

SBA-Backed Lending Tops $29 Billion, Thanks to Recovery Act Funds

The U.S. Small Business Administration [SBA] received $730 million in the American Recovery and Reinvestment Act [ARRA] to help unlock the small-business lending market and get capital flowing again to America’s small businesses. Due to the success of these programs, the SBA has received an additional $305 million to continue some ARRA programs through May.

SBA Recovery Efforts -- Impact to Date
* SBA Has Supported More Than $29 Billion in Recovery Loans to Small Businesses: As of June 11, SBA had supported $29 billion-plus in small-business lending, with the approval of $21.7 billion in Recovery loans since Feb. 17. From Feb. 17, 2009 to June 11, 2010, weekly SBA loan dollar volumes rose more than 90 percent in the 7[a] and 504 loan programs, compared to the weekly average before passage.

* More Lenders Making Loans: From Feb. 17, 2009 to June 11, 2010, more than 1,354 lenders who had not made a loan since at least 2007, made a 7[a] loan.

* Broad Support to Businesses: A significant share of Recovery loans have gone to rural [24 percent], minority-owned [20 percent], women-owned [18 percent], and veteran-owned [8 percent] businesses.

* Secondary Markets Uptick with 7[a] Loans: After months of reduced activity and lower premiums, the SBA 7[a] secondary market is picking up, and premiums are beginning to recover. From June to May, the average monthly loan volume settled from lenders to broker-dealers in the 7[a] secondary market has been $330 million, providing lenders with additional liquidity to increase lending.

* America's Recovery Capital [ARC] Loans Helping Small Businesses: As of June 11, SBA had approved 7,776 ARC loans -- totaling over $251.7 million by 1,258 lenders -- to help small businesses make it through this tough economy.

SBA Recovery Programs
To date, SBA has implemented programs for all of the $730 million in SBA Recovery Act funding, plus an additional $305 million provided in December, February, March and April for the agency’s lending programs -- including:

* Eliminating and reducing fees for borrowers on 7[a] loans, and for borrowers and lenders on 504 loans;

* Raising to 90 percent the guarantee on 7(a) loans -- from 75 or 85 percent, depending on the size of loan;

* Doubling the surety bond guarantee from $2 million to $5 million, providing small businesses with another tool to help them compete for federal construction and service contracts;

* Assisting struggling small businesses with the new ARC loan program, which provides no-interest, deferred-repayment loans of up to $35,000 to viable businesses to help them make debt payments;

* Providing refinancing opportunities for certain eligible loans into SBA-backed 504 loans for expansion and job creation;

* Expanding access to investment capital for small businesses by increasing funding levels for SBA-licensed Small Business Investment Companies [SBICs]; and

* Taking steps to ensure the stability of the secondary market for SBA loans.

The SBA has also implemented two new programs that complement the ARRA measures and increase access to capital for small businesses by:
* Expanding 7[a] loan eligibility to more than 70,000 small businesses through a temporary alternate size standard; and

* Offering inventory financing for eligible auto, RV, boat and other dealerships under the new Dealer Floor Plan Financing pilot program.

To learn more about how SBA and the Recovery Act are helping small businesses succeed throughout America, go to: http://bit.ly/SuccessStoriesSBA.

SOURCE: U.S. Small Business Administration
____________________

Infusionsoft Is the Only Software That GUARANTEES to DOUBLE YOUR SALES. Get a FREE 15-DAY TRIAL to E-mail Marketing 2.0 Now. [affiliate link]

SBA's Recovery Act-Related Small-Business Lending Tops $28.6 Billion

The U.S. Small Business Administration [SBA] received $730 million in the American Recovery and Reinvestment Act [ARRA] to help unlock the small business-lending market and get capital flowing again to America’s small businesses. Due to the success of these programs, the SBA has received an additional $305 million to continue some ARRA programs through May.

SBA Recovery Efforts -- Impact to Date
* SBA Has Supported More Than $28 Billion in Recovery Loans to Small Businesses: As of June 4, SBA had supported more than $28.6 billion in small-business lending, with the approval of $21.5 billion in Recovery loans since Feb. 17. From Feb. 17, 2009 to June 4, 2010, weekly SBA loan dollar volumes rose more than 90 percent in the 7[a] and 504 loan programs, compared to the weekly average before passage.

