A free, confidential business management advice service offered to entrepreneurs and business owners in SW Washington sponsored in part by the U.S. Small Business Administration. Similarly, loans for $25,000 to $49,999 have 1% lower maximum interest rates than loans for less than $25,000. Olympia Snowe (R-Maine), the top Republican on the Senate Small Business and Entrepreneurship Committee, released a statement this morning congratulating Mills and lauding her background.
Alas, the idea went nowhere, amid opposition from the small business lobby and the small business committees in the House and Senate with which that interest group enjoys a symbiotic relationship. Small business is only slightly less popular than motherhood, so it’s probably too much to hope that Ms. McMahon or any one else can bring radical reform.
A business can qualify for the loan even if the yearly payment approximates previous year’s profit. The SBA was established by President Eisenhower through the signing of the Small Business Act in the summer of 1953. The Small Business Administration guarantee can help borrowers overcome the problems of a weak loan application associated with inadequate collateral or limited operating history.
President-elect Donald Trump named former professional-wrestling executive Linda McMahon as his pick for the cabinet-level post of head of the Small Business Administration. Others have recommended that the SBA continue its efforts to improve its administration of the program, especially its efforts to prevent fraud.
Small business contracting programs include efforts to ensure that certain federal contracts reach woman-owned and service-disabled veteran-owned small businesses as well as businesses participating in programs such as 8(a) and HUBZone. And the SBA Office of Advocacy has long served as a strong voice within government to ensure that small business gets a fair shake in the regulatory process.