For Richmond businesses struggling to make monthly debt payments, a new Small Business Administration program could provide a lifeline. The emergency loan program will start accepting applications in mid-June, the agency announced Monday. Business owners interested in the program should contact their local bank.
SBA
Small biz owners seek SBA loan help
Bernie Katz, Robert White and Michael Bucci have something in common. They all own small businesses and have had difficult experiences with bank financing. That prompted them to show up for a Wednesday morning meeting to help small businesses survive the economic downturn. They were among about 60 small-business owners at the meeting at the… Read more »
Q&A: Will banks start lending with a boosted Govn’t guarantee?
As part of the White House strategy to jump-start small business lending, the federal government increased the guarantee amount on loans backed by the Small Business Administration and eliminated fees. (Read about that here.)
Help on the way for SBA loans
The Small Business Association might not be searching for a new slogan, but it would do well to consider “get ’em while they’re hot.” The SBA loan, an often-used source of financing for startups of all shapes and sizes, has over the past year become far harder to get. That has slowed business at a… Read more »
New businesses, where art thou?
Businesses usually sprout during recessions – when laid-off workers give entrepreneurship serious thought – but the volume of new businesses in Richmond seems to be declining. Richmond has issued 111 business licenses this year, a 29 percent drop from the first six weeks of 2008, when the city issued 157 licenses. Entrepreneurs are opening the… Read more »
More SBA-backed loans in Virginia going into default
The number of delinquent Small Business Administration-insured loans in Virginia is rising. Last week BizSense reported that bankruptcy filings for businesses and individuals is rising in Richmond. The SBA could not provide statistics in time for that story, but we have them now for the state of Virginia. Fiscal Year: $ of purchased loans #… Read more »