Inside Every American Is An Entrepreneur Trying To Get Out
Monday December 18th 2017

SBA

U. S. Small Business Administration

The SBA’s mission is to help Americans start, build and grow small businesses. The SBA has been a great friend and resource to SOHO Today.

Here are some of the shows that the SBA has taken part in on SOHO Today.

Securing Capital To Grow Business

View the show here! (This is the second half of an hour-long show, please use your scroll bar to start the video at the 30 minute mark.)

Guest: Mark Ferguson, U.S. Small Business Administration, Illinois District Office
The SBA offers many programs and services to help small business start, grow and succeed. Mark has a master’s degree in finance, and prior to joining the SBA in 1991 he worked in the mortgage industry as a loan officer.

Story continues below


Mary Joan and Mark talked about the number of SBA loans in Illinois last fiscal year:

  • under the 7(a) loan umbrella there were 4,235 totaling over $436 million dollars
  • 504 loans totaled 418 worth more than $247 million

There are a number of loans under the 7(a) loan umbrella:

  • Express loan program up to $350,000, 50% guarantee, bankers can use own documentation, loans under $25,000 don’t require collateral
  • Community express loan program, up to $250,000, low to moderate income areas, 85% guarantee, beauty of that is lenders may streamline and expedite, and use own documentation
  • Cap line program, the line of credit programs
    • contract line, means they lend money based on the dollar amount of your contracts
    • builders
    • seasonal
    • small asset based
    • large asset based

Where Do I Start the Loan Process

You go to your financial lender. If they turn you down, or they won’t consider you then you might be able to get an SBA loan.

Paperwork Necessary

SBA executives say that you need a business plan, a personal financial statement, 3 years of tax returns. Thankfully there are companies out there who offer a free e-file on your tax returns.

Maximum and Minimum Loans

The maximum loan is $2 million, although in some instances they may lend higher.

There is not a minimum loan. But for a small dollar amount, $1,000 – $5,000, maybe a little bit higher, you’ll want to consider a microloan. For more information about microloans and microlenders visit the SBA web site.

Story continues below


ARC: America’s Recovery Capital Loan Program

View the show here!
Just what is ARC and how does it affect you as a small business owner? Well, ARC, America’s Recovery Capital Loan Program is a brand new SBA program debuting June 15, 2009. Tune in to this timely topic for all the details, including how much money you can expect in a loan.

Guest: Judith A. Roussel, SBA District Director, Illinois District Office. Ms. Roussel has served as Illinois District Director of the SBA since December, 1999. In this capacity, she is responsible for the promotion and delivery of U.S. government programs providing Capital Access, Entrepreneurial Development, International Trade Development and Procurement Assistance to more than 1 million small businesses in the state of Illinois. Programs are delivered through SBA staffs in Chicago and Springfield, Illinois, as well as by major resource partners, including SCORE: Counselors to America’s Small Business, and the Illinois Department of Commerce and Economic Opportunity (DCEO) Small Business Development Center Network.

SBA Week

View the show here!
We’re going to be talking about SBA Week, how the SBA offers a wealth of programs and resources for small businesses, and a Business Matchmaking event where you can find contacts from many companies and government agencies. We also talk about the 2008 Small Business Award Winners, and how you can get involved.

Guest: Judith A. Roussel, SBA District Director, Illinois District Office. Ms. Roussel has served as Illinois District Director of the SBA since December, 1999. In this capacity, she is responsible for the promotion and delivery of U.S. government programs providing Capital Access, Entrepreneurial Development, International Trade Development and Procurement Assistance to more than 1 million small businesses in the state of Illinois. Programs are delivered through SBA staffs in Chicago and Springfield, Illinois, as well as by major resource partners, including SCORE: Counselors to America’s Small Business, and the Illinois Department of Commerce and Economic Opportunity (DCEO) Small Business Development Center Network.

Guest: Mark Ferguson, SBA Public Information Officer, Illinois District Office. The SBA offers many programs and services to help small business start, grow and succeed. Mark has a master’s degree in finance, and prior to joining the SBA in 1991 he worked in the mortgage industry as a loan officer.

SBA Office of Advocacy’s Top 10 Rules for Review and Reform

View the show here!

The annual cost of complying with federal government mandates has grown to over $1.1 trillion. That means the per household cost of complying with regulations now exceeds that of health insurance. The burden falls especially hard on the smallest of businesses, which annually pay 45 percent more per employee to comply with regulations than big businesses do.

Join us as we discuss the Top 10 Hot List of Rules for Review and Reform (r3) that the Office of Advocacy has compiled from nominations by small business owners and their representatives nationwide.

Guest: Ray Marchiori, Regional Advocate, Office of Advocacy, Region V, SBA. Mr. Marchiori is the Midwestern Regional Advocate for the Office of Advocacy of the U.S. Small Business Administration. He is the direct link between small business owners, state and local government agencies, state legislators, small business associations, and SBA’s Office of Advocacy. Contact Mr. Marchiori at (312) 353-8614 orraymond.marchiori@sba.gov.

