The Small Business Administration maintains and strengthens the nation's economy by aiding, counseling, assisting and protecting the interests of small businesses and by helping families and businesses recover from national disasters.
Uses and Use Restrictions
To construct, expand, or convert facilities; to purchase building equipment or materials; inventory and for export working capital.
A small business is eligible, which is independently owned and operated and not dominant in its field.
They also need to meet the SBA size standards.
Small businesses, including those owned by low-income and handicapped individuals located in high unemployment areas.
Statement of personal history, personal financial statement, company financial statements, summary of collateral and a resume. Loan must be of such sound value or so secured as to reasonably assure repayment.
Aplication and Award Process
This program is excluded from coverage under E.O.
Applications are filed by the participating lender in the field office serving the territory in which the applicant's business is located. Where the participating lender is in another territory, applications may be accepted and processed by the field office serving that territory, pro vided there is mutual agreement between the two field offices involved.
Applicant is notified by authorization letter.
Small Business Act of 1953, Section 7(a), as amended, Public Laws 97-35, 85-536, Section 2(b).
Range of Approval/Disapproval Time
From 1 to 10 days from date of application acceptance, depending on type of loan and type of lender program.
If a reconsideration is requested within 6 months after decline or withdrawal, no new application is required.
Formula and Matching Requirements
Length and Time Phasing of Assistance
Post Assistance Requirements
Periodic financial statements.
When necessary on a case-by-case basis.
Adequate accounting system.
Administrative Costs: FY 07 $5,258,000; FY 08 5,988,000; and FY 09 $6,430,000.
Range and Average of Financial Assistance
OIT has three guaranty loan programs: The Export Working Capital Program. This programs guarantees export loans for us to 90 percent of the loan; The Export Express Loan Program guarantees loans for up to 85 percent of the loan; and the International Trade Loan program guarantees the loan for up to 75 percent of the loan.
Regulations, Guidelines, and Literature
SBA Business Loans from the SBA.
Regional or Local Office
For reference to the U.S. Export Assistance Centers, see Service Centers in Appendix IV of the Catalog under the Small Business Administration.
Director, Office of International Trade, 409 3rd., S.W., Washington, DC 20416 (202) 205-6720.
Criteria for Selecting Proposals
The Bank of America Merrill Lynch themselves, Social Finance Inc., New York State, the Center for Employment Opportunities (CEO), the U.S. Department of Labor, Chesapeake Research Associates, and The Rockefeller Foundation come together to address recidivism by training and employing ex-inmates.