SBA is Back in Black And More Small Business News You Need To Know
Liberty SBF will be joining Certified Development Companies, service providers, Secondary Market participants and other SBA lender at Western Pennsylvania Association of SBA-Guaranteed Lenders Small Business Lending Conference March 11 – 13 at the Seven Springs Mountain Resort in Champion, PA. If you’re attending this year’s conference stop by our table to talk with our SBA 504 lending experts and pick up a copy of our new Liberty SBA 504 white paper.
The SBA is back in the black. The President’s latest budget has good news for the SBA and for taxpayers, according to a story in the Washington Post. “It’s the first time since before the recession that the administration expects the fees it collects from borrowers to offset the costs from businesses that default; in other words, the programs will be self-sufficient with no help from taxpayers,” the story reported. That’s also good news for the SBA leaders who are looking to expand programs at the SBA to update the agency and make it more relevant. Recently, the SBA got some pushback on Capitol Hill but the fact that fees now cover the costs of its major programs should give it some firepower when going to Congress for its new initiatives.
More business owners are planning to move out of state, according to a story on Coleman Report’s website. Owners cite taxes as the main reason they want to move. The number grew 7 points up to 18 percent of entrepreneurs surveyed by Union Bank. The story says that “significantly more owners from California (20 percent) plan to relocate compared with owners from the Pacific Northwest (11 percent).”
On a recent trip to Baltimore, U.S. Small Business Administration chief Maria Contreras-Sweet said that city reminded her of Detroit in a turnaround. The Baltimore Business Journal wrote that she thinks all of the highly skilled workers there can “pivot to new startup businesses, much like Detroit has automobile-industry employees who can put their expertise to work elsewhere.” The SBA leader also reiterated her plans to modernize the organization to better help small business owners and lenders connect.
A popular office supply store announced a partnership that will allow people to buy the whole office as well. Staples will offer lines of credit, term loans, merchant cash advances, ACH advances, equipment loans, commercial real estate loan, and even SBA loans, according to a recent report. The company plans to offer loans from $2,500 to $1MM. To do this, Staples hooked up with Lendio, a website that says it matches people looking for business loans with lenders.
8 Plus 1 Things You Need To Know Right Now (That’s 9):