Does your small business work on contracts that require bid, performance and/or payment surety bonds? Did you know that the SBA has a robust surety bond program designed to support small business?
Your path to surety bonds and everything you need to know about contract bonding has arrived. Join the SBA and the National Association of Surety Bond Producers for this free half-day seminar exploring a variety of topics, including:
- Contract bonding and insurance
- Banking and finance
- Risk management and legal concerns
- Construction accounting
- Federal assistance programs
- Local procurement opportunities
- Networking with surety professionals
Thursday, May 18 | 8:30 a.m. – 1:30 p.m.
Seattle Public Library, Auditorium
1000 4th Avenue | Seattle, WA 98104
Small Business Administration loan programs might be the answer.
Starting a small business takes time, hard work, and money. Depending on your type of business and your present financial situation, you may find you need to reach to outside sources for funding.
One resource you can turn to for assistance in obtaining a loan to start or grow your business is the United States Small Business Administration (SBA). While the SBA does not directly lend money to small businesses, it can facilitate loans with third party lenders. Various banks, credit unions, community development organizations, and microlending institutions throughout the U.S. partner with the SBA to provide funding to small businesses without access to other financing options with reasonable terms.
SBA sets specific guidelines for loans, which are made by its partners, and it guarantees that they’ll be repaid by the borrowers. This benefits small business owners by giving them access to much-needed funding, and it eliminates some of the risk to the lending partners.
To qualify for an SBA loan, your business must meet certain criteria regarding business size, financial standing, and others. You must also meet the credit qualifications of the lender. Continue reading
Small Business Concerns owned and controlled by service-disabled veterans has been established under The Veterans Bene ts Act of 2003 – Public Law 108-183. This act assists federal agencies in meeting the 3% veteran contracting goal.
Federal contracting of cers may now set-aside or award sole- source contracts to Service-Disabled Veteran Owned (SDVO) Small Business Concerns (SBC).
- 51% or more owned by one or more service-disabled veterans.
- Management and daily business operations is controlled by one or more service-disabled veterans or the spouse of such veteran if the veteran is permanently and severely disabled.
- At the time of contract offer, an SDVO SBC is small as defined by the size standard corresponding to the NAICS code (13 CFR 121.201) assigned to the contract.
Small business concerns self-certify. You should obtain a letter from the VA certifying that you are a service-disabled veteran in the event another business protests your award. Continue reading
By Caron Beesley, Contributor
Although small businesses still turn to credit unions, community banks, and traditional banks for their capital needs, outside equity such as angel investment and venture capital, are valid options. In fact, the venture and angel capital industries are experiencing a sharp increase in demand thanks to a greater certainty in the domestic economy.
If you’re looking for a private equity firm, venture or angel capitalist to fund your business, what are your options? Below are some tips for identifying the right fit for your needs and taking those important first steps. Continue reading
By Caron Beesley, Contributor
It’s been a stellar year for SBA lending, which is good news for small businesses.
In FY 2014, the SBA’s flagship loan program, the 7(a) Loan Program, achieved another lending record. By the end of the fiscal year (Sept. 30), SBA had approved 52,044 7(a) loans for nearly $20 billion, an increase of 12 percent in the number of loans and 7.4 percent in dollar amount over the previous year.
If you have struggled to get financing in the past or are thinking of venturing into small business loan territory for the first time, you may be wondering what SBA’s loan programs are all about.
By way of introduction to SBA’s loan programs – what they are, who can benefit, and how to apply – here’s a brief explanation. Continue reading
Need financing to start or grow your business? If you’re starting a business that requires significant financial investment up front, finding a source of funding can be a challenge. Many start-ups and new small businesses often find they may not qualify for a traditional small business bank loan. Without a proven track record of 3-5 years under your belt and/or established business credit, many banks simply won’t take the risk. But before you risk your life savings or re-mortgage your home, you should know about some possible alternatives. Continue reading