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

Researchers warn of resistant flu, foodborne microbes


first_imgMar 19, 2008 – ATLANTA (CIDRAP News) – Serious microbial threats, including drug-resistant influenza and foodborne pathogens, remain stubbornly persistent even as unpredictable new threats are emerging, researchers said this week at the leading international conference on new and resurgent infectious diseases.Many of the threats are emerging in parts of the world too poor to fund adequate surveillance and control measures. And industrialized countries’ spending on intercepting those globalized infections is not keeping pace with the need.”Many of the challenges that face us right now are not likely to get better; in some ways, they are likely to get worse,” Dr. Julie L. Gerberding, director of the Centers for Disease Control and Prevention (CDC), said during the opening speeches of the International Conference on Emerging Infectious Diseases, which the CDC sponsors along with several scientific organizations. “These problems can only be solved by the investment necessary to tackle them.”Research presented at the conference ranged from information on the complexities of controlling and treating influenza and other respiratory diseases to insights into foodborne disease transmission. And as always at such a large conference—a biennial gathering of 2,000 scientists giving roughly 500 papers and posters—there were the scientific equivalent of early-warning alarms.In influenza news, CDC and state health department researchers found that:Adamantane drugs, the older of the two classes of influenza antivirals, are becoming increasingly useless against seasonal flu. A global survey of isolates collected during the 2006-07 flu season found 72% of H3N2 strains were resistant to adamantanes; in Asia, 100 percent of H1N1 strains were resistant, though 94% of US H1N1 strains remained vulnerable to the drugs.Meanwhile, resistance to neuraminidase inhibitors, the second class of flu drug, is creeping up. Between 2004 and the current flu season, the proportion of isolates resistant to neuraminidase inhibitors rose from 1% to 5% among all flu strains. Resistance to oseltamivir (Tamiflu), the more widely used drug in the class, rose to 9% among H1N1 strains.And in further confirmation that the current seasonal flu vaccine did not work as planned, an analysis of military flu-like illness statistics by the Naval Health Research Center in San Diego found the effectiveness of the flu shot against H1N1 strains was 71%, lower than recent CDC estimates.In a warning of the stealthy nature of novel flu strains, a team from the University of Florida, the CDC’s flu branch, and a pet-rescue program called HemoPet/Pet Life-Line found that canine influenza has been circulating without detection far longer than supposed. The disease, which kills by hemorrhagic pneumonia, was first detected in dogs in Florida in 2004 and has since spread to 25 states and Washington, DC. But according to the rescue program’s blood-donor records, the strain has actually been in Florida dogs since 1999, and it may have caused unsolved respiratory disease outbreaks at dog tracks that year and in 2003.Among the reports on foodborne illnesses:The proportion of disease outbreaks linked to leafy greens is rising faster than the consumption of lettuce and spinach, signaling a true increase in the incidence of greens-related foodborne illness, according to CDC researchers.Strains of Salmonella isolated from cattle slaughtered at plants monitored by the US Department of Agriculture showed significant increases between 1997 and 2005 in resistance to cephalosporins, a class of drugs used in both veterinary and human medicine. Proportions of isolates resistant to the veterinary drug ceftriaxone increased from 1% to 2.1%; to ceftiofur, from 0% to 21.6%; and to cefoxitin, from 9.1% to 19.8%.And research done at the University of Pennsylvania found that 22% of raw chicken purchased at retail outlets in central Pennsylvania in 2006 and 2007 was contaminated with Salmonella; 53% of the Salmonella isolates were resistant to at least one drug, and 45% were resistant to five drugs or more.Blood and organ transplants are emerging as a rare and unpredictable route for transmission of infections, according to research presented at the conference, which featured reports of tuberculosis transmitted via transplant and fatal Group C streptococcal infection transmitted by transfused pooled platelets.And in just two of many reports on the increasingly high-profile pathogen MRSA—methicillin-resistant Staphylococcus aureus, which causes both healthcare-acquired and community-acquired infections—CDC researchers reported a higher-than-predicted rate of community-acquired pneumonias due to MRSA. In addition, Dr. J. Scott Weese, a veterinarian from the Ontario Veterinary College, delivered preliminary results of a survey of 212 raw pork products purchased in four Canadian provinces that found a MRSA contamination rate of almost 10%.last_img read more

Gorelina’s return to the lineup helps Syracuse into the final 8 of the NIVC


first_img Facebook Twitter Google+ HAMILTON, N.Y. — After playing sparingly and almost exclusively back-row in the opening set Friday night against Towson, Anastasiya Gorelina was waiting for her opportunity to fully return from her right ankle injury.With a block to close out the first set, and four kills in the first 13 points of the second set, Gorelina emphatically announced her return. In that moment, Syracuse’s leading attacker was back. The Orange attack was back to full strength.Syracuse (22-13, 12-8 Atlantic Coast) advanced to the final eight of the National Invitational Women’s Volleyball Championship with a straight set win over Towson (27-6, 12-4 Colonial) on Friday night at Colgate University’s Cotterell Court. Now that Gorelina is back to full strength, she expects to be starting Monday night as Syracuse travels to West Virginia to take on the Mountaineers Monday night in the final eight of the NIVC.“It was my first game back from injury so I’m excited to be able to play, and not just watch,” Gorelina said.She turned her right ankle in the fourth set of a match on Nov. 22 against Notre Dame. Gorelina did not play in the regular season finale loss vs. Louisville, nor did she play in the postseason opening win Thursday night against Albany.AdvertisementThis is placeholder textDespite being a limited factor in the opening set, Gorelina was unleashed by Yelin in the second set. She did not register any kills or attack attempts in the first set, which SU won, 25-22. She totaled four kills in the second, and four more in the third and finished with eight. Gorelina found success in a variety of attacks, using both the fastball and changeup to beat the Towson backline.Gorelina received the set from Jalissa Trotter at the start of the second set. She used her textbook two-steps and a jump to kill the ball into the floor, giving SU its first point of the set. A few points later, Gorelina displayed her guile in tipping the ball over the Towson block. The ball floated aimlessly into the ground, just out of reach of outstretched Towson defenders, expanding the Orange lead to 7-3. After the Tigers had cut the deficit back to two, Gorelina went for power again, ending any run Towson had started and pushing the lead back to three points.Because she had just one error and 11 attack attempts, Gorelina’s .636 attack percentage was her second-best of the season. With an attack percentage of .211 for the season entering Friday, she was over three times more efficient than average. Yelin was careful not to rush his star attacker back before she was ready, and the move paid off.“It’s the first day she was able to play,” Yelin said. “When people are coming back from injury, it takes time to get in, you don’t want to rush.”Yelin said he wanted Gorelina to slowly work her way back into the lineup before letting her jump and land again on the ankle. At the conclusion of the first set, she told Yelin was ready.“He was worrying about my ankle and how I was feeling,” Gorelina said. “After the first set I told him I was ready to go to fight. He said go out and play, and I did.”Yelin said he made some changes to the usual rotation to work her into playing more points. With some confusion amongst the SU rotation, which led to two out of rotation faults, Yelin eventually decided to return to the lineup the Orange has played for most of the season.“We still wanted to keep her in the position to be on the outside and hit, after the first set and a half,” Yelin said. “We totally changed back to how we had been playing all season.” Comments Published on December 1, 2017 at 10:49 pm Contact Anthony: [email protected]last_img read more