| |
| |
| |
| |
Program Sponsors |
 |
| |
 |
|
Press Release |
|
|
Quick and Easy SBA Financing Option for Small and Home-Based Businesses |
| |
| SBA 02/13/2008 - A small business financing workshop is scheduled from 10:00 a.m. to Noon on Wednesday, March 12, 2008, announced Ronald E. Bew, District Director of the U.S. Small Business Administration’s Richmond District Office.
The workshop will be held at the West Point Business Incubator, 621 Main Street, West Point. Representatives from the Small Business Administration, and Middle Peninsula Business Development Partnership will present information on SBA loan programs, counseling services and available technical assistance. Loan applications will be available for SBA Community Express loans.
To register, please call Peggy FaJohn with SBA at (804) 771-2400, Ext.126 or Candi Newman with the Middle Peninsula Business Development Partnership at (804) 758-4917. There is no cost to participate, but pre-registration is recommended.
Under the SBA’s CommunityExpress Loan Program, a loan guaranty is offered to lenders who provide small business loans up to a maximum $250,000. However, historically, businesses and lenders in Virginia use the program to make small business loans for $5,000 to $50,000. A CommunityExpress loan offers an avenue to capital access for small and home-based businesses owned by minorities, women, veterans, and small businesses located in pre-designated geographic areas serving mostly low and moderate-income areas. The SBA has other loan guaranty programs available to those entrepreneurs not meeting the CommunityExpress Loan Program eligibility requirements. Information about these programs will be available at the workshop.
Highlights of the CommunityExpress Loan Program include:
* The SBA does not require lenders to take collateral on loans of $25,000 or less.
* SBA-backed loans may be used for new or existing businesses.
* Technical assistance (Business Counseling & Training) is available. Technical assistance
has been recognized by the SBA as often crucial to the success of small businesses. For this reason, CommunityExpress loans include a technical assistance component.
* Less paperwork for smaller loans and a 36-hour turn-around from the SBA.
* The lender makes the loan decision on behalf of the SBA.
For more information about the SBA’s programs and services, visit the agency’s Web page at www.sba.gov/va and look in the "Financing" section.
The SBA’s extends all programs to the public on a nondiscriminatory basis.
|
|
|
