Your #smallbiz Twitter Town Hall Questions Part One: Government Loans and Access to Capital
by danielc, Former Moderator
- Created: July 8, 2011, 3:15 pm
- Updated: August 2, 2011, 10:59 am
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.
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