(Businessweek) — The Small Business Administration recently announced two new programs that will increase lending to businesses in disadvantaged areas and to those headed by minorities and women. Beginning in mid-March, Small Business Advantage and Community Advantage will allow mission-based financial institutions to issue SBA-guaranteed loans of up to $250,000. “These new ‘Advantage’ initiatives are aimed […]
(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 […]
(Entrepreneur) — When you’re thinking about how to raise money, one of the first things you should consider is bootstrap financing–using your own money to get your business off the ground. This is one of the most popular forms of internal funding because it relies on your ability to utilize all your company’s resources to […]
(Businessweek) — Brad Sterl didn’t think getting a $1 million line of credit from a bank would be difficult after his pizza crust manufacturing company in Pittsfield, N.H., returned to profitability in 2009. Rustic Crust, founded in 1996, had been doubling sales each year since 2005 when it raised venture capital. It hadn’t booked a […]
(Associated Press) — The Department of Transportation is planning a series of workshops to help small and disadvantaged businesses get the insurance needed to obtain stimulus and other government contracts. The DOT will hold 10-week workshops in Chicago, Dallas and Atlanta to teach businesses how to obtain surety bonding, the type of insurance used in […]
(New York Times) — The Small Business Administration could be headed to court to defend itself against accusations of discrimination in its investment financing programs. On March 29, a federal judge in Washington ruled against the S.B.A.’s motion for summary judgment in a lawsuit filed by a would-be venture capital fund. The fund,Diamond Ventures, which […]
(politic365.com) —Diamond Ventures, a venture capital firm, is suing the Small Business Administration (SBA) for racial discrimination. The $50 million lawsuit alleges that the SBA rejected Diamond’s application to join their Small Business Investment Company (SBIC) program. SBIC firms are licensed to provide equity investment and loans to small firms, backed by government guarantees. Read […]