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

The Latest: Swiss hockey league ends season in top divisions


first_imgThe Latest: Swiss hockey league ends season in top divisions Share This StoryFacebookTwitteremailPrintLinkedinRedditLONDON (AP) — The Latest on the coronavirus outbreak’s affect on sports around the globe (all times local):___10:10 a.m. Associated Press The Swiss hockey league has ended the season in the top two divisions before the playoffs because of the spreading coronavirus.The league’s decision comes less than two months before Switzerland is due to host the world championships in Zurich and Lausanne.The league says decisions on awarding titles, and promotion and relegation places, will be decided at a special meeting on Friday.The Swiss soccer leagues have been suspended through March, and Basel is unable to host a Europa League game next week against Eintracht Frankfurt.___ Pinturault also finished runner-up to Kristoffersen in giant slalom. Another Frenchman, Clement Noel, was runner-up to Kristoffersen for the season-long slalom title by only two points, 552-550.Kristoffersen had an outside chance of winning the overall title if the final two races had gone ahead.Kilde succeeds Austrian great Marcel Hirscher, who won eight straight overall titles before retiring in the offseason.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports 10:05 a.m.After the NBA suspended its season, the Euroleague is considering doing the same.The league says it is consulting with clubs about a suspension, something which its players are demanding.“Euroleague and the participating clubs cannot ask from players to put their health and that of their families at risk,” the Euroleague Players Association said.The players’ union asked for the season to be suspended “until health, safety and freedom of movement can be guaranteed.”center_img Giant slalom and slalom races were scheduled for this weekend in Kranjska Gora, near Slovenia’s border with Italy.The cancellations mean Henrik Kristoffersen, another Norwegian, becomes the season champion in both disciplines by tiny margins.A four-race finals week in Cortina d’Ampezzo, Italy, was canceled last week by the International Ski Federation.“The health and welfare of the athletes and all other participants, as well as the general public are in the forefront and the priority of FIS and all stakeholders,” the governing body said Thursday.Kilde’s runner-up finish in what proved to be the season-ending race — a downhill last Saturday in Kvitfjell, Norway — lifted him to the overall title above French rival Alexis Pinturault. “You’ll have read the news and that’s why I want to reassure everyone who is worrying about me. I’m OK. I want to remind everyone to respect the rules, because this virus doesn’t make distinctions! Let’s do it four ourselves, for those dear to us and for those around us,” he wrote.Rugani is the first player in the country’s top soccer division to test positive for the virus.___9:55 a.m.The season-ending men’s World Cup ski races were canceled Thursday to prevent the spread of the coronavirus, giving Norwegian skier Aleksander Aamodt Kilde his first overall title. March 12, 2020 ___10 a.m.The Juventus player who tested positive for the coronavirus says he’s “OK” and wants “to reassure everyone who is worrying about me.” Juventus announced late Wednesday that defender Daniele Rugani and “those who have had contact with him” are being isolated. It also said Rugani is not showing any symptoms of the disease.Rugani sent a post on Twitter overnight in Italian.last_img read more

