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As of August 2009, the federal government has extended to the Small Business Administration the ability to extend their Microloan program, which offers support to many small business people in need. There is availability for the small business loan stimulus package in Austin TX, Philadelphia, and a number of cities in between.
The SBA is a division of the chamber of commerce that guarantees loans to small businesses owned and operated by women, minorities, veterans, the disadvantaged, and many other start-up businesses as well. The SBA has been in existence since 1953, and with a portfolio worth $45 billion, is currently the nation’s largest backer of loans. It is often considered one of new entrepreneurs’ best friends, as it offers loan programs that are simply not feasibly available to many of the people that it helps. Although the loans it offers are usually very small (and sometimes insufficient for someone’s small business needs) they offer a wide array of programs that can be used in conjunction with each other for a larger overall loan.
The SBA had been granted $20 million in stimulus funding which it has already lent out, as well as $20 million in technical assistance. The recent expansion of the Microloan program has distributed an additional $10.3 million to provide to community based organizations for loans of $35,000 or less. You can find this small business loan stimulus package in Austin TX and seven other cities in the United States. This is excellent news for new businesses everywhere, as credit is once again becoming available and economic recovery, hopefully, is right around the corner.