* More Lenders Making Loans: From Feb. 17, 2009 to May 28, 2010, more than 1,347 lenders who had not made a loan since at least 2007, made a 7[a] loan.

* Broad Support to Businesses: A significant share of Recovery loans have gone to rural [24 percent], minority-owned [21 percent], women-owned [18 percent], and veteran-owned [8 percent] businesses.

* Secondary Markets Uptick with 7[a] Loans: After months of reduced activity and lower premiums, the SBA 7[a] secondary market is picking up and premiums are beginning to recover. From June to May, the average monthly loan volume settled from lenders to broker-dealers in the 7[a] secondary market has been $330 million, providing lenders with additional liquidity to increase lending.

* America's Recovery Capital [ARC] Loans Helping Small Businesses: As of June 4, SBA has approved 7,711 ARC loans, totaling over $249 million by 1,255 lenders, to help small businesses make it through this tough economy.

SBA Recovery Programs
To date, SBA has implemented programs for all of the $730 million in SBA Recovery Act funding, plus an additional $305 million provided in December, February, March and April for the agency’s lending programs -- including:

* Eliminating and reducing fees for borrowers on 7[a] loans, and for borrowers and lenders on 504 loans;

* Raising to 90 percent the guarantee on 7[a] loans -- from 75 or 85 percent, depending on the size of loan;

* Doubling the surety bond guarantee from $2 million to $5 million, providing small businesses with another tool to help them compete for federal construction and service contracts;

* Assisting struggling small businesses with the new ARC loan program, which provides no-interest, deferred-repayment loans of up to $35,000 to viable businesses to help them make debt payments;

* Providing refinancing opportunities for certain eligible loans into SBA-backed 504 loans for expansion and job creation;

* Expanding access to investment capital for small businesses by increasing funding levels for SBA-licensed Small Business Investment Companies [SBICs]; and

* Taking steps to ensure the stability of the secondary market for SBA loans.

The SBA has also implemented two new programs that complement the ARRA measures and increase access to capital for small businesses by:

* Expanding 7[a] loan eligibility to more than 70,000 small businesses through a temporary alternate size standard; and

* Offering inventory financing for eligible auto, RV, boat and other dealerships under the new Dealer Floor Plan Financing pilot program.

To learn more about how SBA and the Recovery Act are helping small businesses succeed throughout the U.S., go to: http://bit.ly/SuccessStoriesSBA.

SOURCE: U.S. Small Business Administration
____________________

Shop Amazon.com: Green Office for Environmentally Friendly Office Supplies, Electronics, Furniture, Lighting & Accessories. [affiliate link]

SBA Supports More Than $28.4 Billion in Small-Business Lending

The U.S. Small Business Administration [SBA] received $730 million in the American Recovery and Reinvestment Act [ARRA] to help unlock the small-business lending market and get capital flowing again to America’s small businesses. Due to the success of these programs, the SBA received an additional $305 million to continue some ARRA programs through May.

SBA Recovery Efforts -- Impact to Date
* SBA Supports More Than $28 Billion in Recovery Loans to Small Businesses: As of May 28, SBA had supported $28.4 billion-plus in small-business lending, with the approval of $21.4 billion in Recovery loans since Feb. 17, 2009. From Feb. 17, 2009, to May 28, 2010, weekly SBA loan dollar volumes rose more than 90 percent in the 7[a] and 504 programs, compared to the weekly average before passage.

* More Lenders Making Loans: From Feb. 17, 2009, to May 28, 2010, more than 1,321 lenders who had not made a loan since at least 2007, made at least one 7[a] loan.

* Broad Support to Businesses: A significant share of Recovery loans have gone to rural [24 percent], minority-owned [21 percent], women-owned [18 percent], and veteran-owned [8 percent] businesses.

* Secondary Markets Uptick With 7[a] Loans: After months of reduced activity and lower premiums, the SBA 7[a] secondary market is picking up and premiums are beginning to recover. From June to May, the average monthly loan volume settled from lenders to broker-dealers in the 7[a] secondary market has been $330 million, providing lenders with additional liquidity to increase lending.

