Turning to their local credit unions, military personnel are transitioning back into civilian life by starting up businesses such as chiropractic firms, franchise restaurants and even shoe stores.
In an open letter to small business owners, SBA Administrator Karen Mills described requirements that small businesses report all transactions greater than $600 as "burdensome," and called for their repeal.
The newly signed Small Business Jobs Act of 2010 has helped the SBA approve 1,939 loans totaling nearly $970 million in just one day through new funding for increased loan guarantees and reduced fees.
In just one day, the SBA said it was able to approve 1,939 loans totaling nearly $970 million after the recently signed Small Business Jobs Act of 2010 provided funding for increased loan guarantees and reduced fees.
Potential job creation and $30 billion to aid small businesses are among the reasons the SBA considers the passage of the Small Business Jobs and Credit Act a success.
More than 170 applicants submitted proposals for a new SBA pilot program that aims to help small businesses tap into their respective region's economic assets.
After a last minute whirlwind of appeals to President Obama and Congress to consider legislation that would increase the member business lending cap, both CUNA and NAFCU are urging credit unions not to let up.
In its continued pitch to drum up support for an increase in the member business lending cap, NAFCU has reached out to SBA Administrator Karen Mills.
The SBA has announced that small businesses won $96.8 billion in federal contracts in fiscal year 2009, a $3 billion increase over FY 2008.
Nearly $500 million in the SBA's Patriot Express loans have been approved by credit unions and other lenders to help military veterans, reservists and their spouses start and expand their businesses.