- 90% Guarantee Extensions: Until at least Dec 31, 2010, our local banks will have more security to make loans. SBA will guarantee 90% of a loan and reduce fees to help our small businesses gain access to capital.
- Increase lending limits: The 7(a) and 504 general loan limits will permanently increase from $2 million to $5 million (for manufacturers in the 504 loan program, up to $5.5 million). Express Loan limit will increase from $350,000 to $1 million (expires Sept 27, 2011).
- Increase number of eligible businesses: size standards have been changed to include businesses with less than $15 million in net worth and $5 million average net income.
- Real Estate Refinancing: some owner-occupied commercial real estate mortgages may now be refinanced into the 504 loan program (expires Sept 27, 2012).
- Dealer Floor Plan Pilot Extension, Expansion: Program will be extended to 2013 after the $5 million loan limit is implemented to help businesses selling cars, RVs, boats, snowmobiles, and other titleable inventory.
- Teaming Opportunities: new grants will be available to help businesses team up with each other to compete for larger and more complex federal government contracts.
- Export Express Pilot Program: became a permanent program with 90% guarantee for loans up to $350,000 and 75% for loans between $350,000 and $500,000 for businesses to export their product or services.
NEXT TAMA COUNTY ENTREPRENEURSHIP TRUST MEETING:
If you are interested in the topic of financing business startups and expansions, we also welcome you to join us at our next meeting where the focus will be on grants, loans, abatements, and other solutions to make a business idea a reality. We will also lead an honest discussion on the barriers holding back our Tama County businesses from reaching their full potential as it pertains to financial matters, and discuss solutions.
Wed. Oct. 13, 6:30 p.m.
1007 Prospect Drive
Free. Public Welcome. Click here more info on upcoming events.