We gather the week’s best small business stories and bring them to you here.
SBA Loan Process Goes Digital And Cuts Some Fees
The news comes at a time when the sequestration cuts this past winter cut 12 percent from the SBA’s 2014 budget of $810 million. The budget however will now waive all fees for businesses seeking 7(a) loans of $150,000 or less. And beginning in October, the SBA will cut out loan-origination and servicing fees, as well as the 0.55 percent charged to the bank lenders each year to pay for their government guarantee.Read more (via tnj.com)
The List: Which banks are lending to small businesses
The Portland arm of the Small Business Administration this week recognized several lenders as part of its Small Business Week celebration.The SBA named Wells Fargo Bank 7a Lender of the Year for Loan Dollar Volume. The bank guaranteed $41 million in loans in fiscal 2012, 19 percent of the 7a loans in the Portland district. Read more (via bizjournals.com)
Small business lending freeze starting to thaw
The report showed the nation’s largest banks approved 16.8 percent of small business loans in April, up from 15.7 percent in March and 10.6 percent in April 2012. The 16.8 percent reading for large banks (those with more than $10 billion in assets) was the highest since Biz2Credit started crunching the numbers in 2011. Read more (via washingtonpost.com)
THE REAL VALUE OF A BUSINESS PLAN FOR THE ENTREPRENEUR
The fact is, If you expect investors to contribute to your success and invest in your dream (whether it be the Silicon Valley mogul or Uncle Marty), you’ll need to convince them that doing so makes economic sense. That is where a smart business plan comes in. Read more (via theselfemployed.com)
9 Tips to Manage Business Credit
One of the greatest achievements that an individual could attain is to run their own business. Your company is an extension of yourself, which is why you should give it your undivided attention. One of the greatest challenges you will face is learning how to effectively manage business credit. As you know, business credit is vital to making successful transactions. A good credit score tells lenders and creditors that your company is financially healthy. Read more (via biz2credit.com)
Mariah Courtney runs the social media program at Biz2Credit. She is passionate about entrepreneurship, writing, travelling, food blogs, social media, and her dog Sammie.