Cleveland, OH – Cuyahoga County is pleased to announce expansion of the Small Business Administration (SBA) Municipal Grant Program, a program that supports small business growth with financing to create jobs. There is nothing more disappointing to a borrower when they do everything that the bank asks, only to have their settlement offer declined because they didn’t know the parameters of the OIC process going in, and didn’t have a backup plan. However, unlike other funds, SBICs limit their investments to qualified small business concerns as defined by SBA regulations. Personal guarantees are required of each person who owns 20 percent or more of the borrowing business.
Small business is the lifeblood of the American economy and a significant generator of employment, creating more than 64 percent of new jobs, according to the U.S. Small Business Administration. The business pastime progressive process helps partnerships to qualify by means of giving coaching publications, directing and additionally specialized and likewise overseeing direction. This program provides loans to small business owners to train people and make them employable in long-term jobs. The business valuations must also consider all three approaches to value (cost, market, and income), and quantify and support the ultimate business valuation or machinery and equipment conclusion.
And like the federal government, many states have set up technical assistance centers and Web sites to provide information to potential suppliers as well as small business set aside programs. Under the initiative, small businesses in participating communities are eligible for performance grants/forgivable loans up to 15% of the businesses’ expansion project or working capital need provided the amount does not exceed $50,000. In addition, a small business must meet the credit qualifications of the lending partner.
The plan reflects the outlook of the business and in identifying the target in the market with the special mention of the existing clients and customers and the market share which the business is holding at present. Large hospitality groups often have big IT departments that develop and maintain their propriety managing software but it is a costly business and smaller establishments have to rely on ready made packages. The Reconstruction Finance Corporation had been formed in 1932 to provide loans to struggling railroads, banks and financial institutions that were not part of the Federal Reserve System.
This week the Obama administration has indicated that they intend to rely heavily on the existing infrastructure of the Small Business Administration to get funds moving once again through the banking system and into the hands of small business owners. The importance of this for the borrower is that because of the assurance the funding bank receives from the Small Business Administration they are able to offer more aggressive loans than would be possible. I strongly suggest picking up a book from Amazon on Marketing a Small Business.