(Sarasota Herald-Tribune) — THE U.S. SMALL BUSINESS Administration announced on Dec. 15 that it was ending its Community Express pilot loan program on April 30. The program has been widely used by small business owners in need of small amounts of working capital — up to $25,000 in most sites and $50,000 in Historically Underutilized […]
(The Network Journal) — Karen Mills, head of the U.S. Small Business Administration, named radio and TV magnate Catherine L. Hughes to chair the agency’s new Advisory Council on Underserved Communities. Launched on Dec. 15, the Council will consist of 20 members from across the country and will provide input, advice and recommendations on how […]
(Bizjournals.com) — The Small Business Administration rolled out two new programs aimed at increasing the flow of credit to businesses in low-income areas, as well as minorities and women. The SBA also announced that Radio One founder and chairperson Catherine Hughes will chair the agency’s new Advisory Council on Underserved Communities. The agency’s two new loan […]
(Businessweek) — If you haven’t had luck landing a business loan or credit line from the big banks you’ve approached, don’t expect your odds to improve any time soon. The Basel III guidelines, intended to prevent further financial crisis, will require lenders such as Bank of America (BAC), Citigroup (C), JPMorgan Chase (JPM), and Wells […]
(WSJ.com) — Bill Cimino was approved for a $1.6 million loan last year to purchase the property on which his Wilmington, Mass., car dealership sits. The loan was backed by the Small Business Administration and—thanks to the government stimulus program—carried no borrower fees and provided his lender with a substantial guarantee against default. The loan was […]