IFA predicts Lending Shortfall for Franchises
The continuing credit crisis will lead to a $3.4 billion shortfall in lending to franchise businesses in 2010 unless the government intervenes, according to new data released Wednesday by the International Franchise Association. The IFA said that if no steps are taken to increase the flow of capital into the franchising sector, next year's projected shortfall could prevent the creation of 134,000 new jobs and $13.9 billion in economic output. See IFA press release here.
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Are business only loans dead?...article
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SBA Headline News
Florida Congressman Vern Buchanan Says 33% of Small Businesses Will Fail Without Access to Capital (Which SBA is not doing)
Congressman Buchanan pressed the SBA to increase credit available to small businesses. Buchanan is a member of the House Small Business committee, which heard testimony from the SBA Administrator Karen Mills.
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House of Representatives an $80 Million Subsidy for SBA's 7(a) Program- $848 Million in Total SBA Funding for FY2010
The House passed legislation that provides $848 million in funding for the Small Business Administration next year, $69 million more than requested by the Obama administration. The $80 million subsidy, which the Senate's version of the SBA approprations bill also includes, will enable the agency to support up to $17.5 billion in government-guaranteed 7(a) loans while keeping fees low...keep reading
Karen Mills on Thawing Credit-Business Week
Excerpt: Some banks say businesses that are coming to them now are less credit worthy, so they can't make loans.
Mills: Many small businesses are under duress and looking for liquidity. But we are not taking more risk, and banks are not sending us loans that are riskier. We are not using tax payer money to go down the risk curve...keep reading
DRAMATIC CUTBACKS FROM TOP SBA LENDERS- USA Today- Some small businesses still struggling to get financing.
First 7 Months of FY2009- Wells Fargo $353 million (1.9%), PNC $85 million (-18.2%), US Bank $181 million (-36.4%), Wachovia (-49.9%), JP Morgan Chase $43 million (85.3%), Citigroup $5 million (-86.2%), Bank of America $10 million (-89.7%)...keep reading
SBA Policy Notice- Debt Refinancing Under the 504 Update 6/23/09
SBA Policy Notice
Have you received your tax savings from a Cost Segregation study for your property yet? It's your money...do you want it?...more info