Summit Bank’s SBA Division provides expert advice and counsel to small businesses throughout the 7(a) application process. No business or individual can (currently) be the recipient of more than $2 million in SBA backed loan proceeds, so the funds will be widely disbursed rather than funneled to well-connected large businesses. An online referral tool, SBA LINC requires small business owners to fill out a brief questionnaire about their business.
To continue the important functions of the earlier agencies, President Dwight Eisenhower proposed creation of a new small business agency – the Small Business Administration (SBA). Maximize small business participation in federal government contracting to meet the statutory goals and reduce participation by ineligible firms.
SBA & Police Athletic League Team Up For Scholarship Fund For At-risk Youth: The SBA North Florida District Office recently participated in a tour of the University of North Florida (UNF). The SBA, unlike banks and other conventional lending sources provides loans to business owners at lower interest rates, making it easier for them to repay the loans.
Renewed efforts by the Bush Administration to end the SBA loan program met congressional resistance, although the SBA’s budget was repeatedly cut, and in 2004 certain expenditures were frozen. A business plan is not a one-time document, at least it shouldn’t be. Most businesses put together a business plan during their start-up phase to organize, attract partners and employees, and to try and get a loan or financial investment.
Personal loans are easier to access, but the APR can be higher than with microloans. This is done by overseeing the establishment of small businesses and ensuring that the enterprises have access to loans from lending institutions. If your business is relatively new to the contracting game, it is best to try local contracts first to test the waters.