$10 Billion reduction in Small Business Lending by Big Banks
MnSBDC clients have been experiencing the "credit crunch" first hand. While Mn leads the nation in ARC loans that have helped small business clients to continue to operate, these loans come primarily from regional and community banks rather than the large national banks. The latest data indicates that the large banks that have received TARP funds designed to help spur lending to small business clients have in fact pulled back from lending to small business.
The notable exception among big banks is US Bank (US Bancorp), headquartered in Minneapolis, which increased it's lending by almost 2%. Also, BB&T Bank (located in the Southeast) remained essentially at the same level for small business lending.
Click here for the full story.
Wednesday, November 18, 2009
Tuesday, November 17, 2009
Twin Cities Metro SBDC Regional Director, Mike Ryan, featured in news article.
Mike Ryan, Regional Director of the Twin Cities Metro SBDC hosted by the University of St. Thomas is quoted in this news article on entrepreneurs who are starting up their own businesses by 'Finance and Commerce' online magazine.
Click here for full article.
Mike Ryan, Regional Director of the Twin Cities Metro SBDC hosted by the University of St. Thomas is quoted in this news article on entrepreneurs who are starting up their own businesses by 'Finance and Commerce' online magazine.
Click here for full article.
Fee Relief on US SBA Guarantee Loans 7(a) and 504 to end.
The American Recovery and Reinvestment Act of 2009 (the "Recovery Act"), provided fee relief for US SBA Guarantee Loans for the 7(a) and 504 program. The amount of funds allocated for this activity are running out, and the US SBA has put in place procedures to end the fee relief for the programs, along with ending the higher guarantee amounts associated with the 7(a) loans.
They have established a deadline of November 23 as the date to begin implementation of the new transition procedures. At that point the loan request will be put in a queue and depending on availability of funds will be funded under the Recovery Act or not. If additional funds are provided by Congress, the program may be continued or modified as directed by any Congressional action.
Click here for the complete transition procedural notice.
The American Recovery and Reinvestment Act of 2009 (the "Recovery Act"), provided fee relief for US SBA Guarantee Loans for the 7(a) and 504 program. The amount of funds allocated for this activity are running out, and the US SBA has put in place procedures to end the fee relief for the programs, along with ending the higher guarantee amounts associated with the 7(a) loans.
They have established a deadline of November 23 as the date to begin implementation of the new transition procedures. At that point the loan request will be put in a queue and depending on availability of funds will be funded under the Recovery Act or not. If additional funds are provided by Congress, the program may be continued or modified as directed by any Congressional action.
Click here for the complete transition procedural notice.
Minnesota Leads the Nation in the number of ARC Loans.
As of October 26, 2009, 3,598 ARC loans have been approved. By the end of FY09, the program approved $93 million of the alloted $336 million. Minnesota has the most nationwide with 446 ARC loans.
Here's a link to the details from the US SBA Website.
As of October 26, 2009, 3,598 ARC loans have been approved. By the end of FY09, the program approved $93 million of the alloted $336 million. Minnesota has the most nationwide with 446 ARC loans.
Here's a link to the details from the US SBA Website.
Tuesday, November 10, 2009
US SBA Loan Servicing Matrix
On Oct 20, 2009 the US SBA published their latest 'Unilateral Action Matrix' for Servicing and Liquidation Actions for their popular 7a loan.
What is this and why is it important?
If you don't have a US SBA 7a loan it may not interest you, but if you do have this type of loan or are servicing this loan the information gives the 'rules of the road' for what you may and may not do in servicing and liquidating the 7a loan.
For our MnSBDC Professional Business Consultants who work with clients and lenders that use a 7a loan, this information is useful for understanding options, especially if the client is in a work out situation.
Here's the link to the PDF file matrix located on the US SBA Website.
On Oct 20, 2009 the US SBA published their latest 'Unilateral Action Matrix' for Servicing and Liquidation Actions for their popular 7a loan.
What is this and why is it important?
If you don't have a US SBA 7a loan it may not interest you, but if you do have this type of loan or are servicing this loan the information gives the 'rules of the road' for what you may and may not do in servicing and liquidating the 7a loan.