* America's Recovery Capital [ARC] Loans Helping Small Businesses: As of May 28, SBA has approved 7,658 ARC loans totaling more than $248 million by 1,250 lenders, to help small businesses make it through this tough economy.

SBA Recovery Programs
To date, SBA has implemented programs for all of the $730 million in SBA Recovery Act funding -- plus an additional $305 million provided in December, February, March, and April for the agency’s lending programs -- including:

* Eliminating and reducing fees for borrowers on 7[a] loans, and for borrowers and lenders on 504 loans;

* Raising to 90 percent the guarantee on 7[a] loans from 75 or 85 percent, depending on the size of loan;

* Doubling the surety bond guarantee from $2 million to $5 million, providing small businesses with another tool to help them compete for federal construction and service contracts;

* Assisting struggling small businesses with the new ARC loan program, which provides no-interest, deferred-repayment loans of up to $35,000 to viable businesses to help them make debt payments;

* Providing refinancing opportunities for certain eligible loans into SBA-backed 504 loans for expansion and job creation;

* Expanding access to investment capital for small businesses by increasing funding levels for SBA-licensed Small Business Investment Companies [SBICs]; and

* Taking steps to ensure the stability of the secondary market for SBA loans.

The SBA has also implemented two new programs that complement the ARRA measures and increase access to capital for small businesses by:

* Expanding 7[a] loan eligibility to more than 70,000 small businesses through a temporary alternate size standard; and

* Offering inventory financing for eligible auto, RV, boat and other dealerships under the new Dealer Floor Plan Financing pilot program.

To learn about how SBA and the Recovery Act are helping small businesses succeed throughout the nation, go to: http://bit.ly/SuccessStoriesSBA.

SOURCE: U.S. Small Business Administration
____________________

PayPal: The Faster, Safer, Easier Way to Pay and Get Paid. Get Your Free Premier Business Account Now. [PayPal referral link]

SBA Supports More Than $27.5 Billion in Small-Business Lending

The U.S. Small Business Administration received $730 million in the American Recovery and Reinvestment Act [ARRA] to help unlock the small-business lending market and get capital flowing again to America’s small businesses. Due to the success of these programs, the SBA has received an additional $305 million to continue some ARRA programs through May.

SBA Recovery Efforts -- Impact to Date
* SBA Has Supported More Than $27 Billion in Recovery Loans to Small Businesses: As of May 21, SBA has supported more than $27.5 billion in small-business lending, with the approval of $20.6 billion in Recovery loans since Feb. 17. From Feb. 17, 2009, to May 21, 2010, weekly SBA loan dollar volumes rose more than 90 percent in the 7[a] and 504 programs, compared to the weekly average, before passage.

* More Lenders Making Loans: From Feb. 17, 2009, to May 21, 2010, more than 1,309 lenders who had not made a loan since at least 2007 made a 7[a] loan.

* Broad Support to Businesses: A significant share of Recovery loans have gone to rural [24 percent], minority-owned [20 percent], women-owned [18 percent], and veteran-owned [8 percent] businesses

* Secondary Markets Uptick with 7[a] Loans: After months of reduced activity and lower premiums, the SBA 7[a] secondary market is picking up and premiums are beginning to recover. From June to April, the average monthly loan volume settled from lenders to broker-dealers in the 7[a] secondary market has been $336 million, providing lenders with additional liquidity to increase lending.

* ARC Loans Helping Small Businesses: As of May 21, SBA has approved 7,582 ARC loans totaling over $245.4 million by 1,249 lenders to help small businesses make it through this tough economy.

SBA Recovery Programs
To date, SBA has implemented programs for all of the $730 million in SBA Recovery Act funding and an additional $305 million provided in December, February, March, and April for the agency’s lending programs, including:

* Eliminating and reducing fees for borrowers on 7[a] loans, and for borrowers and lenders on 504 loans;

* Raising to 90 percent the guarantee on 7[a] loans from 75 or 85 percent, depending on the size of loan;

* Doubling the surety bond guarantee from $2 million to $5 million, providing small businesses with another tool to help them compete for federal construction and service contracts;

* Assisting struggling small businesses with the new ARC loan program, which provides no-interest, deferred-repayment loans of up to $35,000 to viable businesses to help them make debt payments;

* Providing refinancing opportunities for certain eligible loans into SBA-backed 504 loans for expansion and job creation;

* Expanding access to investment capital for small businesses by increasing funding levels for SBA-licensed Small Business Investment Companies; and

* Taking steps to ensure the stability of the secondary market for SBA loans.

