WASHINGTON, D.C. – Small business owners with eligible commercial real estate mortgages maturing after Dec. 31, 2012, will be able to secure more stable, long-term financing through the U.S. Small Business Administration’s temporary 504 refinancing program as a result of a change that will be published in The Federal Register by April 6.
In February, SBA implemented a temporary refinancing program enacted under the Small Business Jobs Act of 2010, which allowed small businesses facing maturing commercial real estate mortgages or balloon payments before Dec. 31, 2012, to refinance with an SBA 504 loan. The SBA change will lift the date limitation and will allow more small businesses to secure stable, long-term financing and avoid potential foreclosure on mortgages approved before and during the recession that were based on inflated real estate values.
“With the collapse of the real estate bubble, many small business owners have found themselves unable to refinance as a result of inflated real estate values at the time they took out their mortgage,” SBA Administrator Karen Mills said. “SBA’s temporary 504 refinancing program was first made available to those small businesses with the most immediate need. Today’s step opens this critical assistance to more small businesses, giving them the opportunity to restructure their debt and free up capital that will be essential to keeping their doors open and also their future ability to grow and create jobs.”
WASHINGTON – The U.S. Small Business Administration has made regulatory changes to its Surety Bond Guarantee (SBG) program, including higher surety bond guarantee limits that will help construction and service sector firms secure larger contracts for work in areas impacted by disasters.
The changes are related to the Small Business Disaster Response and Loan Improvements Act of 2008, which increases the eligible amount for contracts or orders related to a major disaster area.
The changes, which were originally published as part of a Proposed Rule in The Federal Register in April 2010, are now final and include:
In honor of Women’s History Month and in recognition of the new statistics on firms owned by American Indians and Alaskan Natives, this edition of MBDA’s newsletter features an inspiring storing about Sister Sky—a firm owned and operated by two sisters from the Spokane tribe in Eastern Washington. As I travel around the country, I am in awe of the innovation, tenacity, and the indomitable spirit of minority business owners and their unwillingness to quit in the face of overwhelming odds. That’s the spirit that makes America great.
With the release the 2007 Survey of Business Owners data by the Census Bureau and MBDA’s American Indian and Alaskan Native Business Fact Sheet, we have evidence that there was growth in the number of American Indian and Alaskan Native-owned firms since 2002. Yet, job creation by these firms has not materialized and the average gross receipts of American Indian and Alaskan Native-owned firms ($145,000) are significantly below average compared to non-minority firms ($490,000).
Still, of the 237,000 American Indian and Alaskan Native-owned firms that generate more than $34.0 billion in gross receipts, there are more than 4,600 that produce $1.0 million dollars or more in revenue. These firms combined generated gross receipts of $23 billion and employed 116,759 workers. Clearly, there is an upside to building your firm to size, scale and capacity. Sister Sky, along with their commitment to creating jobs on the Spokane reservation, and with the support of MBDA and other federal partners, is headed in the right direction.
USPTO to Offer Free, Two-Day, Program on Protecting Intellectual Property from Theft in China on April 6-7
The United States Patent and Trademark Office (USPTO) will host a free, two-day, seminar for businesses on April 6 – 7, at the USPTO Headquarters in Alexandria, Virginia, to help them learn about how to protect against intellectual property theft from China. China continues to be the number one source of counterfeit products seized by U.S. Customs and Border Protection in 2010, accounting for 61 percent of all seizures.
MBDA offers a list of resources to assist minority businesses during tax season.
Filing Late and/or Paying Late
Avoid penalties and interest, paying your taxes in full saves you money. Whether paying with a timely filed tax return or filing late and paying late after receiving a correct IRS bill, taxpayers are encouraged to pay the taxes they owe in full. Lean More
Electronic Payment Options
Electronic payment options are convenient, safe, and secure methods for paying taxes or user fees. Taxpayers can authorize an electronic funds withdrawal, use a credit or debit card or enroll in the U.S. Treasury’s Electronic Federal Tax Payment System (EFTPS)®. Electronic payment options give taxpayers an alternative to paying taxes or user fees by check or money order. Payments can be made 24/7. The electronic funds withdrawal and EFTPS options are free! Learn More
Tax Information for Specific Business Types
Have you considered that your business might have specific taxes for its industry? Some industries, in fact do. The U.S. Internal Revenue Service (IRS) has published guides for businesses that have special tax considerations. Learn More