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National Small Business Week
Small Business: Driving America’s Economy

Every year since 1963, the President of the United States has proclaimed National Small Business Week to recognize the contributions of small businesses to the economic well-being of America. As part of National Small Business Week, the U.S. Small Business Administration recognizes this special impact made by outstanding entrepreneurs and small business owners. In 2010, National Small Business Week will honor the estimated 27.2 million small businesses in America. Small businesses are major contributors to the strength of the American economy. More than half of Americans either own or work for a small business. They also create 60-80 percent of new jobs in the country. Small businesses drive innovation, create 21st century jobs and increase U.S. competitiveness. Check out the SBA website by clicking the link below plus you can find out other locations, the sterling credentials of speakers, and much, much more!

http://www.nationalsmallbusinessweek.com/

Two U.S. Small Business Administration loan programs will be extended through May. Some $80 million in additional funding will be available under provisions of the American Recovery and Reinvestment Act.
That will be welcome news to small businesses, many of which have complained about tight bank lending requirements when they try to borrow money to buy land or expand. Provisions of the legislation temporarily eliminate loan fees and provide higher guaranteed loan amounts than previously.
The program will run until the end of May or until available funds are exhausted, the SBA said.

Even though credit is tight, lenders and the SBA are still loaning money with more cash being infused to get the economy out of its slump. Don’t forget the 5 C’s that lenders and the SBA look for …

1. Capital (working capital)
2. Capacity (positive and sustainable cash flow)
3. COLLATERAL (often overlooked — you need a Certified Equipment Appraisal that is a reliable, defensible and substantiated value of your equipment!)
4. Conditions (economy and market conditions)
5. Character (trust worthiness) 

Just read that Kawasaki has designed and built a 70TMV-2 “For the Cure” wheel loader at the request of Mid-Country Machinery in Iowa. Painted light pink with bright pink “Susan G. Komen for the Cure” decals, the wheel loader was ordered by the new Kawasaki distributor as an addition to its rental fleet.
Bud PeCoy, a principal with Mid-Country Machinery, a construction equipment dealer and rental company headquartered in Fort Dodge, Iowa, along with partners Mark Swedlund, Lucas Peed and Bob Conaway created the breast cancer awareness campaign when they learned that one of their customers suffered from breast cancer. Mid-Country anticipates donating 10 percent of the wheel loader rental proceeds over the course of the next 54 months.

 

Photo from fOTOGLIF


WASHINGTON – President Barack Obama signed legislation Tuesday extending

until March 28 the U.S. Small Business Administration’s ability to provide small

business loans that are enhanced with special provisions of the American

Recovery and Reinvestment Act (ARRA), including a higher guarantee of SBA-

backed loans and a waiver of loan fees normally paid by borrowers.

SBA estimates the additional funding will support about $1.8 billion in small

business lending.

New approvals of eligible loans with the higher guarantee and reduced fees

made possible by the Recovery Act are expected to resume on March 10. 

Loan applications from borrowers in SBA’s Recovery Loan Queue will be funded

first, followed by new loan applications.

“These key loan programs have been successful in helping jump-start the

economic recovery for America’s small businesses,” said SBA Administrator

Karen Mills. “The increased guarantee and reduced fees on SBA loans helped

put almost $22 billion into the hands of small business owners and brought

more than 1,100 lenders back to SBA loan programs. As a result, average

weekly loan approvals by SBA have climbed by 87 percent compared to the

weekly average before passage of the Recovery Act.

“We will continue working with the President and with Congress to move

forward with proposals for a longer extension for these important program

enhancements, as well as higher loan limits, refinancing for commercial

property loans and other significant ongoing support for small businesses. Small

businesses need the changes the President has called for to ensure that they

have the tools they need to drive economic growth and create jobs in

communities all across the country.”

As part of the Recovery Act, SBA received $730 million, which included $375

million to increase the SBA guarantee on 7(a) loans to 90 percent and to

waive borrower fees on most 7(a) and 504 loans.  The funds for these

programs were exhausted on Nov. 23, and an additional $125 million was

provided in December. Those funds were exhausted in late February.

SBA has implemented the Recovery Loan Queue twice before as part of its

temporary transitions back to pre-Recovery Act lending.  Eligible small

businesses, in consultation with their lender, could choose to be placed in the

queue for possible approval of a Recovery Act loan if funding became available

from loans canceled for a variety of reasons.  Currently there are 652 loan

requests totaling $230 million in the Recovery Loan Queue.

The extension signed by President Obama authorizes the higher guarantee

levels through March 28, 2010, for 7(a) loans.  The fee relief is available until

the additional funding is exhausted or the end of the fiscal year on Sept. 30,

whichever comes first.  As was the case in November and again in February,

SBA is prepared to transition into a queue system as the funds start to wind

down in order to ensure the maximum simulative effect of the programs and

disbursement of funds.

For non-Recovery Act 7(a) or 504 loans already funded during the transition

period, this extension does not provide a retroactive guarantee or waived

fees.  Loans that were funded under non-Recovery Act terms cannot be

canceled and resubmitted to take advantage of the Recovery Act extension

provisions.

This extension does not affect other SBA Recovery Act programs, including the

America’s Recovery Capital (ARC) loan program or the agency’s microloans.

Recovery Act funding still remains available for both of those programs.

Contact:  Hayley Matz (202) 205-6948

Release Number: 10-06 

Internet Address: http://www.sba.gov/news

You shouldn’t trust just anyone with determining a value for your machinery and equipment.  Why?  That’s a great question and we’re glad that you asked.

Determining a value for machinery and equipment should be done by a “qualified” and “Certified” professional.  An Appraiser that has proven experience, professionalism, and most importantly, is Certified.  You should also make sure that the appraisal company that you  work with is USPAP compliant and prepares a Certified Machinery & Equipment Appraisal mandated by the IRS, CPAs, lenders, and the U.S. Small Business Administration.  That way, you are assured that you are working with an industry leader who is a respected provider widely accepted and sought after by other professionals.