SBA 504 Lending and Small Business News

Local businesses in Louisiana have been slow to sign up for loans after historic flood earlier last month. After the floods, the SBA was quick to set up bases in the area, opening business recovery centers and urging affected business owners to register for SBA loans in order to rebuild. However, as of September 8th, only $15.4 million of the allotted $214.7 million in loans has been given to businesses, or just 7% in total. Louisiana Association of Business and Industry President Stephen Waguespack attributes this to the short period of time since the disaster, stating that residents are still figuring out their lives, housing situations, and other personal costs foremost, and not focusing on their businesses.

The SBA announced on Sept 12th the awardees of $700,000 in new grant funding for continued projects to promote the development, success, and long-term survival of Native American firms. Known as the SBA 7(j) program, the funding helps “provide specialized management and technical assistance to underserved markets and small business owners who are socially and economically disadvantaged”, according to the SBA website. The selected awardees, all have demonstrated substantial experience dealing with issues relating to Native American small businesses and have provided management and technical assistance services to micro enterprise small businesses in the past.

Facebook has made a newfound effort to woo small businesses, utilizing technology to connect firms to their customers. The company recently launched a “Lookalike” tool to allow businesses to reach people in new countries that are similar to profiles of their existing customers. According to Facebook, the tool will allow small business to grow globally and deliver value to consumers, while according to Forbes, Facebook is looking to create small businesses completely reliant on their platform and then transform them into social media advertisers. These new small and medium sized businesses will become key drivers for Facebook’s advertising revenues, and create long term profits for the firm.

8+1 (That’s 9) Things You Need To Know

  1. Coleman Report’s SBA Hot Topic Tuesday- What is happening in Sacramento?
  2. Finding cheap loans is getting harder for small businesses around the world
  3. These are the 26 major drivers reshaping real estate
  4. Small businesses seek the delay of a new overtime rule
  5. Why small business owners support raising the minimum wage
  6. NYC sees the highest paid general managers of 4- and 5- star hotels in the nation
  7. Head of the SBA visits Wausau, WI to meet with small business owners
  8. The SBA has honored 11 lenders throughout Minnesota for their work
  9. The Lewis County Commission in West Virginia is striving to work with the state SBA on business development