For our MnSBDC Professional Business Consultants who work with clients and lenders that use a 7a loan, this information is useful for understanding options, especially if the client is in a work out situation.
Here's the link to the PDF file matrix located on the US SBA Website.
Wednesday, November 4, 2009
Free Money?
The MnSBDC (and other SBDC networks around the country) are constantly asked - is there 'free money' available in the form of 'grants'? The short answer is 'There is no free money for small, for-profit businesses'. However - as with many things in life - there are always small exceptions.
Below is a link to a recent news article that outlines how to go about trying to find any free money that may be available, with a clear caution that many firms will try to sell you a 'list', 'process', software, DVD or other 'road to riches' that will only enrich the firm selling you the "secret", and leave you out of luck.
Your best source to find grants at the federal level is the website "Grants.Gov" which is the complete listing of ALL federal grants available for everything and anything.
Here's a link to the article to find some other tips to "potentially" find some funds - and many times it must be "matched" with your own money before you can access it, by the way. To repeat, there really is no "free money" out there for small, for-profit businesses, and you would be better served to invest your time and effort trying to find ways to improve your small business operations. The SBDC program nationwide is ready to help small businesses to start, grow and succeed.
Link to online article on finding grant money.
(http://money.cnn.com/2009/10/27/smallbusiness/free_money_small_business_grants/index.htm?postversion=2009110108)
The MnSBDC (and other SBDC networks around the country) are constantly asked - is there 'free money' available in the form of 'grants'? The short answer is 'There is no free money for small, for-profit businesses'. However - as with many things in life - there are always small exceptions.
Below is a link to a recent news article that outlines how to go about trying to find any free money that may be available, with a clear caution that many firms will try to sell you a 'list', 'process', software, DVD or other 'road to riches' that will only enrich the firm selling you the "secret", and leave you out of luck.
Your best source to find grants at the federal level is the website "Grants.Gov" which is the complete listing of ALL federal grants available for everything and anything.
Here's a link to the article to find some other tips to "potentially" find some funds - and many times it must be "matched" with your own money before you can access it, by the way. To repeat, there really is no "free money" out there for small, for-profit businesses, and you would be better served to invest your time and effort trying to find ways to improve your small business operations. The SBDC program nationwide is ready to help small businesses to start, grow and succeed.
Link to online article on finding grant money.
(http://money.cnn.com/2009/10/27/smallbusiness/free_money_small_business_grants/index.htm?postversion=2009110108)
Tuesday, October 27, 2009
Inventors Bonanza!
What: Innovation Roadshow Workshop, brought to you by the US Department of Commerce's NIST/MEP Network
When: Saturday, November 21st - 8:30 a.m. to 5:00 p.m.
Where: Mall of America Executive Center, 4th Floor, 60 E Broadway, Bloomington MN 55425 park in P5
Fee: $99.00, includes lunch and 2 breaks
It's all about helping you get your invention to market & includes:
• Access to a live invention marketing workshop by Eureka! Ranch International
• A $2000 market research report endorsed by the U.S. Department of Commerce's National Institute of Standards & Technology
• Publication of invention research reports to the official USA National Innovation Marketplace
• Help in making connections to buyers, licensees, manufacturers, etc., from the 1,600 person strong NIST/MEP network.
For more information - go to the Minnesota Inventors Congress website and look for the "Innovation Roadshow" link on the Right Hand side of the site.
What: Innovation Roadshow Workshop, brought to you by the US Department of Commerce's NIST/MEP Network
When: Saturday, November 21st - 8:30 a.m. to 5:00 p.m.
Where: Mall of America Executive Center, 4th Floor, 60 E Broadway, Bloomington MN 55425 park in P5
Fee: $99.00, includes lunch and 2 breaks
It's all about helping you get your invention to market & includes:
• Access to a live invention marketing workshop by Eureka! Ranch International
• A $2000 market research report endorsed by the U.S. Department of Commerce's National Institute of Standards & Technology
• Publication of invention research reports to the official USA National Innovation Marketplace
• Help in making connections to buyers, licensees, manufacturers, etc., from the 1,600 person strong NIST/MEP network.
For more information - go to the Minnesota Inventors Congress website and look for the "Innovation Roadshow" link on the Right Hand side of the site.
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