Guest: Richard Allen, ChFC and CLU, State President of I.A.A.I. Mr. Allen is currently the President of the Independent Accountants Association of Illinois (I.A.A.I.). This is a statewide association of over 600 accounting and tax professionals, including CPAs, Enrolled Agents, and other professionals. Also, a member of the National Society of Public Accountantsand of the National Association of Tax Professionals. Mr. Allen has been an enrolled agent for almost 40 years, and also the I.A.A.I. State Instructor for its annual preparation course for the Internal Revenue’s Enrolled Agents Exam. He also hold securities registrations, and advance insurance designations (ChFC and CLU) in estate and financial planning. Download Mr. Allen’s Home Office Deduction Issues.

The 2008 r3 Top 10 list includes (alphabetically by agency) Download the list here, or click here to

  • Environmental Protection Agency (EPA): Update air-monitoring rules for dry cleaners to reflect current technology and reward environmentally friendly dry cleaning methods.
  • Environmental Protection Agency (EPA): Increase flexibility for community drinking water systems by expanding ways to meet protective drinking water standards.
  • Environmental Protection Agency (EPA): Encourage recycling by updating the rules for recycling solid wastes so that useful, recyclable materials won’t be treated as hazardous waste.
  • Environmental Protection Agency (EPA): Clearly define “oil” in oil spill rules, so that small facilities storing nonpetroleum-based products are not unintentionally subject to the rules.
  • Federal Aviation Administration (FAA): Review flight restrictions surrounding Washington, DC, to see if they can be revised to avoid harming small airports.
  • Federal Acquisition Regulation (FAR) Council: Eliminate duplicative financial requirements for small architect-engineering services firms in government contracting, as has been done for other services.
  • Internal Revenue Service (IRS): Simplify the home-office deduction to permit a standard deduction, so that those with home offices can more easily qualify.
  • Mine Safety and Health Administration (MSHA): Update rules on the use of explosives in mines, to be consistent with modern mining industry standards.
  • Occupational Safety and Health Administration (OSHA): Review the medical/laboratory worker rule to see if it can be more flexible in situations where workers do not have potential exposure to bloodborne pathogens.
  • Office of Federal Procurement Policy (OFPP): Review reverse auction techniques for online procurement to determine the impact on small firms.

An in-depth list of the 2008 r3 Top 10 Rules for Review and Reform may be viewed www.sba.gov/advo/r3.

You can nominate an Existing Agency Rule for Reform.

U.S. Small Business Administration Programs for Small Businesses

View the show here!

Guest: Carol L. Thompson, Assistant District Director/Business Development, U.S. Small Business Administration, Illinois District Office
Ms. Thompson has over 20 years of contracting experience and has served as the National Program Manager for two highly visible SBA programs, the Mentor-Protégé and BusinessLINC programs. She has a Masters Degree in Public Administration and has completed courses towards a second Masters degree in Procurement and Contracts Management at the Florida Institute of Technology.

Guest: Rosalyn Putman, Business Opportunity Specialist, Illinois District, U.S. Small Business Administration
Ms. Putman is a Business Opportunity Specialist in the 8(a) BD division of the Illinois District Office of the SBA. Rosalyn has worked in this capacity for over five years and manages a portfolio client base of over 50 client firms. She is also one of the facilitators for the agencies 8(a) orientation workshop conducted by the Illinois Office. Ms. Putman holds a Bachelors of Science degree in Marketing from Wilberforce University.

Latest Topics

How to Turn Bland Text into Sparkling Online Content

How to Turn Bland Text into Sparkling Online Content

By Henneke, CopyBlogger.com Let me guess … You’re smart. You know your stuff. And you have a sparkle in your eyes [Read More]

Ask for a Discount and Save Money Throughout the Year!

Ask for a Discount and Save Money Throughout the Year!

By Mary Joan Schultheisz, SOHOToday.net Ask for a Discount My husband and I were recently shopping for a book for him [Read More]

3 Tips for Designing A Mobile Website

3 Tips for Designing A Mobile Website

By Brendan Steele, ZD Design Before designing a mobile version of your website, make sure that a mobile website is [Read More]

10 Ways How To Achieve Your Social Media Goals

10 Ways How To Achieve Your Social Media Goals

From SocialMediaRevolver.com Every marketer that delves into social media is doing so in hopes of achieving success. Of [Read More]

Recent Comments

Need more traffic on your site? Increase your rankings FAST had this to say

Need more traffic on your site? Increase your rankings FAST... Hello ! My name is Chris Dunn and I would like to give Read the post

Google had this to say

Google... The time to read or visit the material or internet sites we've linked to beneath.... Read the post

Google had this to say

Google... Sites of interest we've a link to.... Read the post

Google had this to say

Google... Here are some hyperlinks to internet sites that we link to because we assume they're worth visiting.... Read the post

Google had this to say

Google... Although websites we backlink to beneath are considerably not connected to ours, we really feel they are Read the post

Insider

Archives