Read more about the temporary changes...
It appears that the B&I program is looking to be a strong program in FY2012. Fees may potentially increase, and there will be some staff changes at USDA, but USDA has assured the public that the program will still be in "capable and experienced" hands. The amount of funds available to the program is potentially $832 million. Read more...
SBA has published a press release highlighting the significant increase in the volume of sba-backed loans. The agency credits the loan incentives presented by the Jobs Act as a major factor. Read more...
An economic study released has shown that the amount of small business loans made to businesses in the Delta have increased dramatically. The study, released by the Delta Regional Authority, notes that the loans funded have already exceed the loan amounts from 2009. Read more about the DRA's study...
Many sources are reporting that the face of SBA lending is changing. The Orange County Register reports that more and more large banks are veering away from SBA lending while more small, community banks and non-bank lenders are becoming more involved with this type of lending. Read more about the shift...
Bob Wright will be hosting next week's SBA web chat focused on providing advice for home-based businesses. The chat will be held at noon on Thursday, July 28. Ask any questions you may have prior to the event on SBA's website. Get more details about the event here...
This article is entitled "New Rules for Getting a Small Business Loan." I wouldn't necessarily call them rules. The author discusses the way that the lending industry has changed and the different benefits of various lending outlets. It is a very interesting article. Inc always has great information out there, so browse around at some of their articles.
The U.S. Small Business Administration identified veterans as a group that that is underserved when it comes to getting help when starting a business. Therefore, the SBA has a program specifically for military, former military, and their spouses and/or widows. This program is a streamlined application process that makes getting a loan to start-up a business, purchase new equipment, etc. a quick and efficient experience. Read more about the Patriot Express loan… If you or someone you know would like more information about the Patriot Express program, please contact Arkansas Capital Corporation at (501) 374-9247.
The SBA's website is a great resource for small business owners. Today I came across a great checklist for a business owner that is looking for a loan. The list covers items that the entrepreneur should ask themselves and the items that they should have handy when meeting with a lender. Check out the list here!
Our own Itzel Meador was a guest speaker at this week's Vilonia Business After Hours chamber meeting. Itzel explained the mission of Arkansas Capital and how we partner with banks in order to help small businesses. She also discussed how our loan programs are able to help small business owners and about our specialization in Small Business Administration loans. Read more about Itzel's presentation at the Vilonia Chamber on the Log Cabin's website...
If you want to learn more about how to make your business more visible in the online community, you may want to sign up for this webinar. It is fairly affordable, and even if you miss the actual event, you will still have access to the materials. This will be a great resource if you want your business to reach more people in the online arena. Check out the event here...
In an effort to stimulate economic growth and job creation in underserved communities, the SBA introduced two new initiatives this past February. The new Advantage Loan Initiatives offer a "streamlined application process for SBA 7(a) up to $250,000." These programs are an effort to increase lower dollar loans as studies have shown that such loans are instrumental to growth in underserved communities and to new business formation. Learn more about the SBA's Advantage Loan Initiatives...
|
Small Loan Advantage |
Community Advantage |
|
|
SBA’s stated purpose: |
Small Loan Advantage is structured to encourage larger, existing SBA lenders to make lower-dollar loans, which often benefit businesses in underserved markets. |
Community Advantage is a pilot initiative aimed at increasing the number of SBA 7(a) lenders who reach underserved communities, targeting community-based, mission-focused financial institutions which were previously not able to offer SBA loans. It is a three year program. |
|
Maximum Loan Size: |
$250,000 |
$250,000 |
|
Guarantee: |
85 percent for loans up to $150,000 |
85 percent for loans up to $150,000 |
|
Approval Times: |
Most Small Loan Advantage loans will be approved in a matter of minutes through electronic submission (e-Tran). Non-delegated Small Loan Advantage loans will be approved within 5 to 10 days. |
Most Community Advantage loans will be approved within 5 to 10 days. |
|
Paperwork: |
Small Loan Advantage features streamlined paperwork, with a two-page application for borrowers and lenders can use their own note and guaranty agreement. |
Community Advantage features streamlined paperwork, with a two-page application for borrowers. |
|
Lender Requirements: |
Small Loan Advantage is open to financial institutions (currently 630 lenders) participating in SBA’s Preferred Lender Program (PLP). |
Community Advantage is open to mission-focused lenders, including Community Development Financial Institutions, SBA’s Certified Development Companies and SBA’s nonprofit microlending intermediaries. Community Advantage lenders will be expected to maintain at least 60 percent of their SBA loan portfolio in underserved markets. |
If you haven’t tested the U.S Small Business Administration’s new mobile application, you really should download it. It’s free! You can use their handy start-up calculator to help plan for new business costs and conduct a search to find nearby resource centers. This app also has a collection of videos on topics ranging from Record keeping, Home Office Deduction, and IRS Resources for Small Business Owners. If that’s not enough excitement for you, check out their in-app Twitter feed. Now, that is convenience! Download your SBA Mobile app today!
The U.S. Small Business Administration's National Small Business Week gets started today in Washington, D.C. On Friday, the Small Business Person of the year will be announced, but not before three days of festivities recognizing the nation's top entrepreneurs.
This year's theme is "Empowering Entrepreneurs." That's our slogan! While they may not have gotten the idea from us, we sure do think it is a powerful theme and a worthwhile mission. The events will be live streamed and can be viewed on the National Small Business Week website:www.nationalsmallbusinessweek.com/webcast.php
See this year's schedule of events...
The debenture rate for the U.S. Small Business Administration's 504 loan program has dropped for the month of May. The 20 year debenture was at 5.9% in April; the 20 year debenture is now at 5.64%! The 10 year debenture is currently 4.59%, down from 4.89% in March. What does that mean for business owners? For a 20 year, $500,000 loan, a business owner could save well over $7,000 in interest over the life of the loan. If you, or a business owner you know, have been waiting to purchase new equipment, make renovations, or if you just want to know more about the SBA 504 program, please give us a call. We would love to hear from you!
-The Arkansas Capital Corporation Group
Throughout the nation, over 1,000 lenders have returned to SBA lending. Though loan levels are up, small loans and loans in under-served communities are still lagging behind. SBA is well aware of the high level of time commitment, paperwork, and difficulty that is required to secure SBA financing or SBA-guaranteed financing, and they are working to ease the process. The goal is to increase loan volume and to expand its outreach efforts with the end result being the creation of more jobs. Read more about what Karen Mills, SBA Administrator, had to say about SBA's efforts.
Small business owners will benefit from significant tax deductions in 2010 and 2011 thanks to the Small Business Jobs Act which was recently signed into law. One aspect of the new law that small business owners are keen on is Section 179, this part of the law pertains to business equipment tax deductions and amount of money available for deduction.
The Arkansas Capital Corporation Group’s Chief Executive Officer C. Sam Walls on Friday highlighted enhancements to the Small Business Jobs Act of 2010 which will have the greatest impact on Arkansas’s small business owners.
“These enhancements are the most impactful I’ve seen in my 20 years of working with government guaranteed lending,” Walls said. “These tools are meaningful in their ability to assist and encourage business owners to grow their enterprises.”
A prepared business is a resilient business. That was the lesson learned this week at a daylong workshop teaching company owners how to plan for disasters. “The Verizon Preparedness Planning Summit: A Readiness Workshop for Small Businesses” drew about 100 representatives from small- and medium-sized businesses. Business owners discovered how susceptible their companies can be when disaster strikes, whether it takes the form of a flood, earthquake, tornado, fire or even terrorist activity.
Read more about small businesses planning for disaster...
SBA Loan Profile: East Village Tavern & Bowl