Known as Samuel Adams Brewing The American Dream, the program is adding $1 million in funding for microloans targeting about 100 new small businesses through its partnership with non-profit lender Accion. Companies, including other craft brewers, can apply for microloans ranging from $500 to $25,000. All loan payments are recycled back into the fund, according to an article by TheStreet.
"When I started Sam Adams what would have been really helpful to me that I couldn't get [was] loan money . . . even to get nuts and bolts business advice. Even for me with a Harvard MBA, I didn't know how to make a sales call or design a label or how to set up a payroll [system.] Those are things that 20 min with somebody who does that will prevent a lot of expensive mistakes," Boston Beer founder Jim Koch said.
4. Waiving the SBA-loan fees to banks is a "non-issue." The Small Business Administration's solution to the small-business loan drought is to waive the fees it charges banking institutions, including a one-time fee it charges and an annual fee for the guaranteed portion, according to The Agenda, a small-business blog on The New York Times Web site.
But it's unclear whether eliminating the fees will spark new lending, considering banks usually pass those fees onto borrowers. "From our experience," Rohit Arora, CEO of Biz2Credit told the Times, "we have seen that streamlining the paperwork and the decision-making is more important."One article commentator, identified as Ron Miller of Philadelphia said: "I guess that's a start but more definitely needs to be done, I write business plans so I talk to people every day who are looking for small business loans. Waiving the SBA application fee is really a non-issue." 5. Delaware introduces benefit corporation legislation. Delaware was the latest state on Thursday to introduce legislation allowing companies to incorporate as so-called B Corps. there, according to a release by nonprofit organization B Labs. The legislation has bipartisan support and is expected to move quickly through both chambers to be signed into law in June. "A public benefit corporation is a for-profit corporation that is managed in a responsible and sustainable manner for the benefit not only of its stockholders but also for other societal interests. Current law requires corporations to prioritize the financial interests of shareholders over the interests of workers, communities, and the environment," B Labs said in the release.
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