AMGEN
 

VAMBOA no fee loans

There is great news for veteran entrepreneurs! The U.S. Small Business Administration (SBA) is extendingits Veterans Advantage program through September 30, 2015. The Veterans Advantage program is also being expanded to include loans up to $5 million. The SBA will continue to offer its provision to eliminate the upfront fee paid by all borrowers for the guaranteed portion of 7(a) loans of $150,000 or less.

Prior to the change, entrepreneurs using the SBA guarantee through private lenders had to pay up to 2% of the guaranteed portion of their loans. This would leave small business owners with fees of up to $2,700.

The SBA is also waiving servicing fees for participating lenders paid by them on loans of $150,000 or less.  Beginning on October 1, 2014, the servicing fee that lenders pay each month on 7(a) loans greater than $150,000 will drop to 0.519% on the guaranteed portion of the outstanding balance.

The up-front guaranty fee is being waived for qualified Veteran owned small business owners using SBA Express loans for amounts up to $350,000.  For Veterans using 7(a) loans outside the Express program, upfront fees continue to be waived for loans up to $150,000.

For loans of $150,000 to $5 million, with a maturity in excess of 12 months, the no upfront-fee will drop by 50% using this formula:

Loans of $150,001 to $700,000 will be at 1.5% of the guaranteed portion.

Loans of $700,001 to $5,000,000 will be at 1.75% of the guaranteed portion up to $1,000,000, plus an additional 1.875% of the guaranteed portion over $1,000,000.

Loans with a maturity of 12 months or less can expect to pay an upfront fee of 0.125% of the guaranteed portion.

In order to qualify for SBA Veterans Advantage, small businesses must be at least 51% owned and managed by an individual or individuals who are veterans, service-disabled veterans, active duty military service member participating in the military’s Transition Assistance Program (TAP), Reservists and National Guard members. Also eligible are the current spouses of any of the previous,  or the widowed spouses of service members who died while in service, or of a service-connected disability.  Verifying documentation proving eligibility is required.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: SBA Extends No-Fee Loans: By Debbie Gregory

Boots to BusinessBoots to Business program is set to benefit from $1.12 million in grants.

On September 19, 2014, the U.S. Small Business Administration (SBA) announced that it has entered into a cooperative agreement with America’s Small Business Development Centers, SCORE, and the Association of Women’s Business Centers (AWBC). This co-op has agreed to provide a total of $1.12 million worth of funding needed to facilitate resource partner participation in SBA’s Boots to Business program.

The SBA’s Boots to Business program provides training to transitioning service members and military spouses who are interested in business ownership. The program functions as part of the Defense Department’s TAP program. The original Boots to Business began as a pilot program in 2012, and was expanded in 2013.

Each year, more than 250,000 service members separate from the military ranks. With their experience and leadership skills, Veterans have proven to be natural entrepreneurs. Veterans are more likely to be self-employed than those with no active-duty military experience. There are approximately 2.45 million Veteran owned small businesses in the U.S., making up approximately 9% of all American small businesses. Veteran owned small businesses employ more than five million Americans, generating more than one trillion dollars of sales receipts each year.

“Veterans make some of our country’s best entrepreneurs, and we are investing in them by ensuring our partners are funded to maximize the training and support they provide to service members embarking on their post-service careers,” said SBA Administrator Maria Contreras-Sweet. “We owe so much to those who have served in our Armed Forces and sacrificed so much.  Our veterans deserve opportunities, and the SBA and our network of small business experts are ready to help them start their next chapter.”

Since January, 2013, more than 16,000 transitioning service members have participated in the two-day “Introduction to Entrepreneurship” class that was offered on 165 military installations around the globe. This year, the Boots to Business program was appropriated $7 million in the federal budget.

To learn more about the Boots to Business Program and additional opportunities for veterans available through the SBA, visit www.sba.gov/vets.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: Boots to Business Gets $1.12M: By Debbie Gregory

New Jersey District Office


NJSBDC Logo

WHEN:    Thursday, September 25, 2014
TIME:       9:30 a.m. – 1:00 p.m.
WHERE:  Rutgers University Livingston Campus 
84 Joyce Kilmer Avenue
Student Center – Hall A
Piscataway, NJ  08854
<Register Today>


If you are an existing business owner or entrepreneur who is just starting out, here is your chance to meet with the top SBA lenders who can provide you with the necessary capital to grow or start your business.

