As the U.S. Government has a vested interest in the health of small businesses, the SBA offers a variety of resources, articles and tools designed specifically to help you start and grow yours. The Small Business Jobs Act of 2010 permanently increased the maximum size of these loans from $2 million to $5 million. Our experienced Business Development Officers, Credit Underwriting and Closing Groups help keep the approval and closing process running smoothly as well as provide funds quickly and efficiently.
Any small business which constructs, manufactures, or provides a service under an assignable contract is eligible. Expert faculty with years of field experience will help you grow into an effective business leader. Proceeds of loans guaranteed under this program may not be used to purchase fixed assets, but can be used to finance the acquisition and production of goods and services being exported, or the accounts receivable of export sales.
The new Women-Owned Small Business (WOSB) Federal Contract Program will be fully implemented over the next several months, with the first contracts expected to be awarded by the fourth quarter of fiscal year 2011. The SBA takes this responsibility seriously as the strongest voice for small business across the Administration.
Snowe said the agency reviewed less than 1% of all small business contracts to minimize fraud. The SBA can guarantee up to 85% of loans for $150,000 or less and 75% of loans for more than $150,000. The commercial banks are associated with SBA and other financial bodies to provide funds to the business community of Arizona.
Not all banks offer the same SBA programs The SBA has several loan programs, including 7(a) for general small business loans, 504 for real estate and equipment, microloans and disaster loans. It has been a target of conservative Republicans, who tried to eliminate the agency during the Clinton administration and often tried to cut its budget.