Small Businesses Have New Non-Profit Sources
For SBA-financed Loans
20 First Community lending organizations selected to start making loans
up to $200,000 under new Intermediary Lending Pilot Program
Release Date: August 4, 2011
Contact: David J. Hall (202) 205-6697
Or Dennis Byrne (202) 205-6567
Release Number: 11-46
Internet Address: http://www.sba.gov/news
WASHINGTON, D.C. – Startups, newly established and growing small businesses now have a new source of financing backed by the U.S. Small Business Administration as 20 community organizations have been funded by SBA to start making loans up to $200,000 to qualifying small businesses.
Authorized under the Small Business Jobs Act of 2010, the new Intermediary Lending Pilot Program will provide direct loans up to $1 million to 20 community organizations or intermediaries in fiscal year 2011, which in turn will use those funds to help finance small businesses, mostly in underserved markets.
Designed to expand access to capital to small businesses and drive economic growth and job creation, the program will fund 20 additional community lenders in FY 2012. The program has an additional year of authority in FY 2013 subject to appropriation by Congress.
“The Intermediary Lending Program is an important new tool to support businesses in underserved markets,” said SBA Deputy Administrator Marie Johns. “Partnering with community lenders will increase points of access to capital for startups and businesses that have been disproportionately affected by the recession.”
One goal of the pilot program over the next two-to-three years is to assess the intermediary model as an effective tool for increasing lower-dollar lending to small businesses and startups, particularly those in traditionally underserved communities.
The first 20 community lending organizations funded by SBA to participate in ILP are:
Organization
(Listed in Alphabetical Order) City, State
Ben Franklin Technology Partners Philadelphia, PA
Biddeford-Saco Area EDC Saco, ME
Business Finance Group, Inc Fairfax, VA
Central Minnesota DC Andover, MN
Clay-Platte Development Corp. Kansas City, MO
Colorado Lending Source, Ltd. Denver, CO
Cooperative Fund of New England Amherst, MA
Fresno County EDC Fresno, CA
Grand Central Texas DC Austin, TX
Grow South Dakota Sisseton, SD
Mahoning Valley EDC Youngstown, OH
NC Minority Support Center Durham, NC
Ohio Comm. Dev. Finance Fund Columbus, OH
Pacific Community Ventures San Francisco, CA
PIDC Regional DC Philadelphia, PA
Rural Nevada DC Ely, NV
Seattle Economic Dev. Fund Seattle, WA
ShoreBank Enterprise Group Ilawco, WA
TELACU Community Capital Los Angeles, CA
UP Business Capital Marquette, MI
For more information about the ILP program, visit the program website at http://www.sba.gov/content/intermediary-lending-pilot. To locate your local SBA office, visit www.sba.gov/about-offices-list/2.
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Showing posts with label loans. Show all posts
Showing posts with label loans. Show all posts
Friday, August 5, 2011
Tuesday, July 5, 2011
SBA Patriot Express Loans Top $633 Million
SBA Patriot Express Loans Top $633 Million
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Release Date: June 29, 2011
Contact: Dennis E. Byrne (202) 205-6567
Release Number: 11-43
Internet Address: http://www.sba.gov/news
***************
WASHINGTON – In just four years the U.S. Small Business Administration’s Patriot Express Pilot Loan Guarantee Initiative has provided more than $633 million in SBA-guaranteed loans to 7,650 veterans to start or expand their small businesses.
Patriot Express, a pilot loan product, with streamlined paperwork, and based on the agency’s SBA Express program, offers an enhanced guaranty and interest rate on loans to small businesses owned by veterans, reservists and their spouses.
“As Independence Day arrives it is only natural for us to reflect on America’s veterans – men and women who have the leadership skills and experience to become successful entrepreneurs and small business owners,” said SBA Administrator Karen Mills. “The impact of this program the last four years has meant thousands of veterans and their families have had the resources to pursue their dreams as entrepreneurs, and at the same time create jobs and drive economic growth at a critical time for our country.”
Patriot Express was launched June 28, 2007, to expand upon the more than $1 billion in loans SBA guarantees annually for veteran-owned businesses across all its loan programs. SBA also offers counseling assistance and procurement support each year to more than 200,000 veterans, service-disabled veterans, reservists and members of the National Guard and their spouses.
Patriot Express loans are offered by SBA’s network of participating lenders nationwide and feature one of SBA’s fastest turnaround times for loan approvals. Patriot Express loans are available for up to $500,000.
The Patriot Express loan can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases. Local SBA district offices can provide lists of Patriot Express lenders in their areas. Details on the initiative can be found at www.sba.gov/patriotexpress.
To learn more about additional opportunities for veterans available through the SBA, please visit the website at www.sba.gov/vets.
***************
Release Date: June 29, 2011
Contact: Dennis E. Byrne (202) 205-6567
Release Number: 11-43
Internet Address: http://www.sba.gov/news
***************
WASHINGTON – In just four years the U.S. Small Business Administration’s Patriot Express Pilot Loan Guarantee Initiative has provided more than $633 million in SBA-guaranteed loans to 7,650 veterans to start or expand their small businesses.
Patriot Express, a pilot loan product, with streamlined paperwork, and based on the agency’s SBA Express program, offers an enhanced guaranty and interest rate on loans to small businesses owned by veterans, reservists and their spouses.
“As Independence Day arrives it is only natural for us to reflect on America’s veterans – men and women who have the leadership skills and experience to become successful entrepreneurs and small business owners,” said SBA Administrator Karen Mills. “The impact of this program the last four years has meant thousands of veterans and their families have had the resources to pursue their dreams as entrepreneurs, and at the same time create jobs and drive economic growth at a critical time for our country.”
Patriot Express was launched June 28, 2007, to expand upon the more than $1 billion in loans SBA guarantees annually for veteran-owned businesses across all its loan programs. SBA also offers counseling assistance and procurement support each year to more than 200,000 veterans, service-disabled veterans, reservists and members of the National Guard and their spouses.
Patriot Express loans are offered by SBA’s network of participating lenders nationwide and feature one of SBA’s fastest turnaround times for loan approvals. Patriot Express loans are available for up to $500,000.
The Patriot Express loan can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases. Local SBA district offices can provide lists of Patriot Express lenders in their areas. Details on the initiative can be found at www.sba.gov/patriotexpress.
To learn more about additional opportunities for veterans available through the SBA, please visit the website at www.sba.gov/vets.
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