The SBA has also implemented two new programs that complement the ARRA measures and increase access to capital for small businesses by:

* Expanding 7[a] loan eligibility to more than 70,000 small businesses through a temporary alternate size standard; and

* Offering inventory financing for eligible auto, RV, boat and other dealerships under the new Dealer Floor Plan Financing pilot program.

To learn about how SBA and the Recovery Act are helping small businesses succeed, go to: http://bit.ly/SuccessStoriesSBA.

SOURCE: U.S. Small Business Administration
____________________

PayPal: The Faster, Safer, Easier Way to Pay and Get Paid. Get Your Free Premier Business Account Now.

Administrator Mills: SBA Re-Activating Recovery Loan Queue by Monday, Feb. 22

SBA issued the following statement today from Administrator Karen Mills [pictured] regarding efforts to ensure continued funding for two key provisions in the American Reinvestment and Recovery Act [ARRA] of 2009:

"SBA’s most popular ARRA provisions -- the increased guarantee and reduced fees in the two largest lending programs -- have helped engineer a significant turnaround in SBA lending. Continuing those ARRA provisions is SBA’s top priority.

"Through the original $375 million and the additional $125 million appropriations for these two provisions, SBA has supported more than $20 billion in lending to small businesses across the country and seen its average weekly loan volume increase by nearly 90 percent since February 2009.

"Through ARRA, we brought nearly 1,100 lending institutions back to the SBA’sprograms that had not made an SBA loan since at least 2007. All told, these steps have benefited tens of thousands of small businesses and supported hundreds of thousands of jobs during these tough economic times. However,we know there is still more work to be done. As the President has requested, we will continue to work with Congress to extend these programs through September 2010.

"The additional $125 million appropriation approved in December to extend SBA’s 7[a] loan guarantee to 90 percent, and reduce or eliminate borrower fees on both the 7[a] and 504 loans, will be used faster than expected.

"Loan volume has surged since earlier this week, when an Information Notice was released to lenders. SBA communicated with its lending partners today that it will re-activate the Recovery Loan Queue no later than Monday, Feb. 22. The Queue is an efficient and transparent process that will ensure that every remaining dollar possible is made available to help small businesses drive economic recovery across the country.

"The SBA advocates for small businesses across the federal government, and will continue its efforts to keep America’s small businesses on a path to recovery and long-term success. Small businesses are a central piece of President Obama’s Jobs Plan because they have been, and will continue to be, a key engine for job creation across the country.

"With that in mind, President Obama laid out an aggressive agenda for providing small businesses with the support they need to create jobs and drive economic recovery. That agenda includes proposals in three key areas: expanding access to capital; providing tax incentives to encourage job creation; and maximizing the potential of innovative, high-growth companies."

SBA’s ARRA Programs
SBA received $730 million in ARRA to support economic recovery programs for small businesses. Included in the appropriation was $375 million to support raising the government guarantee to 90 percent on SBA’s 7[a] loans, and reducing some lender and borrower fees on its 7[a] and 504 loans -- the agency’s two largest lending programs.

The funds for these popular provisions ran out in November 2009. SBA received an additional $125 million appropriation in December 2009, along with authority to continue both of the programs through February.

SBA’s 7[a] and 504 ARRA Transition Plan
SBA is in the process of finalizing the plan for transitioning its 7[a] and 504 programs back to their pre-ARRA terms and communicating those plans with its lending partners. This plan, when implemented, will include re-activating the Recovery Loan Queues no later than Monday, Feb. 22, 2010. The Queues will operate in the same manner as when originally implemented in November 2009.

Sometimes, previously approved loans are later cancelled or never disbursed for a variety of reasons. The Queues take this into account and, beginning on the transition date, will allow eligible small businesses -- in consultation with their lenders -- to choose to be placed in the Queue for possible approval of an ARRA loan if funding becomes available.

