AMGEN
 

SBA extends loan programsRecently, the U.S Small Business Administration (SBA) announced that fee relief for small business loans made to Veterans will be extended through fiscal year 2015, and that programs for its Veterans Advantage program will be enhanced.

Last year, the SBA implemented its zero-fee loans for Veteran owned small businesses on 7(a) loans of $150,000 or less. This benefit was supposed to expire on September 30, 2014. The continuation of the loan relief was slated to extend from October 1, 2014 to September 30, 2015.

“We zeroed out fees on loans of less than $150,000 to any 7(a) borrower because we don’t want SBA fees to be an impediment to getting capital out to communities where it can make a game-changing difference, especially to our underserved communities, who use these small dollar loans more frequently,” said SBA Administrator Maria Contreras-Sweet.  “We also owe a debt of gratitude and so much more to our service men and women, and veterans who are the cornerstone of small business ownership. This fee relief will continue to help veterans business owners who grow their businesses, create jobs in their communities, and put their training and passion for our country to work in their neighborhoods.”

As of the middle of September, the SBA had guaranteed more than 28,800 loans under $150,000 for a total of over $1.74 billion in FY 2014. These totals are up from FY 2013, when the SBA guaranteed $1.34 billion for 23,337 loans under $150,000.

For loans larger than $150,000, the SBA will continue to offer an annual servicing fee at 0.519% of the guaranteed portion of the outstanding balance of the loan. The upfront guarantee fee will continue to depend on both the amount and the maturity of the loan.

The SBA will also continue to offer zero upfront guaranty fee on all SBA Express loans to veterans, on loans of $150,000 up to $350,000 through FY2015.

One of the other enhancements that the SBA is implementing is the upfront guaranty fee for non “SBA Express” loans $150,000 up to $5 million, which will be reduced by 50%. There is no reduction on the annual servicing fee for loans over $150,000.

The SBA determined that 70% of its loans made to Veterans are $350,000 or less. In FY 2014, the SBA had guaranteed 153 loans for $38,861,900 through its Veterans Advantage program. Fee relief for these loans resulted in savings to borrowers of about $571,000.

For further information on all SBA programs and services, visit the SBA website at www.sba.gov, or contact your local SBA field office.

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 Loan Programs: By Debbie Gregory

SBA Georgia District Office

 The U.S. Small Business Administration’s Surety Bond Guarantee Program can help your small business get bonded!  Please join us if your small business has:

  •        Limited Financial Resources
  •        No Prior Bonded Work Experience
  •        Been in Business Less Than Three Years
  •        Desire to Increase its Current Bonding Capacity

Join us for an AT&T Connect Webinar discussing:

Contract Bonds

  • What they are and Why they are Required
  • How to Get Pre-Qualified
  • Working Capital & Bank Support

 SBA’s Surety Bond Guarantee Program

  • Program Eligibility
  • Required Information
  • Application Process & Fees

 Registration is required.  Please register online at http://events.sba.gov/eventmanagement/eventlisting.aspx?state=GA  Events are listed in date order

Date:                    Wednesday, November 12, 2014

Time:                    10:00 am – 11 am

Location:             VIRTUALLY 

Access:        https://connect16.uc.att.com/sba/meet/?ExEventID=87462470 (copy the link into your browser to attend).

Dial:            (888) 858-2144 & enter meeting code 7462470# to connect by phone.

Prepare in advance for the conference at: https://connect16.uc.att.com/sba/Prepare

For more information contact Ms. Melanie Bryant at 404/331-0100 ext 603 or melanie.bryant@sba.gov.

Business Loans 101

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SBA Georgia District Office

Who:  Minorities, women,disabled, and veteran; existing and prospective small business ownerswelcome.

When: Tuesday, November 4 and Wednesday, November 5, 8:00 am ‐ 2:30 pm

 Where: KSU Center at Kennesaw State University, 3333 Busbee Drive Kennesaw, GA 470.578.6450.  For more information contact Carole Arnold, Program Coordinator

Cost: Only $89 for both days, including breakfast, networking lunch and all materials. Click here to register.  http://www.colescollege.com/sbdc

The Georgia SBDC Credit School:  Business Loans 101 for Women, Minorities, Veterans and the Disabled

In 2013, the Georgia SBDC network helped small business owners obtain over $155,000,000 in capital infusion. The Georgia Small Business Development Center (SBDC) has utilized its lending expertise, knowledge of SBA and other loan programs, loan packaging skills, and banking relationships to develop The Credit School, a “business loan 101 guide” specifically designed for minorities, women, veterans and the disabled.

Here’s your opportunity to learn from Georgia SBDC experts who have already helped thousands get business loans. This innovative program is an intensive two‐day workshop that will teach you everything you need to know about getting a business loan – from start to finish.

Georgia SBDC Consultants from around the state will show you how to tap into business loan sources including:

·         what SBA loans are, how they work and how to get one

·         impact of negative personal credit and what to do about it

·         how bankers think and why it matters

·         how other small business owners successfully got funded

·         commercial bankers, SBA lenders and certified development companies who have loaned to small businesses

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

 Washington Metropolitan Area District Office

In April 2012, Congress passed legislation that gives small businesses and startups additional access to equity markets to raise capital through certain vehicles. What Does It Take to Get Venture Capital For Your Small Business? Please join Eva Ngai, Public Information Officer, as she gives an overview of SBA programs and services including SBA’s Small Business Investment Company program. Participants will also hear from Business Strategist Lorette D. Farris and Casey Berman, Camber Creek Managing Director, about the investment vehicles you can use to raise equity capital and the criteria by which your business will be evaluated.

Date:   October 2, 2014
Time:  8:00 a.m. to 10:00 a.m.
Place: The Rayburn Gold Room, Rayburn House Office Building
45 Independence Ave SW, Washington, DC 20515
Main Entrance, Horseshoe Drive off South Capitol Street

For more information and to register, visit https://sagesolutionsgtm.wildapricot.org/event-1737151.  Participation fee: $15.  Advance registration is required.

This workshop is part of a cosponsored initiative between the U.S. Small Business Administration and Sage Solutions GTM, LLC to provide educational training opportunities to small businesses.

Cosponsorship Authorization 14-0353-90. SBA’s participation in this cosponsored activity is not an endorsement of the views, opinions, products or services of any cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis. Reasonable accommodations for the disabled will be provided to those who make a request 2 weeks in advance. For more information, contact Tijuana Young at (703) 468-0834.