Alan Pruitt

I encourage small business owners to contact your local Small Business Developmenmt Center (SBDC) to learn more about these SBA programs. One thing to keep in mind – it is not ”free money” and your primary lender still needs to be on-board. The SBA is not a “direct lender” (yet), but this $80 million will filter down to Main Street at some point. At least in Arizona, Wells Fargo Bank continues to be the number 1 lender ($42.5M)  for SBA lending; followed by JP Morgan Chase Bank ($10.5M) as of FY2010 2Q ending March 31, 2010.

A small business owner still requires a solid business plan (or a “recovery plan”) to submit to the lenders and an above-average credit score (700+?) to be eligible for these programs. These are not programs for start-ups or small businesses with no financial track record. Some lenders now require 3 or more years of business financials and personal finacial disclosure information.

Our nation’s economy is being driven in large part by small businesses and entrepreneurs, and SBA loans will continue to be the critical financial resourse they need in the midst of the economic downturn.

WASHINGTON – President Barack Obama signed legislation yesterday (April 15, 2010) providing $80 million in additional funding to continue important enhancements in the U.S. Small Business Administration’s two key small business loan programs.  The enhancements, first made available under the American Recovery and Reinvestment Act, include a higher guarantee on some SBA-backed loans and small business fee relief.

Read SBA Press Release…

@alanpruitt  Business Analyst @AWCSBDC

1. www.Richard-Weaving.com » More SBA loans issued in Southern California said...
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