Small-business owners and lenders will have transparent access to the Queue via http://www.sba.gov/recoveryq/index.html, and will be able to remove themselves from the Queue at any time to be considered for a non-ARRA SBA loan with all applicable fees and, for 7[a] loans, standard guaranty levels.

Authorization for the 90 percent guarantee on 7[a] loans ends Feb. 28, 2010, though funds may be exhausted sooner. Furthermore, applications in the Queues after Feb. 28, 2010, will only be eligible for decreased or eliminated borrower fees when funds become available.

To learn more about SBA’s ARRA programs and other resources for small businesses, please visit http://www.sba.gov/.

SOURCES: Recovery.gov, U.S. Small Business Administration, The White House
____________________

Buy Green & Save Green on Earth-Friendly Products at Office Depot!

Verbatim: President Obama Draws Praise for His Commitment to Making Small Business a Top Priority

After his first-ever State of the Union address before a joint session of Congress and the American people last evening, President Barack Obama [pictured with Vice President Joe Biden and House Speaker Nancy Pelosi, in background] drew high praise from two key small-biz stakeholders regarding his agenda to make small business a top priority.

"Tonight, the President made clear that he recognizes the central role small businesses play in our economy," said Rep. Nydia M. Velázquez [D-N.Y.], chairwoman of the U.S. House Committee on Small Business. "His address outlined a broad-based strategy for putting our nation on a path back toward prosperity.

"The tax initiatives the President discussed would spark job growth by helping firms reinvest in their facilities, expand operations and purchase new equipment. Importantly, the President's proposed investments in infrastructure and energy efficiency programs will put more Americans back to work in sectors dominated by small businesses.

"Ultimately, access to capital remains the single biggest obstacle to small-business job growth. So, I was particularly pleased to hear President Obama focus on ways to get credit flowing to entrepreneurs.

"The House has already passed legislation that would support $44 billion in small-business lending and investment. In coming weeks, I look forward to working with the President as we seek ways to improve the flow of capital to small businesses.

"As the President made clear tonight, we will not rest until America's entrepreneurs have the resources necessary to lead our economy forward. After all, small businesses are critical -- not just for immediate job growth, but for rebuilding our economy in the long term."

U.S. Senate Committee on Small Business and Entrepreneurship Chair Mary L. Landrieu [D-La.], who has effectively shepherded small-business job creation measures through her committee, also weighed in on President Obama’s important focus on investing in small businesses to help create jobs.

"Tonight, President Obama made it clear that investing in our Main Street businesses is the quickest way to improve our economy and create jobs," Sen. Landrieu declared. "Small businesses are truly our nation’s job creators, creating 64 percent of all new jobs in the last 15 years. And, yet, this past year, small businesses have been hit the hardest by the economic downturn.

"Nearly 85 percent of the jobs lost came from small businesses. We must invest in our small businesses, because they are the businesses that have bared the greatest burden in this economy, and they are the businesses that have the greatest potential to improve it.

"The first, and fastest, way to boost our small businesses’ ability to create jobs is by giving them greater access to capital and tax credits. President Obama highlighted several ways to do this -- all of which I support, and look forward to hearing more details.

"Another way is by increasing the loan limit cap on small-business loans -- something that President Obama has encouraged, and that I, along with 18 Republican and Democratic Senators, have included as part of S.2869, 'The Small Business Job Creation and Access to Capital Act.' In addition to raising the cap on loans, this bill extends important Recovery Act provisions that have helped to create more than 500,000 jobs in the last year.

"In addition to improving lending for small businesses, President Obama launched the National Export Initiative to help small businesses and farmers increase American-made exports, and help reach a goal of creating 2 million new jobs in America by doubling our exports. Making minor changes to some of the programs that already exist to help small exporters can help us reach the 2 million goal even faster. I, along with Sen. [Olympia] Snowe, made these changes in a bill to boost the exporting potential of small businesses.

"These are simple, inexpensive ways we can make a big impact. I look forward to working with President Obama, his administration and my colleagues in Congress to help our small businesses as we work to create jobs in America.”

