SBA implements higher maximum loan sizes


first_imgOn the heels of completing final approvals of loans to nearly 2,000 firms that has been in its loan queue waiting for final approval of the Small Business Jobs Act, the US Small Business Administration has finished implementation of another major element of the bill: increasing maximum sizes in several of its loan programs.The changes – effective today – are permanent for general small business loans under SBA’s 7(a) guaranteed loan program, fixed asset loans through the 504 Certified Development Company program, Microloans, and International Trade, Export Working Capital and Export Express loans.  A temporary increase for SBA Express loans is good for one year. “Across the country, there are small businesses owners who are in a position to take that next step to grow and create jobs, and these larger loan sizes provide another tool to help them do just that,” SBA Administrator Karen Mills said.  “Whether they’re in the start-up phase and could use a microloan or are looking to take advantage of lower real estate prices and interest rates to buy a new building to expand, SBA loans can now be an even greater resource to help entrepreneurs and small business owners get the capital they need.“Additionally, temporarily increasing the cap on SBA Express loans from $350,000 to $1 million will allow more small businesses to take advantage of the streamlined approval process for working lines of credit and other capital they need,” Mills said.Under the Jobs Act provisions, SBA has permanently increased 7(a) and 504 limits from $2 million to $5 million, and for manufacturers and certain energy-related projects seeking 504 loans, to $5.5 million.  The maximum for International Trade and Export Working Capital loans also has been increased from $2 million to $5 million. SBA also permanently increased microloan limits from $35,000 to $50,000, helping larger entrepreneurs with start-up costs and small business owners in underserved communities. It also raised the limit on Export Express loans, from $250,000 to $500,000, and made the program permanent.SBA Express loan limits have been temporarily raised from $350,000 to $1 million for one year.  These loans offer a streamlined application process with reduced paperwork and approval often in a matter of days.  Unlike traditional 7(a) loans, SBA Express loans carry a 50 percent guarantee and can be used as revolving lines of credit – to help restock inventories and support larger revenue sales – which are particularly critical for small businesses as they emerge out of the recession.SBA’s own trends show increasing demand for larger loans.  The percentage of lending volume for guaranteed loans greater than $1.5 million has grown, from 13 percent of total dollars approved in fiscal year 2005 to 21 percent in fiscal year 2010, with many loans actually at the $2 million maximum.  In the 504 program, the percentage of loan volume committed to loans greater than $1.5 million also has grown, from 15 percent of total dollars approved in fiscal year 2005 to 25 percent in fiscal year 2010.SBA has already put in place the alternate size standard that expands eligibility for SBA-backed loans that was included in the Jobs Act, increasing the alternate size standard to include those small businesses with less than $15 million in net worth and $5 million in average net income.Additionally, Administrator Mills announced on Tuesday that all loan applications placed in the SBA’s loan queue by small business borrowers had received final approval, amounting to 1,939 loans for nearly $970 million.  The loans were able to make use of loan guarantees up to 90 percent and reduced fees extended under the Jobs Act. Many of the loans had been in the queue waiting for the extension since May.The bill provided the agency with enough funding to support an estimated $14 billion in lending to small businesses with the extension of higher guarantees and reduced fees in the top two loan programs, first implemented as part of the American Recovery and Reinvestment Act of 2009.The Jobs Act also includes additional resources to help increase lending to small businesses, including the State Small Business Credit Initiative announced today by the Department of Treasury that will support $15 billion in lending through local programs and the Small Business Lending Fund, which will provide capital to local, community banks to increase their lending to small businesses.Additionally, the new law contains $12 billion in tax credits targeted to small businesses, including higher deductions for investing in new machines and equipment, zero capital gains for those who buy and hold small business stocks for five years, and a doubling of the maximum deduction for startups to $10,000.  It also allows self-employed Americans to completely deduct health insurance costs for themselves and their families.  Source: SBA. 10.8.2010last_img read more

Macke Moves Into Second All-Time In Digs At Drake In A 3-0 Loss


first_img Full Schedule Roster ESPN3 Next Game: at Illinois State 11/9/2019 – 5 p.m. Preview Buy Tickets Live Stats Box Score (PDF) center_img Watch Live Story Links PEORIA, Ill. – Drake University junior Kylee Macke moved into second all-time in career digs in the Drake volleyball team’s 3-0 loss at Bradley Friday evening.Macke had 12 digs and now has 1,607 in less than three full seasons at Drake to move past Michelle Tommi.In addition to Macke making history, junior Emily Plock had 24 kills and 14 digs to continue her strong play with her fifth 20-kill night in the last six outings. Plock hit .360 in the loss as Bradley prevailed by set scores of 25-18, 27-25, 25-23.Bradley (12-11, 8-4 MVC) was led by Hannah Thompson’s 12 kills and eight kills plus seven blocks from Sara Maddox.Drake (9-18, 3-11 MVC) committed 11 errors in the first set but regrouped and committed just 11 total miscues the remainder of the evening to keep pace with Bradley.The Bulldogs looked poised to tie the match in the second set with a seven-point lead late in the set. However, Bradley fought off two set points and closed the set on a 15-6 run to take the set and a 2-0 lead in the match.Drake played very even with Bradley in the third set, but Bradley was able to get enough separation late to preserve the four-set win and end the Bulldogs’ evening early.Drake aims to rebound from the loss Saturday when they make the short trip to Illinois State for a 5 p.m. match. Print Friendly Versionlast_img read more

Skip the Eye Doctor With Warby Parker Prescription Check App


first_img Sony Patents Prescription VR GlassesGeek Pick: Gunnar Haus Computer Glasses Are High-Tech Eye Safety Most eye care experts recommend a comprehensive eye exam every one to two years. But ain’t nobody got time for that.Except, perhaps, Warby Parker hipsters customers, who can now take a vision test from the comfort of their home.The new Prescription Check app invites “eligible users” (of which I am not one) to assess their vision and, if necessary, request an updated eyeglasses scrip.Download the free (for now) iOS application and answer some questions about your age, location, and health.Only those already sporting WP specs are allowed through the digital doors (my Ray-Bans didn’t pass muster), and you’ll need an iPhone, computer, about 12 feet of space, and 20 uninterrupted minutes.The process, as described by Inc. Magazine, requires a credit card or driver’s license to establish computer screen proportions and display correctly sized images; simply follow instructions on your handset to complete the test.“When you’re done, the results are sent to an eye doctor for review,” according to Inc. “Within 24 hours, you get a new prescription.”Though FDA-registered, Prescription Check “is not a comprehensive eye exam, and it isn’t meant to replace a visit to your eye doctor,” the app description said.“It’s important to get your eye health examined periodically, even if you aren’t experiencing any vision problems, so please follow the advice of your doctor,” the company added. “Good to keep those peepers in check.”Launched in 2010, Warby Parker is considered by many as a tech startup because, although the brand has showrooms around the country, the company conducts sales online and offers a unique system that allows customers to virtually try on glasses.In 2013, WP was in talks to team up with Google to design more fashionable Glass frames. Unfortunately for both firms, the wearable computer idea was later scrapped.Warby Parker did not immediately respond to Geek’s request for comment. Stay on targetlast_img read more