More on Obama’s Small Business Loan Program

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Learn the latest on SBA loan programs for small business owners.  Click this link for answers to the following questions:

  • What did the Obama Administration announce today?
  • Why will purchasing securities on the secondary market help small business owners?
  • Which loans are affected by the fee elimination and higher guarantees?
  • How do I apply for these loans?
  • What kind of businesses typically get SBA-backed loans?
  • Is there a limit on how much I can apply for?
  • How soon can I get a loan to help me and take advantage of these new programs?
  • Is the elimination of borrower fees permanent and retroactive?
  • What if I had a 7(a) or 504 loan approved on or after Feb. 17 and already paid the fees? How do I get a rebate?
  • What kind of savings will I see from the temporary borrower fee elimination?
  • I am a small business owner – what does the 90% guarantee mean to me?
  • Can I go to any lender in my area to take advantage of these new programs?
  • What if I was already turned down by a bank in the past six months?  Can I qualify for any of these new programs?
  • The banks aren’t lending to me. So how do any of the programs the President announced help me?
  • I own a small business, and my revenue has gone down. The equity in my house has declined and I don’t have any more collateral to pledge. How do the President’s programs help me?
  • I have only been in business for two years and don’t have three years of financial statements or
    business history. Can I get a loan?
  • I got laid off from my job. Now, I want to start a new business, building on my prior skills. I have a good business plan and am working with an accountant and an advisor. Can I get a loan from any of these new programs?
  • I need working capital now to buy inventory and to make payroll. How long will it take to get a loan? How much can I apply for?
  • I operate my business from home – does that matter? Can I qualify for a loan?
  • The President mentioned that the $15 billion from the Treasury would primarily be focused on buying loans and freeing up lending for community banks, credit unions and other small lenders. Why?
  • What other provisions are in the Recovery Act beyond fee elimination and higher guarantees, and when will they be implemented?

Again, here is the link with answers to all of the above questions on the new SBA program.

Check out this video:

Talk to or meet with a counselor from SCORE Chicago to get help to take advantage of these new programs.  Sign up here.  Or email us your question.

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5 Responses to “More on Obama’s Small Business Loan Program”

  1. Ken Larson Says:

    Thanks for sharing Peg. This should be valuable information for SCORE Clients.

    Ken

  2. JANICE GRIER Says:

    HI, I’M INTERESTED IN STARTING MY OWN SMALL BUSINESS. I WOULD LIKE TO KNOW IF THERE ARE GRANTS OR LOANS AVAILABLE TO ME.IF SO, HOW DO I APPLY? HOW MUCH CAN I APPLY FOR? WHAT WOULD BE MY INTEREST RATE? I JUST REALLY NEED ALL THE INFORMATION THAT WOULD BE OF INTEREST TO ME.

  3. Steven Page Says:

    I was turned down for a loan because I don`t want to use my house as a funding source


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