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Higher Maximum Loan Sizes Made Possible by Small Business Jobs ActHigher Maximum Loan Sizes Made Possible by Small Business Jobs
On the heels of completing final approvals of loans to nearly 2,000 firms that has been in its loan queue waiting for final approval of the Small Business Jobs Act, the U.S. Small Business Administration has finished implementation of another major element of the bill: increasing maximum sizes in several of its loan programs.
The changes – effective today – are permanent for general small business loans under SBA’s 7(a) guaranteed loan program, fixed asset loans through the 504 Certified Development Company program, Microloans, and International Trade, Export Working Capital and Export Express loans. A temporary increase for SBA Express loans is good for one year.
Doug Barry is a Senior International Trade Specialist within ITA’s Commercial Service. He has helped hundreds of U.S. companies of all sizes find success in overseas markets and produced a number of instructional videos and webinars that help firms navigate the path to successful sales.
Do you have to be a big company to be a successful exporter? No. In fact, the majority of exporters have fewer than 100 employees, and many have fewer than five.
U.S. Commerce Secretary Gary Locke and U.S. Trade Representative (USTR) Ron Kirk are visiting the Memphis, Tenn. area this week to meet with local businesses and discuss the opportunities and challenges of exporting. Locke and Kirk toured the FedEx Express Super Hub on Tuesday night where each day, millions of packages are moved through the hub to reach over 220 countries and territories around the world. They also held a rountable discussion on exports and the economy with small- and medium-sized businesses today to discuss President Obama’s National Export Initiative (NEI) and how it can help U.S. companies sell more of their goods and services overseas and support the creation of American jobs.
MBDA National Director David Hinson, along with a 27-member delegation of U.S. corporate executives and minority-owned businesses, recently completed a China Business Opportunity Trade Mission to Beijing, Tianjin and Shanghai. The goal of the trade mission was to meet with potential corporate, government and university partners and attend the Minority Supplier Development (MSD) China Summit and Business Opportunity Fair.
The trip was organized by the National Minority Supplier Diversity Council (NMSDC) to foster business relations between American corporate and minority-owned businesses, corporate members of MSD China, and Chinese ethnic minority businesses that are not a part of the Han Chinese majority in China and Taiwan.
“I’m thrilled to be here on what is an exciting day,” said the President as he prepared to sign the Small Business Jobs Act this afternoon. With small business owners who will receive tax breaks and better access to credit in the audience, the President explained to everybody why he has fought so long for it:
Now this is important because small businesses produce most of the new jobs in this country. They are the anchors of our Main Streets. They are part of the promise of America – the idea that if you’ve got a dream and you’re willing to work hard, you can succeed. That’s what leads a worker to leave a job to become her own boss. That’s what propels a basement inventor to sell a new product – or an amateur chef to open a restaurant. It’s this promise that has drawn millions to our shores and made our economy the envy of the world.