President Obama Proclaims May 15-21 National Small Business Week 2011; Small Businesses Help Put Country Back on Track

President Barack Obama [pictured] hailed small-business owners as the backbone of the nation’s economy in his proclamation of the week of May 15-21 as National Small Business Week. The President declared those men and women to be the embodiment of America’s promise: "The idea that if you have a good idea and are willing to work hard enough, you can succeed in our country."

The President’s proclamation was issued before the U.S. Small Business Administration’s 48th annual observance of National Small Business Week in Washington, D.C. [May 18-20]. The event honors outstanding entrepreneurs from across the country, and features announcement of the 2011 National Small Business Person of the Year, who is selected from among 54 small-business award winners from 50 states, D.C., Guam, Puerto Rico and the Virgin Islands.

The President’s proclamation states: "Our country started as an idea, and it took hard-working, dedicated, and visionary patriots to make it a reality. A successful business starts much the same way -- ideas realized by entrepreneurs who dream of a better world and work until they see it through. From the family businesses that anchor Main Street to the high-tech startups that keep America on the cutting edge, small businesses are the backbone of our economy and the cornerstones of America’s promise.

"Throughout our economic recovery, persevering small businesses have helped put our country back on track. Countless new and saved jobs have come from small businesses who took advantage of tax relief, access to capital, and other tools in the Recovery Act, the Small Business Jobs Act, and other initiatives launched by my Administration to put Americans back to work.

"To ensure the stability of our recovery, we must continue to provide new opportunities for small-business owners and the next generation of entrepreneurs, who will help us out-innovate and out-build our global competitors to win the future.

"To support high-growth businesses, my Administration has launched Startup America, an initiative that will strengthen access to capital and mentoring, while reducing barriers to growth for small businesses. Entrepreneurship is essential to the strength and resilience of our economy and our way of life. Startup America will give entrepreneurs the tools they need to build their business into the next great American company.

"To encourage innovation, we released the Strategy for American Innovation, a report outlining my Administration’s plan to harness ingenuity. This means investing in the building blocks of innovation -- like education and infrastructure -- while promoting market-based growth through tax credits and effective intellectual property laws.

"The National Export Initiative is working to open markets to American businesses and support small exporters, who increase American competitiveness abroad and create good jobs here at home. We continue to create opportunity for businesses in underserved communities through new lending initiatives, expanded access to counseling, and technical assistance.

"We are also working to provide small businesses more opportunities to compete for federal contracts. This gives federal agencies access to some of our country’s best products and services while helping these businesses grow and employ community members.

"Through these and other initiatives, we are supporting the entrepreneurs and small businesses that provide work for half of American workers, and create two out of every three new jobs.

"Small businesses embody the promise of America: that if you have a good idea and are willing to work hard enough, you can succeed in our country. This week, we honor and celebrate the individuals whose inspiration and efforts keep America strong."

The full text of the President’s National Small Business Week proclamation can be found at:
http://1.usa.gov/NSBW2011.

National Small Business Week 2011 will be highlighted with two-and-a-half days of events in Washington, D.C., at the Mandarin Oriental Hotel, where more than 100 outstanding business owners from across the country will be recognized. In addition to the State Small Business Persons of the Year, men and women involved in disaster recovery, government contracting, small-business champions, as well as SBA partners in financial and entrepreneurial development, will be honored.

Under the National Small Business Week 2011 theme of "Empowering Entrepreneurs," featured speakers include Sen. Jack Reed [D-R.I.]; Sen. Mary Landrieu [D-La.]; Valerie B. Jarrett, senior advisor to President Barack Obama; Steve Case, co-founder of AOL and chair of Startup America Partnership; Cathy Hughes, founder and chairperson of Radio One, and chair of SBA’s Council on Underserved Communities; SBA Administrator Karen Mills and SBA Deputy Administrator Marie Johns.

