U.S. Small Business Office of Advocacy: The Small Business Economy 2009: A Report to the President
The Small Business Economy 2009: A Report to the President
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By Charles M Cooper · July 08 2009
small business, sba, advocacy, small business economy 2009
The number of nonemployer firms has risen steadily in this decade, from 16.5 million in 2000 to an estimated 21.1 million in 2007. An estimated 637,100 new employer firms began operations in 2007 and 560,300 firms closed that year.
That is what the Small Business Administration had to say about the growth of small business over the last decade. According to the agency, there has been a steady growth in the number of small firms opening up shop in the United States. As of 2007, small businesses (those with 500 employees or less) made up 99.9% of the businesses active in the country. These small businesses also:
Represent 99.7% of all employer firms.
Employ about half of all private sector employees.
Pay nearly 45% of total US private payroll.
Have generated 60% to 80% of net new jobs annually over the last decade.
Create more than half of nonfarm private gross d...
By Charles M Cooper · July 06 2009
small business, sba, decline, new york times
July 1st saw the beginning of the Small Business Administration’s Dealer Floor Plan (DFP) financing program, which will make it easier for auto, RV and other dealerships to borrow against their inventory and increase their cash flow. The new pilot program is one of the many tools SBA is making available to help increase access to capital and technical assistance to small business.
DFP financing is a revolving line of credit that allows a dealership to obtain financing through SBA’s 7(a) program for inventory that can be titled, such as autos, RVs, manufactured homes, boats and trailers. As each piece of collateral is sold by the dealer, the loan advance against that piece of collateral is repaid. As the loan is repaid, the dealer can borrow against the line of credit to add new inventory.
DFP loans will be available for a minimum of $500,000 up to the $2 million allowable under the 7(a) program. With a maximum repayment term of five years, the loans will co...
By Charles M Cooper · July 06 2009
small business, sba, loans, dealer floor plan financing
The US Small Business Administration has recognized two of its Emerging 200 (e200) initiative participants as being among the winners of the 2009 Inner City 100 competition, which is held by the Initiative for a Competitive Inner City (ICIC), a national not-for-profit organization founded in 1994 by HarvardBusinessSchool Professor Michael E. Porter. The award spotlights and supports growing companies in urban areas and highlights the importance of a healthy economy in developing healthy urban communities. Chosen from a pool of nearly 6,500 applicants, the two small businesses recognized from the SBA’s Emerging 200 initiative program are Sacred Power corporation of Albuquerque, New Mexico and FutureNet Group of Detroit Michigan, both of them Native-American owned and operated.
Sacred Power Corporation (www.sacredpowercorp.com) is a 2008 graduate of the SBA’s Emerging 200 initiative with a charter...
By Charles M Cooper · June 24 2009
small business, sba, native american, inner city 100
The statistics are in: Growth of small and microbusiness lending was positive during the first half of 2008, but it was slower than in the previous year. This is according to the latest edition of the Office of Advocacy’s annual study of lending to small firms: Small Business & Micro Business Lending in the United States for Data Years 2007-2008, which gives a detailed account of small business lending overall, plus state-by-state totals and totals for individual lenders.
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The report uses the most recent Consolidated...
By Charles M Cooper · June 19 2009
small business, sba, office of advocacy, small business loans
The Small Business Administration is accepting loan applications for a temporary new program called America’s Recovery Capital. These “ARC” loans, which go up to $35,000, are designed to provide a “bridge” for viable small businesses with immediate financial hardship – to keep their doors open until they get back on track. “These ARC loans are another tool in the SBA toolkit which will provide critical support to small businesses struggling to make it through these tough economic times,” said Administrator Karen G. Mills.
ARC loans are deferred-payment loans made by commercial lenders to established, viable, for-profit small businesses that need short-term help to make their principal and interest payments on existing and qualifying business debt. While the ARC loans are not made by the SBA directly, they are 100% guaranteed by the SBA and have no SBA fees associated with them.
These loans will be disbursed over a period of up to six month...
By Charles M Cooper · June 17 2009
small business, sba, financing, arc loans
Government, Politics and the Economy
Gingrich: Obama Has “Already Failed”
Former House Speaker, and possible 2012 presidential candidate Newt Gingrich said that President Obama’s plan to fix the economy through stimulus spending and government intervention has “already failed.” Bloomberg.com
NY Senate: GOP Takes Control in Coup
In a remarkable move, the New York Senate has come back into Republican hands. Malcolm Smith was ousted as Senate Majority Leader replaced by Senator Dean Skelos of Rockville Centre. Dems still hold the majority, but not the leadership and Paterson is ballistic. WCBSTV.com
By Charles M Cooper · June 09 2009
small business brief, marketing, small business, economy
Government, Politics and the Economy
Obama Names Venture Capitalist to SBA Advocacy Office
President Obama has named Venture Capitalist Winslow Sargeant as the chief counsel of the Small Business Administration’s Office of Advocacy. SmallBizJournal.com
Obama: Our Projects Will Boost Jobs, Economy Has `Long Way to Go'
President Obama has vowed to speed up the spending of federal money on public works projects and said there are signs that a US economic recovery has helped lead to a “reduction in fear” in financial markets. Bloomberg.com
By Charles M Cooper · June 08 2009
small business brief, marketing, small business, economy
