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
Government, Politics and the Economy
Work Visa Bill: A Threat to Outsourcers?
There is a controversial "50/50" provision in the new Durbin-Grassley visa reform bill that could hurt Indian outsourcers but also save US jobs. BusinessWeek.com
Bernanke: Long-Term Budget Deficits Threaten Financial Stability
Fed Chairman Ben Bernanke warned that large US budget deficits are a threat to the nation's financial stability and that the government cannot continue to borrow at the current rate to finance the shortfall forever. Bloomberg.com
Management, Taxe...
By Charles M Cooper · June 03 2009
small business brief, marketing, small business, economy
Government and Economy
Sotomayor: A Business Issue Moderate
President Obama's Supreme Court nominee, Sonia Sotomayor, has a mixed record on the issues important to the business community. BusinessWeek.com
Emergency Loans: Will the Banks Go Along?
The SBA is preparing to launch its long-awaited emergency loan program for debt-burdened businesses. However, the potential lenders are a bit wary and are asking for more details before they commit to participating. CNNMoney.com
Consumer Confidence Jumps on Jobs Outlook
By Charles M Cooper · May 26 2009
small business brief, marketing, small business, economy
SBA Administrator Karen G. Mills made the following announcement here during ceremonies at the US Small Business Administration’s celebration of National Small Business Week 2009:
Jeanna Sellmeyer is a perfect example of the grit and determination it takes to become a highly successful entrepreneur in America today. Hers is a story of beating the odds and coming back on top, surviving daunting obstacles to lead her environmental remediation firm and its 100 employees to a leadership position in her industry. In doing so, Jeanna demonstrates the qualities that make small businesses such a powerful force in the American economy, and in their communities.
Sellmeyer, 43, has led her company, the ASSET Group, Inc., to become one of the region’s most successful federal construction and remediation contractors with just under 100 employees, more than $45 million in revenues, and project locations from California to Florida. An Oklahoma native,...
By Charles M Cooper · May 21 2009
small business, sba, national small business person of the year award
Every year the Small Business Administration issues special awards to outstanding small businesses and entrepreneurs. This year’s Phoenix Awards, which the agency bestows upon business owners, public officials and volunteers who display selflessness, ingenuity and tenacity in the aftermath of a disaster, while contributing to the rebuilding of their communities; were given during a luncheon at the Mandarin Oriental hotel to a Maine town manager who knocked on doors to encourage at-risk residents to evacuate as flood waters rose, two Massachusetts business owners who not only rebuilt after a flood but expanded their company, and a mother of four in Indiana who recruited 70 volunteers and set up disaster relief centers.
“These individuals displayed tremendous courage and resourcefulness in the midst of the several devastating disasters,” said SBA Administrator Karen G. Mills. “The Phoenix Award acknowledges their heroic efforts, and is a token of appreciation for the...
By Charles M Cooper · May 20 2009
small business, sba, phoenix award
Government and Economy
Mills: Banks Are Loaning Again
According to SBA chief Karen Gordon Mills, efforts to get money to capital-strapped small businesses are beginning to pay-off, with banks starting to make government-backed loans. WSJ.com
GM Begins Cutting 1,100 Dealers
Facing General Motors, facing a probable bankruptcy filing by June 1, is telling 1,100 U.S. dealers they will be terminated as the automaker starts shrinking its retail network. Bloomberg.com
By Charles M Cooper · May 15 2009
small business brief, marketing, small business, economy