A complete agenda for the event is posted at http://bit.ly/AgendaNSBW. Also featured are a series of executive panel forums on Strategies for High Growth, Exporting and Social Media. The public can "attend" Small Business Week events virtually, via the SBA’s streaming video on the Web at http://bit.ly/WebcastNSBW.

Small Business Week 2011 co-sponsors include: Association of Small Business Development Companies, AT&T, AVAYA, CareerBuilder, Dun & Bradstreet, Google, International Franchise Association, Intuit, Lockheed Martin, Microsoft, National Association of Development Companies, National Association of Government Guaranteed Lenders, National Association of Small Business Investment Companies, National Association for the Self-Employed, National Small Business Association, Nomadic Display, Northrop Grumman, Office Depot, Raytheon, Sam's Club, SCORE, The Neat Company, Verio, Visa, the Wall Street Journal, and Women Impacting Public Policy.

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

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

SBA Loan Queue Cleared One Week After President Obama Signs Jobs Act

All of the loan applications placed in the U.S. Small Business Administration’s loan queue by small-business borrowers have received final approval, SBA Administrator Karen Mills announced today. The approvals, which were completed Monday, amount to 1,939 loans for nearly $970 million.

Final approval follows President Obama’s signing of the Small Business Jobs Act of 2010 on Sept. 27, which provided funding for the extension of increased guarantees and reduced fees in SBA’s two largest loan programs. Small-business owners have been waiting for additional funding and putting applications in the queue since the end of May, when authority for higher loan guarantees expired and, soon after, previous Recovery loan funding was exhausted.

Of the approvals in the queue, SBA approved more than $586 million through 1,273 new loans with funds provided by the Small Business Jobs Act, and 666 loans for more than $383 million with earlier funding that became available after cancellations of applications that had been approved previously under Recovery Act loan terms -- most, because they had been withdrawn by the applicants.

"Enhancements first made under the Recovery Act have made SBA-backed loans a key source of much-needed capital for tens of thousands of small-business owners, helping them not just keep their doors open, but also grow and create jobs all across the country," said Mills.

"Beginning in May, we saw the SBA loan queue begin to grow, which was evidence of both the continued need for these tools and the challenges small-business owners face in getting loans," Mills noted. "Within days of the President’s signature, the authority and the funding provided in the Small Business Jobs Act have allowed us to clear out our loan queue and begin getting capital in the hands of the more than 1,900 small-business owners who had been waiting -- some, for most of the summer."

Mills pointed out that the Small Business Jobs Act will support an estimated $14 billion in lending with only $505 million in taxpayer funds -- including many of the loans approved from the queue.

The loan enhancements for SBA-backed financing were key incentives in helping revive the availability of capital for small businesses after the credit crunch in late 2008 and early 2009. The increased guarantees and reduced fees in SBA’s two largest lending programs sparked a significant turnaround in SBA lending and have been instrumental in helping jump-start the economy for small businesses.

From the passage of the Recovery Act in February 2009 through the end of September, these incentives for borrowers and lenders helped support nearly $30 billion in SBA-backed loans to nearly 70,000 small businesses.

The SBA re-opened its loan queue in May, when funding for the incentives was nearly exhausted. Small-business loan applicants who wanted the benefits of the incentives could choose to place their loan in the queue to await funding from either an extension of the enhancements by Congress, or funds coming available as a result of cancellations of previously approved Recovery loans.

By the time President Obama signed the Small Business Jobs Act on Sept. 27, more than 1,400 "conditionally" approved small-business loan applications were in the queue’s waiting list -- with more than 500 more choosing to go into the queue by Oct. 1. With funds provided in the Small Business Jobs Act, SBA began making "final" approval of remaining loans in the queue on Oct. 1.

SOURCES: Library of Congress, U.S. Small Business Administration
____________________

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

President Obama Outlines Latest in Series of New Small-Business Proposals; Successful SBA Programs Expanded to Boost Working Capital

Today in Lanham, Md., President Barack Obama [pictured] proposed the expansion of two critical Small Business Administration [SBA] lending programs aimed at allowing small businesses to refinance, and increasing limits for working capital. These are both legislative proposals designed to help small businesses through what continues to be a difficult period in credit markets.

