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

SBA Michigan District Office

Take advantage of Early Bird Registration through September 30th!

Ford Motor Company’s Dan Fortunato, Director of Construction and Services Purchasing will be providing the luncheon keynote address for this year’s conference.  To register click on:  http://private.vetbizcentral.com/main.sc

Veterans Business Confernce

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

VAMBOA DOTThe U.S. Department of Transportation (DOT) views military Veterans as a valuable resource, one that needs to be cultivated and utilized. Proving that the department isn’t just offering lip service, the DOT’s Office of Small and Disadvantaged Business Utilization (OSDBU) has been teaming with the U.S. Small Business Administration (SBA) and other partners to administer the Boots to Business: Reboot program to Veterans and Veteran entrepreneurs.

Through the summer of 2014, Boots to Business: Reboot has presented instructional events with discussions on topics such as developing a business plan, molding business concepts, and overall business fundamentals. Veterans were also connected to a network of resources through the OSDBU and its Small Business Transportation Resource Centers.

The OSDBU’s centers work closely with the transportation contracting community to assist transportation-related businesses in their respective regions. The resource centers also serve to provide business counseling to Veteran-owned businesses.

Veteran entrepreneurs participating in the Boots To Business: Reboot were also connected with resources conducive to locating access start-up capital and additional technical assistance. These resources include: Veteran Business Outreach Center, Women’s Business Centers, Small Business Development Centers, and SCORE Counselors.

The DOT sees Veterans as natural entrepreneurs who can make a real impact on the transportation industry. Veterans are disciplined and mission-oriented. Veterans are also decisive and are used to being held accountable.

Unemployment among Post-9/11 Veterans has been consistently higher than the national average. With an increasing number of locally and federally sponsored business ownership programs available to current and former Military personnel, it only makes sense for Veterans to pursue entrepreneurship.

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: Training for Veteran Entrepreneurs: By Debbie Gregory