The Senate Committee on Small Business and Entrepreneurship passed S.2869, "The Small Business Job Creation and Access to Capital Act," and S.2862, "The Small Business Export Enhancement and International Trade Act," out of committee last December. For more information on the bills, please click here.

Last week, United States Trade Representative Ron Kirk announced that his office is dedicating a high-level post to promoting the interests of small-business exports, a move that Sen. Landrieu repeatedly advocated. To read more about the announcement, please click here.

Several small-business owners sat with First Lady Michelle Obama during last night’s address. They included: Ping Fu of Chapel Hill, N.C.; Chris Lardner of Albuquerque, N.M.; Juan Yépez of Lawrence, Mass.; and Trevor Yager of Indianapolis, In. For biographies of the small-business owners, please click here.

GoodBiz113 Tools
* To view the video and read the transcript of President Obama's first State of the Union address, go to: http://bit.ly/SOTU01272010

* To learn more about S.2869, "The Small Business Job Creation and Access to Capital Act": http://bit.ly/SmallBiz2869

* For an overview of S.2862, "The Small Business Export Enhancement and International Trade Act," visit: http://bit.ly/SmallBiz2862

SOURCES: Library of Congress, U.S. House Committee on Small Business, U.S. Senate Committee on Small Business and Entrepreneurship, The White House [photo by Pete Souza]
____________________

Introducing the Mailstation 2™ Digital Mailing System from Pitney Bowes -- the Easiest Way for Your Small Business to Send Mail and Packages.

SBA, Minority Business RoundTable Renew Strategic Partnership to Expand Outreach to Minority Entrepreneurs

The U.S. Small Business Administration announced today that it renewed its two-year partnership agreement with the Minority Business RoundTable [MBRT], to continue joint outreach efforts to minority entrepreneurs.

“During these difficult economic times, it is imperative that we provide small and minority businesses with the necessary tools to drive economic growth and create jobs in their communities,” said SBA Administrator Karen Mills [pictured]. “Far too often, minority-owned small businesses and entrepreneurs encounter hurdles to getting capital, contracts and other assistance to help them succeed in the marketplace. Making sure we do all we can to remove these hurdles is a top priority for SBA and the Obama Administration.”

This strategic alliance is part of SBA’s ongoing effort to support small-business development initiatives in underserved communities. The agreement allows the organizations to share resources and educate minority entrepreneurs on how to use SBA products and services to establish and grow their businesses.

SBA has supported substantial financing to minority-owned small businesses under the American Recovery and Reinvestment Act. Since the Act was signed into law on Feb. 17, 2009, minority-owned small businesses have received more than $4 billion in SBA-backed loans -- about 23 percent of the more than $18.5 billion in small-business lending that SBA has supported under the Recovery Act.

Minority-owned businesses continue to account for about 29 percent of the agency’s overall lending, and 37 percent of its microloans. Minority-owned small businesses also have received more than $3 billion worth of federal contracts under the Recovery Act.

MBRT is a national membership organization for minority CEOs that serves as a unified voice for minority businesses. Through this partnership, the SBA and MBRT intend to help more of these businesses succeed and stimulate economic growth in their communities and the nation’s economy.

The SBA-MBRT alliance is intended to strengthen and expand small-business development across the nation for minority entrepreneurs. SBA will provide MBRT with timely information on the agency’s programs, services and resource partners; participate in roundtable discussions and conferences; and advise them on events that will impact their mission.

As part of the resource pooling, MBRT will cooperate with SBA and its resource partners to provide information to members about its business-development programs and services, and share current SBA news and information. The two-year agreement is a renewal of the partnership between the SBA and MBRT, and was implemented on Jan. 11, 2010.

GoodBiz113 Tools
* SBA: http://www.sba.gov/
* MBRT: http://www.mbrt.net/
* Recovery.gov: http://www.recovery.gov/

SOURCE: U.S. Small Business Administration
____________________

MaestroConference: A Better Way to Conduct Real-Time Teleseminar Training. Start Your Free Trial Now.

Jan. 28: SBA’s Export Experts Offer Free Web Chat on Going International, and Accessing Small-Business Capital and Credit Programs

Does your business product or service have potential in an overseas market? Have you considered doing business globally? Exporting can be a means of substantially growing your business. The U.S. Small Business Administration's January VOICE online chat discussion will highlight exporting basics, as well as general SBA capital and credit programs for small-business owners.

