In communities throughout the U.S., there are 10.8 million stories of small business owners who are on the brink of success and primed to create jobs for themselves and others. Yet, they cannot access the loan that would put them over the edge.
One option you may be considering is a personal loan, which can be used in a variety of different ways -- to help with a small business, finance a home renovation, consolidate debt or even pay for a wedding or vacation.
I financed several start-up restaurants when I was in the commercial mortgage banking business. All of the non-franchised restaurants failed within the first two years. So I studied the restaurant failures to better understand what it takes to underwrite them successfully.
It is difficult to know how any one of us can make a difference in any of our nation's most troubling problems. But, what if the money stored in our wallets had a new purpose, even just for a short amount of time?
Wisely, SBA modified its rules to permit all SBA lenders to participate in the Small Loan Advantage Program effective June 1. The changes are part of SBA's massive modification to its standard operating procedures.
I recently testified before the Senate Committee on Small Business and Entrepreneurship and shared some solutions to not only reduce the subsidy and solidify the SBA 504 loan program, but also enhance the 504 program.