The US Small Business Administration has disbursed over $30 billion in the hands of small business owners during each of last two years. This is pretty good and has helped small businesses expand operations all over the country. In Fiscal 2012, largest dollar volume got disseminated to small businesses and it helped to increase the jobs created under the Small Business Jobs Act 2010.
SBA is responsible to streamline loan programs and is instrumental to increase access and opportunity for small businesses and lenders. The agency encourages lenders to use paperwork and updated processing systems so that more than 80 percent of funds can be processed online.
It is because of the genuine efforts of SBA that compelled 1,300 lenders to return back to SBA lending. This opened gateways and access points for small businesses to receive SBA grants. With the reduction in paperwork and improvement of loan making process, 2012 has proved to be a record year for SBA as CDCs helped 9,471 entrepreneurs and supported $15.09 billion in small business loans.
The CAPLines Programs have also been revamped and it helped small businesses increase their working lines of credit to 400 percent from 108 loans and $118 million in FY 2011 to 532 loans and $410 million in FY 2012. The advantage loan programs such as ‘Community Advantage’ and ‘Small Loan Advantage’ have also been successfully used to make low-dollar loans available to small businesses.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org