SBA offers several loan programs to help small businesses expand or develop an export market. From 1:00 p.m. to 2:00 p.m. [ET] on Thursday, Jan. 28, 2010, business owners can find out if they are ready for exporting, and learn more about how to get started.

Richard Ginsburg and Patrick E. Tunison, of SBA’s Office of International Trade, will co-host this month's Web Chat on “Small Business Exporting and Access to Credit.” For one hour, Ginsburg and Tunison will answer questions on how to grow a business through exporting.

SBA’s free monthly Web Chat series provides small-business owners with opportunities to discuss relevant business issues online with experts, industry leaders and successful entrepreneurs. Chat participants have direct, real-time access to the Web Chats via questions they submit online -- in advance and during the live session -- with instant answers.

Participants can join the live Web Chat by going online to http://www.sba.gov/, and clicking “Online Business Chat.” Web Chat participants may post questions before the Jan. 28th event by visiting http://bit.ly/SmallBizJan2010, and posting their questions online.

To review archives of past monthly Web Chats, visit online at http://bit.ly/WebChatArchives.

SOURCE: U.S. Small Business Administration
____________________

MaestroConference: A Better Way to Conduct Live Teleseminar Training, Orderly Polling and Q&A Sessions. Start Your Free Trial Now.

President Obama Announces New Small-Business Lending Initiatives

This afternoon, President Barack Obama [pictured above with Treasury Secretary Tim Geithner and SBA Administrator Karen Mills], announced his proposal to boost lending support of small businesses, so as to promote even further business expansion and job creation.

Speaking from Metropolitan Archives, a small records-storage business based in Landover, Md., President Obama reflected on the heretofore impact of the American Recovery and Reinvestment Act of 2009; outlined specifics of his proposed lending initiatives; and provided a sneak preview of a small-biz-focused conference that Geithner and Mills will convene in the near future.

"Over the past decade and a half, America's small businesses have created 65 percent of all new jobs in the country," Obama noted. "And more than half of all Americans working in the private sector are either employed by a small business or own one -- more than half. These companies are the engine of job growth in America. They fuel our prosperity. And that's why they have to be at the forefront of our recovery.

"The problem is, our small businesses have been some of the hardest hit by this recession. From the middle of 2007 through the end of 2008, small businesses lost 2.4 million jobs. And, because banks shrunk from lending in the midst of the financial crisis, it's been difficult for entrepreneurs to take out the loans they need to start a business. For those who do own a small business, it's been difficult to finance inventories and make payroll, or expand if things are going well.

"And that's why we made sure the Recovery Act focused on helping small businesses expand and create jobs. In it, we temporarily reduced or eliminated fees on SBA loans -- loans that give small businesses more money to reinvest in their own futures. And we guaranteed some of these loans by up to 90 percent, which has given local banks and credit unions the confidence they need to lend.

"In the last eight months, these steps have made a real difference for small businesses across America. So far, the Recovery Act has supported over 33,000 loans to small businesses that have already helped save or create nearly tens of thousands of jobs -- nearly $13 billion in new lending -- $13 billion. And more than 1,200 banks and credit unions that had stopped issuing SBA loans when the financial crisis hit are lending again today. And more than $4.3 billion in federal contracts are now going to small businesses.

"We're also providing tax relief to small businesses under the Recovery Act -- relief that will give these businesses back over $5 billion this year. And we're giving tax cuts directly to 95 percent of working Americans, which includes the vast majority of small-business owners and their employees.

"So there's no question that our Recovery Act has given a boost to every American who works at a small business, or owns one, or aspires to own one. There's no question that the steps we've taken have improved the overall climate for small business across the country.

"But there's also no question that we've got a long way to go. There's still too little credit flowing to our small businesses. There's still too many entrepreneurs who can't get the loans they need to open up their doors and start hiring. There's still too many who are struggling to make payroll and to stay open. And there's still too many successful small businesses that want to expand further and hire more but just don't have the capital to do it."

