3 Things You Should Know About Small Business: April 24
"I think a large part of the program's success is due to our ability to offer in-depth expertise and advice that comes from living and breathing the food and beverage industry every day. We understand the challenges because we've been there; I've been there," Koch says. "From being turned down by banks 28 years ago when I was just starting out and desperately needed funding, to figuring out how to distribute my product, I know firsthand what these small business owners are going through and sincerely believe that Brewing the American Dream can help them overcome many of their obstacles."
3. The SBA is looking for more lenders to fund a pilot program. The Small Business Administration is looking to add more lenders to a program that will match small firms that have had difficulty obtaining financing.
The SBA's Intermediary Lending Pilot Program provides long-term loans of up to $200,000 to small businesses, according to the Associated Press.
The program was launched last year under the Small Business Jobs Act of 2010. At the time the SBA approved 20 so-called intermediary lenders in 15 states. The SBA is now taking applications for 20 more lenders, the AP says. These lenders receive a maximum of $1 million in SBA funding to help start-ups and small businesses.
The SBA hopes to have a maximum of 60 lenders in the program. Businesses that want to borrow under the program must have been unable to obtain a loan elsewhere, but have the wherewithal to repay the loan, the AP says. However, unlike the SBA's 7(a) program, the small business or start-up does not have to show that it has personal financial resources that could be used to repay a loan, the article says. -- Written by Laurie Kulikowski in New York. To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com. To follow Laurie Kulikowski on Twitter, go to: http://twitter.com/#!/LKulikowski >To submit a news tip, email: tips@thestreet.com.Follow TheStreet on Twitter and become a fan on Facebook.
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