Federal loans for Small Business

Payday Loans In Phoenix Arizona $$ Qxl Online Payday Loan Address

Money for loans backed by the Small Business Administration that could be used for hiring and expansion had been delayed for weeks in Congress.

October 04, 2010|By Sharon Bernstein, Los Angeles Times

After months of frustration and delays, small-business owners in Southern California are finally getting long-awaited loans to hire new workers and expand their operations.

Money for loans backed by the Small Business Administration, but held up for weeks in Congress, is on its way. Just days after President Obama signed a $30-billion-plus package of incentives for small businesses, Southland bankers, bureaucrats and borrowers are scrambling to nail down the final details and get the money flowing.

"This is a dream come true for me, " said Pasadena rare-coin dealer Richard Heller, who spent much of last week driving around picking up documents so that his new loan could be completed. Heller is using a loan from Wells Fargo Bank to buy a tiny building in San Francisco so he can open a second shop there.

In Fullerton, Jim Harper is finally ready to crack open the stack of resumes that has been on his desk for months. He's looking for two programmers for his computerized aerospace machine shop, Anaheim Machine Products.

"Right now, my partner and I are doing all the programming, " said Harper, who is also busy lining up more work and managing the firm. A $350, 000 loan will allow him to refinance expensive equipment, he said. He figures that will free up $10, 000 a month to reduce other debts and hire the programmers.

SBA spokesman Christopher Lorenzana said the agency began making money for the loans available late Friday, and lenders say they hope to get the funds in the hands of their customers within the next few days.

Nationally, about 1, 400 businesses waited all summer for the loans. Thousands more loans are expected to be funded by the end of the year.

The loans, which were authorized along with tax breaks and other incentives, will not solve all of the problems faced by small businesses in a rough economy, but experts say they're a key step.

Elizabeth Echols, the SBA's new regional administrator for the western United States, said increasing the flow of loans is key to addressing the single most important concern cited by business owners she has met — the incredibly difficult time they have had finding capital to buy equipment, hire new people or expand.

"In all the districts I've visited — in California, Arizona and Nevada — the No. 1 thing they have said is they need access to capital, " Echols said. "This will help address that need."

The SBA is a federal agency that provides a number of services to small businesses, including backing for loans, information on how to start a business and advice on keeping a struggling enterprise afloat.

2011-02-15 00:07:12 by 58andfixed

Federal Home Loan Banks

... provide stable, on-demand, low-cost funding to American financial institutions for home mortgage loans, small business, rural, agricultural, and economic development lending. With their members, the FHLBank System represents the largest collective source of home mortgage and community credit in the United States.
The banks do not provide loans directly to individuals, only to other banks.
As of July 16, 2009, 11 of the 12 FHLBs were reported to have met their capital requirements by the Federal Housing Finance Agency and the FHLB System as a whole is well above its minimum capital requirements

2010-09-19 08:05:28 by WretchedRabbit

Loan Officer Indicted for Alleged Scheme

Friday, September 17, 2010
Loan Officer Indicted for Alleged Scheme to Profit from the Sale of SBA Loans
Thomas Butler, 64, Bolingbrook, Illinois, a former U.S. Small Business Administration employee, is facing federal fraud charges for allegedly selling-off delinquent loans on behalf of the agency to two relatives, while failing to disclose his relationship to them, and sharing the profit from the private collection of two of the loans.
Butler, a former lenders relations officer with the SBA, was indicted by a federal grand jury on eight counts of wire fraud

2005-07-06 10:18:16 by jamesM

Small Business Grants, Does it Exist?

I been searching on google and gov websites about getting a small business grant. While plenty of website offer (for a small fee) a guide on how to get small business grants form the federal gov. The gov web sites I been looking all say the same thing which is the gov offer low intrest loans but not grants, except for non-profit companies. So I just want to ask is there such a thing a Small Business Grants? If yes where/who should I go ask about it.

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