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Brown is a a sixth-generation family-ownedd business with 47 employees andabout $6 million in revenue last year. It worked with to secure a $2 million loan to buy its headquarterasin Columbus. President Rob Hunt said the company sidestepped payingabouft $65,000 in fees after the SBA instituted a temporaryu waiver for businesses that borrow through its flagship 7(a) program. Owning the company’zs headquarters outright brings long-term he said, which would have been hard to find withourtfederal backing. “Banks aren’t doing conventional loans right now,” Hunt said.
“We simply wouldn’t have been able to do Initiatives such as thefee waiver, Mills are making a difference in a short amounr of time: More lenders are getting into the fray whild SBA-backed loan volume is up more than 25 percent since the passage of the stimulux bill. That translates to nearly $4 billion in guaranteed $113 million of which went to Ohio But it’s making small businesses aware of the programs on hand that’w the key challenge going forward, she “All of these things take time,” Millsw said. “Small businesses are busy runninttheir business.
” In addition to the waived and an increased guarantese of 90 percent on 7(a) loans, the SBA also has offered a surety bond guarantee of $5 up from $2 for businesses competing for federal On June 15, it’s rolling out a program dubbed America’s Recovery Capital, which offers loans of up to $35,00p for businesses struggling to make debt Those loans are fully guaranteed and have a deferred paymenrt schedule. And next the SBA will begin offering guaranteed loansd to finance inventory for automobile dealers througgSeptember 2010.
Mills said she’s confident the agency has the rightg tools in place for smallbusinesses – and the outlook on the economy hasn’t hurt either. “The sense from small businesses and otherds is that the free fallhas stopped,” she “But we still have a ways to
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