This free program is designed to provide individuals that are in business or thinking of starting a business with information on the business loan programs and technical assistance programs offered by the SBA.

Leading area bank lending officers will be on hand to discuss their role in the SBA’s Guaranteed Loan program; SBA’s 504 Certified Development Company loan program; and SBA’s Microloan program. Lenders will discuss:

                                  * What goes into a good loan proposal
                                  * How to increase your chances of getting a loan
                                  * How to get through the loan application process.

Following the presentations, representatives from the SBA; the Small Business Development Center (SBDC) and local SBA Lenders will be available for indi-vidual consultations. Several lenders will be available to meet with you to discuss your lending needs. Business counselors and mentors from the New Jersey Small Business Development Center will be available to review your business plan.

Space is limited, so RSVP today by <Registering Here> Additional information is available through Ursula Sanders by calling her at 973-645-2530 or by emailing her at ursula.sanders@sba.gov.  Once you register, a  free parking permit for that day will be sent to you.

VAMBOA and brazzlebox for VAMBOAThe Veteran and Military Business Owners Association (VAMBOA) is partnering with Brazzlebox to provide more services to Veteran owned businesses. This co-op is great news for Veteran entrepreneurs!

At VAMBOA, we are proud to provide resources and information for our members. To that end, we have joined forces with Brazzlebox, a social media website that is set to officially launch on September 18, 2014. The website is a networking resource, designed to connect and promote small and home-based businesses. Brazzlebox will allow small owners to create profiles and setup their own custom outreach, based not only on their geographic location, but also their industry.

Brazzlebox’s Founder and CEO Glen Zinszer came up with the idea for the resource through his own experience as a small business owner. Zinszer has owned and operated a retail store and an insurance firm. Brazzlebox is intended to bring small business owners together in order to share ideas and experiences.

As a team, Brazzlebox and VAMBOA will provide Veteran and service-disabled Veteran small business owners with useful information for starting, maintaining and expanding their companies. The co-op will also allow VAMBOA members to use Brazzlebox to create a network of Veteran small business owners so that they can share knowledge, experience regarding their common needs, concerns and goals.

VAMBOA membership is free to all military and Veteran business owners.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: VAMBOA to Team with Brazzlebox: By Debbie Gregory

DVBEThe California Department of Veterans Affairs (CalVet) is announcing its first annual Veterans Business Forum. The forum will be held as part of the Disabled Veteran Business Enterprise Conference & Expo, hosted by the California Department of General Services (DGS).

The State of California established the Disabled Veterans Business Enterprise (DVBE) Program to increase business opportunities for the DVBE community. In order to be considered a disabled Veteran for DVBE purposes, the person must have served in the U.S. military, be 10% or more service-disabled, and reside in California.

Eligible disabled Veterans can apply to have their businesses DVBE Certified if their company is at least 51% owned by one or more eligible disabled Veterans. Additionally, the daily business operations must be managed and controlled by one or more disabled Veterans

California State agencies are required to strive to award at least 3% of their annual contracting dollars to certified DVBE companies. The program helps DVBE companies participate on more of alevel playing field when competing for state government contracts.

CalVet’s first annual Veterans Business Forum is intended to educated disabled Veteran business owners about the support and resources that CalVet and the DGS provide.

At the event, disabled Veteran business owners can learn how to get their business DVBE Certified in order to compete for California’s government contracts.

Some 30 California state agencies will be represented for the purpose of Business Matchmaking. Service disabled Veteran business owners will be able to participate in three to six separate ten minute rotations with state agencies and corporations, as well as a one-hour session with federal procurement agents.

The event will also feature the “State Opportunity Showcase” presented by the U.S. Department of Veterans Affairs (VA).

The Veterans Business Forum will be held on October 1, 2014, from 7:00 am to 4:30 pm at the Department of General Services’ Headquarters in the Ziggurat Auditorium, located at 707 3rd Street, West Sacramento, CA 95605.

To register for the Veterans Business Forum, follow the link to the CA.gov Registration page.

 To register for the VA’s “State Opportunity Showcase” and Business Matchmaking session, please follow the link to the Women’s Business Enterprise Council (WBEC)– West website at : http://www.procurementregistration.com/wbec/. The link to register ison the left side, halfway down the page. Registration for these events must be submitted by September 17, 2014.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: CalVet to Host Veteran Business Forum:   By Debbie Gregory