On Sept. 27, 2010, President Obama signed into law the Small Business Jobs Act, the most significant piece of small business legislation in over a decade. The new law will provide critical resources to help small businesses continue to drive economic recovery and create jobs. The new law extends the successful SBA enhanced loan provisions while offering billions more in lending support, tax cuts, and other opportunities for entrepreneurs and small business owners.
The New Law Puts More Capital in the Hands of Entrepreneurs and Small Business Owners:
SBA Enhanced Loan Provisions – $14 billion more in lending support
· The law extends SBA loan provisions (with the 90% guarantee and reduced fees) through Dec. 31. The $505 million in subsidy for Jobs Act loans will support about $14 billion in overall small business lending. In the first week of the Jobs Act, SBA provided nearly 2,000 loans totaling nearly $1 billion in lending support.
Higher Loan Limits — significantly increases maximum loan sizes in top loan programs
· The law permanently increased 7(a) and 504 limits from $2 million to $5 million (for manufacturers in 504 loan program, up to $5.5 million).
· The law permanently increased microloan limits from $35,000 to $50,000, helping larger entrepreneurs with start-up costs and small business owners in underserved communities.
Alternative Size Standards — more small businesses eligible to get SBA loans
· The law expanded the number of small businesses eligible for SBA loans by increasing the alternate size standard to those with less than $15 million in net worth and $5 million in average net income.
Temporary Enhancements to Help with Working Capital, Commercial Real Estate Refinancing
· The law increased the maximum amount of SBA Express loans from $350,000 to $1 million (expires 9/27/2011).
· In coming months, the law will allow some small businesses to refinance their owner-occupied commercial real estate mortgages into the 504 loan program (expires 9/27/2012).
Dealer Floor Plan Pilot Extension, Expansion
· The pilot program (begun 2009) will be extended to 2013. Though the old pilot has expired, the new, larger pilot will be implemented in coming months. This will help small businesses owners who sell cars, RVs, boats, other titleable inventory.
Small Business Intermediary Lending Pilot
· In six to twelve months, the law will provide for funding up to $20 million per year in small business loans over the next three years for an intermediary-facilitated loan program targeting small businesses that need loans up to $200,000. Read More…
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8 comments:
I do get deals from time to time where i cannot find funding on the commercial end. Does your company deal with the city of detroit state of michigan.
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