“The true engine of job creation will always be businesses,” President Obama declared. “What government can do is fuel that engine: by giving entrepreneurs and companies the support to open their doors, expand, and hire more workers. Today, we're taking another step towards assisting small-business owners get the capital they need to grow and hire.”

SBA Administrator Karen Mills was pleased with this latest development. “These proposals will provide us with two effective tools to help small businesses meet specific challenges brought on bythe recession,” she said. “First, in the tight credit market of the last two years, lines of credit have been cut for small firms. Raising the limit on SBA Express loans to $1 million will mean more small-business owners will have quicker access to this source of capital to help restock inventories and support larger revenue sales and, literally, take that next step to grow their business and create new jobs.

“Second, thousands of good, creditworthy businesses find themselves caught by declining real estate values as a result of this recession. With many of them now facing mortgages coming due in the next few years, the ability to refinance into SBA’s 504 loan will give them the chance to lock in long-term, stable financing, as well as protect jobs by protecting small businesses from foreclosure.”

Following, are details of the President’s new small-business initiatives:

Expand SBA’s Existing Program to Temporarily Support Refinancing for Owner-Occupied Commercial Real Estate Loans
The Administration is proposing legislation to temporarily allow for the refinancing of owner-occupied commercial real estate [CRE] loans under the SBA’s 504 program, which provides guarantees on loans for the development of real estate and other fixed assets. Currently, 504 loans cannot be used for the refinancing of maturing debt. This change would respond to the difficulties that many current, solvent borrowers face in refinancing existing commercial real estate loans.

Businesses with a loan maturing in the next year, who are current on all loan payments, will be eligible. Lenders that are refinancing mortgages for existing customers will make a loan for up to 70 percent of the current property value; and SBA will help finance the remaining 20 percent. For new lenders taking on a refinancing project, SBA will take on a greater share of financing, up to 40 percent. SBA’s proposal for a temporary, zero-subsidy CRE refinancing program would be funded through additional fees for refinancing projects, not through a Congressional appropriation. This proposal will help refinance up to $18.7 billion each year in commercial real estate that might otherwise be foreclosed and liquidated.

Temporarily Increase the Cap on SBA Express Loans from $350,000 to $1 Million
The President is proposing to temporarily increase the maximum SBA Express loan size to $1 million, which would expand the program’s ability to help a broad range of small businesses through a streamlined approval process.

Unlike traditional 7[a] loans, lenders can use their own paperwork for SBA Express loans, which can be structured as revolving lines of credit. Currently, these Express loans are capped at $350,000, and carry a 50 percent guarantee. Fees would cover virtually all of the added costs of this proposal.

These proposals complement the President’s broader small-business agenda -- a key part of his overall jobs plan. The other elements of the small-business agenda include:

* Extending small-business expensing and bonus depreciation for 2010.

* Eliminating capital-gains taxes for small businesses in 2010.

* A Small Business Jobs and Wages Tax Credit that would cut taxes for more than 1 million small businesses by paying up to $5,000 for every net new job, and covers payroll taxes on overall wage increases in excess of inflation.

* A proposal to transfer, through legislation, $30 billion to a new Small Business Lending Fund that will support lending by community and smaller banks.

* Additional SBA lending proposals -- including an extension of the Recovery Act programs that eliminate fees and raise guarantees on SBA’s two largest loan programs, and permanent increases in the maximum loan sizes for major SBA programs.

An SBA Fact Sheet on these proposals is available at: http://bit.ly/SmallBizWorkingCapital

SOURCE: U.S. Small Business Administration
____________________

Advertising Your Small Business on Google? Download the All-New, 2010 Edition of "The Definitive Guide to Google AdWords" First!