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TheStreet Open House

5 Things to Know About Small Business This Week: May 24

NEW YORK ( TheStreet) -- What happened in small business this week?

The Small Business Administration steps up lending to military veterans; Google plans to transform small business; is there disaster aid for Oklahoma small businesses?; Quiznos/Smashburger founders' debut pizza concept; young employees' need mentoring.

1. SBA steps up lending to military veterans. The U.S. Small Business Administration launched on Tuesday the SBA Veteran Pledge Initiative, a commitment by 20 of the largest banking institutions including Bank of America (BAC), JPMorgan Chase (JPM), Citigroup (C), TD Bank (TD) as well as regional lenders to increase their lending activity to military veterans by 5% per year over the next five years.

2. 6 Ways Google Will Transform Your Small Business. Google (GOOG) is a company that never stops innovating, which is a good thing for small-business owners who use their technology to run their businesses more efficiently.

Also see: Abercrombie Forced To Apologize

Small-business owner and Forbes columnist Gene Marks counted six new initiatives at last week's annual Google I/O Conference that other businesses will greatly benefit from, including more developer tools like App Translation, alpha testing and Android Studio; 41 new Google+ features; payments via email and other electronic forms of payment; and changes to Google Maps, among other things.

"With Google, we have a company that is quickly building a unified platform for applications and services that talk to each other and help us do our business faster and more profitably. We have a CEO that says 'we should be building great things that don't exist.' And we have a company that's not afraid to innovate, fail and keep innovating. And because of this attitude, we have new technologies that will transform our businesses in the years to come," Marks writes.

3. How quickly can Oklahoma small businesses get disaster aid? Small businesses in Oklahoma hit by the tornado earlier this week may have to wait months for federal disaster aid if the time to disburse aid to Sandy-affected businesses is any measure. One out of every four businesses that applied for Sandy-related disaster loans through the Small Business Administration was approved.

The Oklahoma Small Business Development Center plans to apply for federal funding -- a first for the agency -- as it prepares for a flood of requests from business owners that will need help preparing lost documents and applying for loans, according to The Washington Post.

Also see: Behind-The-Scenes At a Popcorn Company

4. Quiznos and Smashburger founders to debut pizza concept. Looking to redefine fast-casual pizza and the $60 billion pizza industry, the founders of Quiznos and Smashburger launched Live Basil Pizza in Denver this week

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