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Created on October 1, 2014
Veterans Advantage program also extended, expanded to loans up to $5 million
Good news for entrepreneurs seeking SBA financing to purchase or grow a small business. The SBA will continue its provision to eliminate the upfront fee paid by all borrowers for the guaranteed portion of 7(a) loans of $150,000 or less, and will expand the no upfront-fee program for veteran-owned small businesses, through Sept. 30, 2015.
Before this change, borrowers using the SBA guarantee through participating lenders would pay up to two percent of the guaranteed portion on these loans, which would cost a small business owner up to $2,700 in fees.
However, if two or more SBA guaranteed loans are approved within 90 days of each other, the guaranty fee is determined based on the aggregate amount of the loans. Thus, if the total amount of multiple loans approved within 90 days is greater than $150,000, the normal fees will apply. Lenders are not permitted to split loans for the purpose of avoiding fees for their small business borrowers.
Participating lenders also will continue to see a break; the SBA will eliminate the servicing fee paid by them each month on loans $150,000 or less. The servicing fee paid by lenders each month on 7(a) loans greater than $150,000 will drop to 0.519 percent on the guaranteed portion of the outstanding balance beginning Oct. 1, 2014.
Created on September 30, 2014
Greg Sizemore is the Director of the International Trade Administration’s U.S. Commercial Service team in North Carolina.
This post originally appeared on the Tradeology, the ITA Blog
The screen you’re reading this on is a manufactured commodity. The radio you’re listening to, the car you drove to work, the smartphone your kids keep staring at – your refrigerator, your TV, your medicine – all manufactured goods.
Many headlines about U.S. manufacturing are negative, focusing on increased global competition in the sector, but the fact is that the U.S. manufacturing industry is growing, it’s supporting jobs, and it is supporting higher quality of life here in the U.S. and around the world.
Manufacturing is also a major source of U.S. exports, and the International Trade Administration estimates that one in four U.S. manufacturing jobs is supported by exports. That’s huge for our economy and I’m glad that we’ll celebrate the industry on Manufacturing Day on October 3.
Here in North Carolina, our manufacturers are creating and exporting billions of dollars’ worth of transportation equipment, chemicals, electronics products plastics, and more. I’m glad that my office in Charlotte and our other Export Assistance Centers in the state get to work with local manufacturers to find opportunities to sell their quality products in foreign markets.
Marjorie Baker recently completed a summer internship with the International Trade Administration’s Office of the Western Hemisphere.
Created on September 30, 2014
More Latin Americans than ever are now members of the middle class, and sustained economic growth in the region has led to increased demand for energy.
Energy consumption is projected to more than double in Latin America between 2010 and 2030, and this will transform the continent’s energy sector, creating new opportunities for U.S. companies.
As part of the federal government’s Look South initiative, the International Trade Administration (ITA) has published a series of best prospect sector reports for our 11 Free Trade Agreement partners in Latin America (Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, and Peru).
Created on September 26, 2014
Recent studies have shown that the pace of growth in the U.S. manufacturing sector continues to rise. Minority businesses are playing an integral part in that growth and are helping to keep the “Made in America” product strong.
This year, the Minority Business Development Agency recognized two businesses for outstanding manufacturing impact and achieving significant success in employing new and innovative techniques that led to a significant increase in market share, job growth and customer satisfaction.
The first was Detroit Manufacturing Systems, LLC (DMS). DMS currently has more than 700 employees and develops state-of-the-art automotive interior systems. By utilizing the latest technologies, DMS assembles and manufactures injection molded interior trim components for global automotive brands, all with a firm commitment to quality and efficiency.
The second award was given to Ruiz Food Products, Inc. Fred Ruiz cofounded Ruiz Food Products, Inc., with his father Louis in a small warehouse in Tulare, Ca. in 1964. The company is now celebrating its 50th anniversary, and employs 2,300 people. Ruiz Food Products has three manufacturing facilities – in Dinuba, Calif., Tulare, Calif., and Denison, Texas – and recently purchased another facility in Florence County, S.C.
SBA Proposes Revisions to Employee-Based Size Standards for Manufacturing and Other Industry Sectors
Created on September 9, 2014
The U.S. Small Business Administration published two proposed rules to revise small business size standards in North American Industry Classification System (NAICS) Sector 31-33 (Manufacturing) and industries with employee-based size standards that are not a part of NAICS Sector 31-33, Sector 42 (Wholesale Trade), and Sector 44-45 (Retail Trade). The proposed rules were published in the Federal Register today.
As part of its comprehensive size standards review required by the Small Business Jobs Act of 2010, the SBA evaluated employee-based size standards for all 364 industries in NAICS Sector 31-33 and 57 industries and five exceptions that are not in NAICS Sectors 31-33, 42, or 44‑45 to determine whether they should be retained or revised.
In the first rule, SBA proposes to increase size standards for 209 industries in Sector 31-33. The SBA also proposes to increase the refining capacity component of the Petroleum Refiners (NAICS 324110) size standard to 200,000 barrels per calendar day total capacity for businesses that are primarily engaged in petroleum refining. The proposed rule also eliminates the requirement that 90 percent of a refiner’s output being delivered should be refined by the bidder.