Within three months more than 22,000 small businesses were loaned $12.16 billion since President Obama signed the Small Business Jobs Act of 2010 on Sept. 27. How does the Small Business Jobs Act really affect your business here in the Bay Area? The Small Business Administration (SBA) Small Business Jobs Act centers on helping small businesses stimulate the economy and create jobs. The Act proffer an assortment of resources for small businesses from access to capital, federal contracting opportunities, expanding export opportunities, obtain assistance for business growth to job creation.
A Few Words From Karen Mills, SBA Administrator
‘In just three months since the Small Business Jobs Act was signed into law, SBA supported more than $12 billion in lending to small businesses and entrepreneurs across the country. SBA is on the front lines with small business owners and our lending partners every single day. I’m very proud that as a result of those close relationships and partnerships we were able to quickly put this significant amount of capital into the hands of our nation’s largest job creation engine’ says Karen Mills, SBA Administrator.
The Small Business Jobs Act extended guarantees and reduced fees on loans for small businesses made by commercial lenders. Through the Recovery Act higher guarantees and reduced fees were implemented which helped to stimulate loans to small businesses when lending took a plunge. According to Fox Small Business Center http://fxn.ws/fhIUxI small business lending will likely improve this year as the economy recovers.
Despite the bank bailouts and the subtle economical recovery, banks are still having a resistance to small business lending. They are having problems finding viable small businesses that fit their lending requirements. The Obama administration is making strides to restore the variable gaps between small businesses and the banking industry.
A Few More Words From Karen Mills
‘……. As we transition back to our standard guarantees and fee rates, SBA loan programs will continue to play an important role, as they have for decades, in helping entrepreneurs and small business owners start or grow their businesses and create jobs. The Small Business Jobs Act is the most consequential piece of legislation affecting small businesses enacted in more than a decade. While we are proud of how quickly SBA could provide $12 billion in capital to small businesses,
we remain focused on implementing other key provisions of this law that will continue to expand access to capital, help small businesses compete for federal contracting dollars, strengthen small business exports and provide other critical support’ says Karen Mills.
If you need help with the help with your business or the lending process click here http://bit.ly/fsvCx5 or http://www.eastbayscore.org/. For more information about the Small Business Jobs Act visit www.sba.gov. What are your thoughts about this topic? What other similar topics interest you? Subscribe to my page. Tell others. Contact Vernita Naylor [email protected]