Business Loans News

Sandy superstorm flood damaged building
Nov, 6, 2012
Over 100 business owners gathered in Brooklyn, N.Y. to express their anger at New York City officials. The owners were angered by city officials offering business loans to them in the wake of their completely destroyed inventories and facilities in the wake of Super-storm Sandy. The Small Business Administration offers low-interest disaster business loans, which carry a maximum interest rate of 4 percent. On top of that, New York City offers bridge loans of up to $10,000. While these offerings are surely well-intentioned, they have only served to anger business owners.
Bulldozer and destroyed offices
Nov, 1, 2012
The U.S. Small Business Administration (SBA) is preparing for an increase in business disaster loans from owners affected by Hurricane Sandy and its aftermath. The SBA is gearing up for a spike in its lesser known commercial loan program: disaster loans. Unlike small business loans, disaster loans are made directly by the government. The loans offer terms up to 30 years, and interest rates of 4 percent. Currently, the loans are available to affected business owners in New York, New Jersey, and Connecticut. After the storm damage is further assessed, additional states might be added to the federally declared disaster areas.
michigan state seal
Oct, 30, 2012
The dollar value of SBA loans lent in Michigan has reached a new record high. 2,075 business loans worth $944 million were lent in the 2012 fiscal year. While the number of business loans in Michigan has decreased since 2011, the total value of loans lent has not. SBA commercial loans are business financing guaranteed by the Small Business Administration. The SBA insures the money that lenders give to borrowers, minimizing the risk that lending institutions—such as banks and credit unions—face in financing. This allows lenders to give financing with lower interest rates.
Hands holding money and tree
Oct, 23, 2012
Wells Fargo approved a record $1.24 billion in small business loans in the previous fiscal year. The dollar amount of the loans, backed by the Small Business Administration (SBA), is larger than any other bank’s originations made throughout the 2012 fiscal year (Oct. 1, 2011-Sept. 30, 2012). The statistics marked the second consecutive year that Wells Fargo exceeded $1 billion in small business loans.
oil pump
Oct, 22, 2012
Commercial lending in the oil industry for Middle Eastern and North African companies has reached a nine-year low. Commercial loans for refineries and power plans are expected to fall to $13 billion this year compared to $44 billion that was seen in 2010, according to Arab Petroleum Investments Corp. This is a result of European banks withdrawing investment exposure from the volatile region.
Small money in hands
Oct, 16, 2012
A pair of Rutgers University students has made an online microlending organization. Four years ago, the pair created The Intersect Fund, a microlending organization based in New Brunswick. In October of 2012, Intersect received $600,000 in federal and private funding. Intersect focuses on lending loans to small minority and women-owned businesses that are in under-served urban areas.
business deal and handshake
Oct, 11, 2012
The Lewis County Industrial Development Agency has begun to accept applications for a federally funded commercial loan program that hopes to generate small business growth and expansion. “This is more targeted for startup businesses. Every loan must create at least one job,” said agency Executive Director Richard H. Porter in an interview with the Watertown Daily Times. The U.S. Department of Agriculture awarded $90,000 to the Lewis County IDA over the last summer. Subsequently, the Lewis County IDA developed the Lewis County Rural Business Enterprise Revolving Loan Fund.
Arkansas state flag
Sep, 25, 2012
The Arkansas Economic Development Commission (AEDC) announced that it guaranteed its first small commercial loan through its Minority Business Loan Mobilization Revolving Loan Fund. The recipient of AEDC’s guaranteed money was Gladden & Metz, Inc., a supplier of medical and safety supplies in Bryant, Ark. Gladden & Metz received a $13,000 small business loan approved by alt.Consulting of Pine Bluff, Ark. Gladden & Metz is a disabled veteran-owned business that was founded in 2009. The company has grown and needed funding to expand from its home office to a larger location.
Business deal made
Sep, 25, 2012
Thanks to economic uncertainty, savings is more on the minds of Americans than spending. Likewise, business owners are more inclined to consolidate operations instead of expanding them. These changes may save money for average Americans and business owners, but they also result in lenders, such as banks, competing for fewer customers. Competition for commercial loan borrowers in Fort Wayne, IN has heated to the point of becoming “pretty aggressive,” according to Mike Cahill, President and CEO of Tower Financial Corp, in an interview with the Journal Gazette.
Denied stamp
Sep, 19, 2012
Hispanic business owners across the country say that they want to hire more employees but cannot due to the lack of small business loans available to them, reports Southern California Public Radio (SCPR). Roberto Barragan, president of Valley Economic Development Center, told SCPR that he knows small businesses strewn across the state that want to hire as many as 20 employees. However, they wind up only bringing in one or two employees due to their inability to receive financing.