SBA Expands Eligibility for 7(a) Loans

WASHINGTON – More small businesses will be eligible for U.S. Small Business Administration-backed loans, meaning greater access to much-needed capital in this tough economy, as a result of a temporary alternate size standard for the agency's largest lending program. SBA’s alternate size standard for its 7(a) loan program will go into effect early next week through Sept. 30, 2010. As a result of the temporary change, more than 70,000 additional small businesses – including auto and RV dealerships, auto industry suppliers and others – could be eligible to apply for SBA 7(a) loan. “This is just one more step we are taking to make sure small businesses have access to capital to keep their doors open and employees working during these tough economic times,” SBA Administrator Karen Mills said. “We have seen signs that small businesses that are just outside the traditional 7(a) size standard are being shut out of the conventional lending market. This temporary change will help those businesses weather these tough times and help move our nation closer to economic recovery.” The temporary 7(a) loan size standard will parallel the standard for the agency’s 504 Certified Development Company loan, and will allow businesses to qualify based on net worth and average income. The net worth for the company and its affiliates can’t be in excess of $8.5 million and average net income after federal income taxes (excluding any carry-over losses) for the preceding two completed fiscal years can’t be more than $3 million. The alternate size standard is available at the offices of The Federal Register today and will be published as an interim final rule early next week. The temporary change to the 7(a) loan size standard is not unprecedented. SBA took similar actions in 1993, as a result of the recession of the early 1990s, and again in 2005 as part of a program aimed at helping small businesses in the wake of hurricanes Katrina and Rita. This change also means more small businesses can take advantage of benefits made possible through the Recovery Act. On March 16, the SBA implemented two key provisions of the Recovery Act that raised the guarantee on 7(a) loans to 90 percent and reduced fees for borrowers. Since then, the agency has seen average weekly 7(a) loan volume increase by more than 25 percent and new SBA loans made by nearly 450 lenders who had not made loans since October 2008. For more information about SBA’s revisions to its small business size standards, visit http://www.sba.gov/size/indexwhatsnew.html and click on “What’s New about Small Business Size Standards.”

The Weekly Wake-Up

So when you think about starting your business have you considered going green?

No I am not talking about starting a solar-panel business or building a windmill in your back yard (though those ideas may indeed be profitable). I am talking about using green resources in building/making your everyday products. As discussed in the like below, the EPA's Design for the Environment program offers both tools and financial resources to companies to produce products which are more "environmentally friendly."

Here is the link to the article:

http://online.wsj.com/article/SB118161137940732085.html?mod=todays_us_marketplace

Here is a link to the program:

http://www.epa.gov/dfe/

Good luck!

-D

It's Vacation Time!

We will be back in two weeks! :)

The Weekly Wake-up - Feb 28, 2009

Binghamton announces new business plan contest!

Another new program is in the works down in Binghamton, which is looking to develop new small businesses within it's city limits. Mayor Ryan and other small business professionals announced the program this week, which will award $5,000 to the best plan. There are a couple of rules and restrictions so you can find out details at this link:

http://www.wbng.com/news/local/39857447.html

Good luck!

-Dale

CNY Small Biz- Weekly Wake-Up

Binghamton Announces Business Plan Competition

From the Channel 12(WBNG) Website) :

"Mayor Matt Ryan was joined by the Binghamton Local Development Corporation (BLDC) and the Entrepreneurial Assistance Program (EAP) to announce details of the first annual BLDC/EAP Business Plan Competition, which will award $5,000 to the best plan for developing a business in the City of Binghamton.
The competition seeks to cultivate local business development, highlight BLDC financing programs, and raise awareness about other community resources for small business growth. Organizers anticipate that the award will attract high quality entries, and provide useful assistance to the development of the winning business. " (WBNG, 2009)

Find out more at:
http://www.wbng.com/news/local/39857447.html

SBA News Alert! - 2nd Annual Business Conference for Military

Syracuse Hosts 2^nd Annual Business Conference for Military Community

 

SYRACUSE- Operation: Start Up & Grow is the premier veterans business conference in Upstate New York for veterans and members of the military community who want to start or expand their own small business. This FREE conference features speakers, workshops, networking, exhibitors and much more. If you've a veteran with an idea for a business or are already in business, this conference offers valuable information and resources to take your business to the next level.

 

What:              Operation: Start Up & Grow ~ 2009 Veterans Business Conference

 

Who:               Veterans, active duty, Reservists, and National Guard members are eligible to attend

 

When:             Thursday, March 19, 2009   8:30 a.m. – 2:45 p.m.

 

Where:            Gordon Student Center, Onondaga Community College, 4585 West Seneca Turnpike, Syracuse, NY 13215

 

Sponsors:        M & T Bank, New York Business Development Corporation, Onondaga Community College, Small Business Development Center at Onondaga Community College, and the U.S. Small Business Administration

 

Highlights:    

 

• Keynote addresses from Bruce St. John, of the U.S. Department of Veterans Affairs Center for Veterans Enterprise in Washington, D.C. and 
  Doreen Garrett, CEO of Otis Technology, Inc.
• Interview with successful veteran entrepreneur Tony Baird, President and CEO of Tony Baird Electronics
• Panel speakers from federal, state, and local agencies and organizations with programs for veteran entrepreneurs
• Startup workshops on business planning, financing, and franchises
• Existing business workshops on marketing, exporting, and government contracting
• Continental breakfast and lunch
• Exhibitors of agencies and organizations with veterans business programs
• Award presentations to Veteran-Owned Business of 2009 and Top SBA Syracuse District Veterans Lender in FY 2008

 

Registration:  Online registration and event details available at http://www.sba.gov/ny/syracuse

 

Resources:       http://www.sba.gov/ny/syracuse and click on the Operation: Start Up & Grow link

                        Contact Rachael Stanton with questions at 315-471-9393 ext. 244 or rachael.stanton@sba.gov

Small Business Economic Injury Loans Available

Ever in need of some extra short term cash after a flood, high winds or even excessive rain damage your business infrastructure? Well the SBA publishes a list of disaster declarations which allow those eligible as defined by declaration and SBA offices to get short term loans and low interest rates. Check out the link below to see if you may be eligible:

http://www.sba.gov/disasternotices/ny.html