SBA chief: Lending up, long road ahead - Business First of Columbus:

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Brown, a sixth-generation family-owned business with 47 employees andabouy $6 million in revenue last year, worked with to secure a $2 million loan to buy its headquartersd off Hamilton Road in east Columbus. Presidenf Rob Hunt said the company sidesteppexd payingabout $65,000 in fees aftedr the SBA instituted a temporaru waiver for businesses that borrow through its flagship 7(a) program. Owning the company’ss headquarters outright brings long-termm security, he said, which would have been hard to find withourtfederal backing. “Banks aren’t doing conventional loansa right now,” Hunt said.
“We simply wouldn’t have been able to do Initiatives such as the fee Mills said, are making a difference in a shorty amount of time: More lendera are getting into the fray whilse SBA-backed loan volume is up more than 25 percenty since the passage of the stimulus That translates to nearly $4 billiobn in guaranteed loans, $113 million of whic went to Ohio But it’s making small businesses awarr of the programs on hand that’s the key challenge goingv forward, she said. “All of thesw things take time,” Mills said. “Small businessezs are busy runningtheir business.
” In additiohn to the waiver and an increased guaranteed of 90 percent on 7(a) the SBA also has offered a sureth bond guarantee of $5 million, up from $2 million, for businessezs competing for federal contracts. On June 15, it’d rolling out a program dubbec America’s Recovery Capital, which offers loans of up to $35,000 for businessed struggling to make debt Those loans are full guaranteed and have a deferredpaymentr schedule. And next month, the SBA will begin offering guaranteed loans to finance inventory for automobilr dealers throughSeptember 2010.
Mill said she’s confident the agency has the righrt tools in place for smallbusinessea – and the outlookm on the economy hasn’t hurt either. “Thde sense from small businesses and others is that the free fall has she said. “But we still have a ways to