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The Senate Small Business and Entrepreneurship Committee voted Tuesday to approve former World Wrestling Entertainment head Linda McMahon to lead the Small Business Administration (SBA). Expand small business access to export financing by increasing the number of lenders providing export financing solutions from 430 to 555 and the number of small business exporters receiving financing through SBA loan programs from 1,346 to 1,480 by FY2015.
Large bank institutions, such as Chase, Bank of America and Wells Fargo, generate the bulk of their SBA loan volume by loans, especially the express loan and line of credit, offered to those who would be declined for ‘normal’ bank credit due to factors such as length of time in business or slightly more conservative underwriting factors.
Programmatic changes resulting from enactment of P.L. 111-5, the American Recovery and Reinvestment Act of 2009, P.L. 111-240, the Small Business Jobs Act of 2010, and P.L. 112-239, the National Defense Authorization Act for Fiscal Year 2013, are discussed.
When, following the suggestion of President Eisenhower, congress passed the Small Business Act and created the U.S. small Business Administration (SBA) in 1953, its stated mission was to aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns,” and also ensure small businesses a fair proportion” of government contracts.
This week the Obama administration has indicated that they intend to rely heavily on the existing infrastructure of the Small Business Administration to get funds moving once again through the banking system and into the hands of small business owners.…Read More
News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. The report concludes with an assessment of the Obama Administration’s proposals and pending legislation, which would authorize changes to the 7(a) program that are designed to enhance small business access to capital, including H.R. 3854, Small Business Financing and Investment Act of 2009; S. 2869, Small Business Job Creation and Access to Capital Act of 2009; and the Senate’s version of H.R. 5297, the Small Business Jobs Act of 2010, which was passed by the Senate on September 16, 2010.
In addition, the agency provides grants to support counseling partners, including approximately 900 Small Business Development Centers (often located at colleges and universities), 110 Women’s Business Centers, and SCORE, a volunteer mentor corps of retired and experienced business leaders with approximately 350 chapters.
Service-Disabled Veteran-Owned Business Designation – This establishes an annual government-wide goal of not less than 3% of the total value of all prime and subcontract awards for participation by small businesses owned by service-disabled veterans.
Several bills are also discussed, including S. 3020, the HUBZone Improvement Act of 2010, which would require the SBA to implement several GAO recommendations designed to improve the SBA’s administration of the program and extend for three years HUBZone eligibility for firms that lose their HUBZone eligibility due to the release of 2010 decennial census economic data.
Congressional interest in the Microloan program has increased in recent years, primarily because microloans are viewed as a means to assist very small businesses, especially women- and minority-owned startups, to get loans that enable them to create jobs.…Read More