Specifically, President Obama called for:

* Increasing the size of SBA’s 7[a] loan from $2 million to $5 million;

* Increasing the size of SBA’s 504 loan from $2 million to $5 million for standard borrowers [supporting a total project of $12.5 million], and from $4 million to $5.5 million for manufacturers [supporting a total project of $13.75 million]; and

* Increasing the size of SBA’s Microloan from $35,000 to $50,000.

"Finally," President Obama added, "I've asked Tim Geithner and Karen Mills to convene a conference in the coming weeks that will bring together regulators, congressional leaders, lenders and small businesses to determine what additional steps we can take to get credit flowing to small businesses that want to expand and create more jobs.

"Of all the steps we're taking to move this economy from recession to recovery, I continue to believe that the success of our small businesses will be a foundation upon which our future prosperity is built. So we will continue to do whatever we can to help these businesses grow and thrive. And I'm confident that the steps we announced today will do that for small-business owners across the country -- men and women we hear from every day."

Administrator Mills Comments on President Obama’s Proposal to Raise SBA Loan Limits
Following President Obama's announcement to raise the maximum loan size for SBA-backed loans to small business, SBA Administrator Mills issued the following statement:

"America’s 29 million small businesses have been hard-hit in this recession. Nine months ago, President Obama sent small businesses a lifeline: the American Recovery and Reinvestment Act. Since then, the SBA has supported more than 33,000 loans for a total of almost $13 billion in small-business lending. This has helped save or create tens of thousands of jobs.

"But there is much more work to be done, which is why President Obama today pledged his support for legislation that would increase the maximum size of some SBA loans. Increasing maximum loan sizes will allow the SBA to ensure that more small-business owners and entrepreneurs can get access to the credit they need to expand their operations and create jobs.

"The President also announced additional support from the Treasury Department for smaller community lenders that are committed to increasing their lending to small businesses. Secretary Geithner and I will host a conference on small-business lending with members of Congress, regulators, lenders and the small-business community. The conference will discuss additional efforts that can be taken to provide small businesses with access to credit. These steps, coupled with SBA’s ongoing efforts, will help small businesses grow and create jobs throughout America."

Rep. Velázquez Applauds, Looks Forward to "Swiftly Moving" Small-Business Lending Legislation
Shortly after President Obama's speech, Rep. Nydia M. Velázquez [D-NY], chairwoman of the U.S. House Committee on Small Business, commented on the Administration's plan for helping small businesses access credit:

"I applaud the President for reaffirming his support for our nation's small businesses and recognizing their importance to the economic recovery. With the Administration's March announcement, and again today, the President has made clear that he is committed to getting entrepreneurs the help that they need. As the Administration refines the details of this plan, I am sure they will closely consult lenders, the small-business community and Congress, and I look forward to participating in that dialogue.

"In working to increase access to capital, it is important to pursue policies that will open doors for, and enhance the opportunities, of small firms. Duplicating existing programs or instilling initiatives that only benefit the lenders does nothing to help grow our economy.

"The ultimate goal is to get affordable capital into the hands of small businesses. That is why the Committee today approved bipartisan legislation to comprehensively modernize the SBA's capital-access initiatives. This bill is expected to support $44 billion in small-business lending every year, helping to save or create 1.3 million jobs annually. I look forward to swiftly moving this legislation through the House and working with my colleagues to get this bill to the President for his signature."

To view the video of President Obama's speech, go to: http://bit.ly/ObamaVideoSmallBiz

The full text of President Obama's remarks can be found here: http://bit.ly/ObamaRemarksSmallBiz

A fact sheet on President Obama's proposal to increase SBA loan size can be found at: http://bit.ly/ObamaFactsSmallBiz

A fact sheet on FinancialStability.gov's Small Business and Community Lending Initiative, titled "Unlocking Credit for Small Businesses," is available at: http://bit.ly/FinancialStabilitySmallBiz

To track Recovery Act-related developments, go to: http://www.recovery.gov/

For information about federal contracting opportunities, go to: http://www.fedbizopps.gov/

SOURCES: U.S. Department of the Treasury, U.S. House Committee on Small Business, U.S. Small Business Administration, White House [photo by Pete Souza]
____________________

QuickBooks Online Edition for Small Business -- Free for 30 Days. Start Now!