J-D softball needs late surge to beat ESM


first_imgFor five innings in the rematch, it remained 0-0, Myshrall matched by ESM counterpart Shaina Brilbeck. J-D had plenty of early opportunities, yet could not convert on any of them.But in the top of the sixth, the Rams broke through against Brilbeck, scoring twice, and just to be sure tacked on four runs in the seventh inning.Madi Ancone doubled twice and Emma White also doubled, each of them getting a pair of RBIs. Ancone scored twice as Miriam Zoghby also drove in a run. Paige Keeler contributed two hits. Myshrall also had two hits while putting together a complete-game shutout. She struck out five and limited the Spartans to five hits, one each by Morgan Ransom, Gianna Quonce, Gillianne McCarthy, Holly Carr and Bella Pickard.Back on May 4, J-D had beaten Williamsville North 6-2. Katie White hit a home run and got three RBIs, with Andrea Sumida adding a triple as she drove in two runs.Victor, though, beat the Rams 3-1, getting single runs off Myshrall in the second, fifth and sixth innings and blanking J-D until Avery Young drove in Katie Dorazio in the top of the seventh.After the defeat to J-D, the Spartans had its game with Syracuse last Tuesday rained out and another one with Cicero-North Syracuse on Thursday moved back to May 20.When it returned on Wednesday, ESM could not get on the board in an 8-0 defeat to Syracuse, who used a five-run first inning and three-run fourth inning to support pitcher Adonia Wade.All Wade did was hold the Spartans to three hits while striking out 10. Ransom had two of those hits, while also pitching as Wade and Donyeasha Bacon each had two RBIs for Syracuse.J-D, meanwhile, was mostly contained in last Wednesday’s game against Fulton, but with Myshrall nearly carrying the team, the Red Rams beat the Red Raiders 5-1.Much of the reason why J-D built a 5-0 advantage through five innings was that Fulton couldn’t get Myshrall out. She homered, doubled, tripled and earned four RBIs, also scoring a pair of runs.Keeler added four hits as Kate Dorazio scored twice and Ancone added two hits. Myshrall lost her shutout in the top of the sixth, but still limited Fulton to three hits and earned eight strikeouts.It was easier for J-D on Thursday as it blanked Cortland 12-0, Myshrall limiting the Purple Tigers to one hit while striking out five while watching her teammates excel at the plate, though Myshrall did have a double and RBI.Dorazio, in particular, had a big day, going four-for-five with a double and three RBIs. Sumida had three hits, scored four times and drove in two runs, with Keeler adding a double and three RBIs.Share this:FacebookTwitterLinkedInRedditComment on this Story Tags: ESMJ-DSoftballcenter_img Even if it has a large advantage over most of its possible challengers in the Section III Class A ranks, the Jamesville-DeWitt softball team cannot feel completely safe.The Red Rams, whose first loss of the season came May 4 against Victor to end a nine-game win streak, found itself pushed hard by East Syracuse Minoa last Monday at Carrier Park before a late surge at the plate, plus Shayna Myshrall’s pitching, put away the Spartans 6-0.This wasn’t a big surprise, since J-D and ESM had played a close one April 18 that the Rams won 5-4 after trailing 4-0 early, needing three runs in the fourth inning and two more runs in the bottom of the seventh to pull it out.last_img read more

Go back to the enewsletter On 1 May Martin Place


first_imgGo back to the e-newsletterOn 1 May, Martin Place came to life when the Spirit of Aloha Sydney commuters were treated to a little bit of Hawaiian aloha spirit in the morning with a fresh flower lei, flown in overnight from Honolulu to celebrate ‘Lei Day’.The 1 May is ‘Lei Day’ in the Hawaiian Islands, so to mark the occasion, fresh flower leis were handmade in Hawaii and gifted to Sydneysiders by 28 visiting tourism operators from the islands.Passers-by in Martin Place were entertained by dancers from Germaine’s Lū‘au on O‘ahu, who performed hula and music throughout the morning.Kerri Anderson, Country Manager Australia for Hawaii Tourism Oceania said: “Lei day is a great opportunity to bring a little bit of aloha to Sydney and a feel-good start to the working week.“Lei Day, which was established in 1929, honours the aloha spirit of love and sharing as well as the Hawaiian tradition of friendliness and hospitality that any Australian who has visited the Hawaiian Islands would already be already familiar with.”A lei is a garland or necklace of fresh flowers, seeds, shells or nuts, created as a gift and given in Hawai‘i as a token of love, congratulations, welcome or farewell. It is a tangible representation of aloha and a symbol of that special warmth that is felt throughout the Hawaiian Islands.Ms Anderson said Hawai’í residents celebrated Lei Day across the islands with lei making, hula and music. In recent years Lei Day has also become a part of the ‘Mele Mei’ festival, which runs for the month of May and offers visitors even more opportunity to take in a Hawaiian Music concert or cultural event over an extended period of time. Hawai‘i Tourism Oceania has made a short video to say Mahalo to Sydney for letting us share aloha with them this morning.Go back to the e-newsletterlast_img read more