This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.
Congressman Kilmer’s team shared this resource for small businesses regarding the benefits available now that the CARES Act has been signed into law. Click here to access the 11 page PDF document on Google Drive. Continue reading
March 24, 2020
I know that these past few weeks have been challenging for many folks. The COVID-19 pandemic has undeniably impacted our economy, and this rings especially true for small businesses across our region. As someone who worked professionally in economic development before serving in Congress, I’ve always believed that small businesses are the backbone of our economy.
With that in mind, I strongly believe that Congress must take immediate action to support small business owners and their employees. I’ve taken action and wanted to share some helpful resources that small businesses like yours may find helpful.
As you may be aware, Congress authorized disaster loan assistance for small businesses in the first coronavirus response law. The U.S. Small Business Administration (SBA) provides low-interest, long-term disaster loans to small businesses, private non-profit organizations, homeowners, and renters to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. Continue reading
Up to $2 Million in Disaster Assistance Loans
If you’re starting or growing your small business, you should learn about loans guaranteed by the U.S. Small Business Administration (SBA) as a funding option.
If you apply for an SBA loan, your loan won’t be from the SBA, and you won’t make your payments to the agency. Instead, the SBA approves lenders to provide loans to small businesses under their loan programs. Continue reading
“How can I get grant money to start a for-profit business?”
This is the number one funding related question that Small Business Administration, other government agencies and financial institutions encounter from potential entrepreneurs seeking money to start a business.
The infomercials on late night television selling books or offering free seminars appear to be very convincing. I have spent hours investigating myths and facts about grants. Here are the findings:
Myths about Grants for “For-Profit” Business:
As part of the research on grants, I attended a few different seminars that were held by privately owned organizations at some of the major hotels. Continue reading
by Kelly Deis of SoundPoint Consulting
If you don’t have the capital to fund your business growth, here are a few ideas. Which one is right for you?
1. Bank Loan or Line of Credit
Borrowing from the bank is probably the most traditional way of funding a business. This can take the form of a traditional loan or line of credit. Some banks may require an SBA guarantee which is a little more expensive than a bank-only loan. Others may require covenants, or conditions, within which the business must perform.
Bankers will review your historical performance and business plan in great detail. Assuming that these pass muster, the bank will require collateral in the form of inventory, equipment or even your house. In many cases they will insist on a personal guarantee.
Bank loans are debt financing requiring periodic payment of principal and interest. However, they do not require you to give up equity in your business; if your business takes off, you keep the profits (after debt repayment). Continue reading