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Your #smallbiz Twitter Town Hall Questions Part One: Government Loans and Access to Capital

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Your #smallbiz Twitter Town Hall Questions Part One: Government Loans and Access to Capital

By danielc
Published: July 8, 2011 Updated: August 2, 2011

Earlier this week, President Barack Obama answered a series of questions on jobs and the economy at the first-ever Twitter Town Hall at the White House. At the Small Business Administration, we were following along and reading all the great questions about small business.  To keep the conversation going, we’re starting a new blog series where we respond to some of the questions that weren’t answered during the Town Hall. First up, we’re answering your questions about various government loan programs and access to capital for small business.

  • @Belton3rd-Are we able to strengthen the economy by creating programs that assist small businesses? What are your goals regarding the SBA?? #AskObama

It’s important to us to provide you with programs you need to start or grow because it’s small businesses that create 2 of every 3 new jobs.  Over the past few months, we’ve been analyzing where gaps in the market still exist. For example, undeserved communities were disproportionately hard hit by the recession. To help provide more access and opportunity, SBA recently launched two new lending initiatives:  Small Loan Advantage and the Community Advantage. Both initiatives offer a streamlined application process for SBA 7(a) loans up to $250,000. Our goal is to continue to work to provide capital, contracts and counseling to small businesses so that you can help lead our country to economic prosperity.

  • @GovBizSolutions-Get actual Small biz owners to help educate the SBA and improve Small biz programs, let us show you how, pls! #AskObama

We are always looking for your input on ways we can better serve you.  For example, in partnership with Startup America, you have the opportunity to submit your ideas about reducing federal barriers for entrepreneurs trying to start small businesses.  Recently, we wrapped up the Jobs Act Tour where government officials and business leaders met directly with entrepreneurs across the U.S. to discuss provisions in the Small Business Jobs Act .

  • @allieb37-Obama: biggest challenge hearing from small biz is financing (largely b/c of community bank challenges) -SBA stepping in to fill gap #AskObama

We understand that our lenders play a vital role in assisting small businesses.  For some small businesses, it’s the capital through SBA guaranteed loans that help them grow and create jobs.  So through initiatives like the Recovery Act, we were able to bring over 1,000 lenders back to SBA lending at a time when credit was extremely tight.  SBA local offices located across the country work with community banks to ensure that small businesses have the points of access they need to get capital, grow and create jobs.  We also developed the For Lenders webpage at SBA.gov to provide lenders with the resources they need to issue SBA loans.

Follow us on Twitter and Facebook for Your #smallbiz Twitter Town Hall Questions Part Two. 

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Comments:

I had no idea small business creates 2 jobs out of every 3. How big does a business have to be considered small and not large?
This is a wonderful use of Twitter and great way to engage with small business owners. Government should use tactics like this more often.
Barak Obama has made many things for our country. I congratulate him credit system has already been very well
Hi Steve, my name is Lynda G. McNeal, owner of LGM Business Development. There are so many small business' trapped in the economic net financially, and can't qualify for loans due to the loan prerequisites. Many of these concerns are viable business. I'd like to see a program implemented whereby business' don't need a dollar in order to get a loan of three dollars; the programs are yet designed to Keep-Out the small business, yet we small are born on this planet too. Some of us came here simply to show exactly, I’m born on this planet, and money DOES flow freely, so why do you continue to lock me out with your prerequisites. Now, we can simply implement programs, and I mean legitimate programs wherein the student completes a level should he require $50,000.00. He does not need 25% of that money in order to qualify. Presently we’re taught that no money, no assistance, therefore we’re locked into the prison of the mind. Creativity, as in the small business owner’s is yet locked-out. We can CHANGE this, it is still allowed only because the small business owner does not realize that there’s no requirement to indulge in our business desires, just the desire to indulge is our key. This is also our birth right. So now when shall we initiate this change?

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