FRAMINGHAM – Today, Governor Charlie Baker and Lieutenant Governor Karyn Polito announced that individuals, families and businesses impacted by the ten-alarm fire in Cambridge on Saturday December 3, 2016 can apply for low-interest loans from the U.S. Small Business Administration (SBA). The need to assist small business intensified with the onset of World War II, when they were placed at a competitive disadvantage vis-a-vis larger concerns. New and returning lenders are a major component of SBA’s lending portfolio and are essential to growth in the quantity of loans approved and small businesses assisted.
In 2012 he proposed consolidating six agencies that focus primarily on business and trade — including the Small Business Administration (SBA) — into one new department. With the SBA Loans, the small business owners could breathe easily with a relief. SBA will continue to support small business access to capital by increasing the number of lenders participating in the flagship 7(a) loan program (including the Community Advantage pilot program).
The report gives a detailed profile of this robust business population based on the latest available data, the U.S. Census Bureau’s 2012 Survey of Small Business Owners. The SBA business plan provides such guidance so that one can manage the business efficiently from the start to the finish.
Don’t Be A Ghost – When business is going poorly, the tendency is to want to run and hide, especially from your lender. Meanwhile, the San Antonio Small Business Administration district office also recognized the bank as the Lender of the Year in the area for fiscal year 2016.
There are several types of Small Business Administration lenders and the difference is typically based upon the volume of SBA loans that the lender produces each year. SBA Loans are fully underwritten, so only qualified borrowers and transactions make it through underwriting, but the loans offer the highest loan-to-values and the lowest rates available on the market for borrowers.