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Brown, a sixth-generation family-owned businesd with 47 employees andabout $6 milliojn in revenue last year, worked with (NASDAQ:FITB) to secure a $2 million loan to buy its headquarters off Hamilton Road in east President Rob Hunt said the company sidestepped payin about $65,000 in fees after the SBA instituterd a temporary waiver for businesse that borrow through its flagship 7(a) program. Owningy the company’s headquarters outright brings long-termm security, he said, which would have been hard to find withoutffederal backing. “Banks aren’t doinfg conventional loans right Hunt said.
“We simply wouldn’t have been able to do Initiatives such as thefee waiver, Mills said, are making a differencee in a short amount of More lenders are getting into the fray while SBA-backed loan volumw is up more than 25 percent since the passager of the stimulus bill. That translates to nearly $4 billion in guaranteed loans, $113 million of whichy went to Ohio But it’s making small businessezs aware of the programs on hand that’s the key challengwe going forward, she “All of these things take time,” Mills “Small businesses are busy running their business.
” In addition to the waiver and an increased guaranted of 90 percent on 7(a) the SBA also has offered a surethy bond guarantee of $5 million, up from $2 for businesses competing for federal contracts. On June 15, it’sw rolling out a program dubbed America’s Recovery Capital, whicuh offers loans of up to $35,00o for businesses struggling to makedebt payments. Those loanss are fully guaranteed and have a deferredpaymentg schedule. And next month, the SBA will begihn offering guaranteed loans to finance inventory for automobil e dealers throughSeptember 2010.
Mills said she’s confidengt the agency has the right tools in place for smallbusinesses – and the outlookk on the economy hasn’t hurt either. “The sense from smalp businesses and others is that the free fall has she said. “But we still have a ways to
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