Follow The Money
Posted by Nell Merlino on June 3, 2009 in Business Financing [ 0 Comments ]
It might not feel like it, but there is actually a lot of money going around for small business owners, and most of it is coming straight from the Stimulus Package through the SBA. I found this out from my friend Eric Ness, from the Wisconsin SBA office, when he and I were in Washington, D.C. for National Small Business Week.
Under the American Recovery and Reinvestment Act, the SBA has received $375 million to temporarily eliminate loan fees and raise loan guarantees up to 90%. The SBA’s Microloan program also received additional $50 million in new loans, available today for loans up to $35,000. Overall, the SBA is working to unfreeze small business lending from banks in order to help businesses compete for construction and service contracts, create new jobs and promote investment in small businesses. Eric said, “We know small businesses have a prove ability to create new jobs and commerce. The next phase of our economic recovery rests in their hands.”
If you’d like to find out more, you can read the article Eric wrote for SBA here. M3 Racers are already receiving SBA loans to fuel their growth and writing about their experiences blow-by-blow, which you can see here.
We were both in D.C. a few weeks ago to cheer on a remarkable woman who has been a leader for women, for entrepreneurship, and for Count Me In. Laurie was named National Women in Business Champion by US SBA Administrator Karen Mills. Laurie is the CEO and Co-founder of Inacom Information Systems a Madison, WI., a company with revenues of $80million with more than 150 employees.
If your dream is to build your business like Laurie built hers, go to SBA.gov or contact the SBA office in your state and learn about new financing opportunities. You can also get in touch with many women who are finding and using SBA money right now by joining them in the M3RACE here.