Photography by: Bijay Dixit of Unique Photo Images
Article by: Manu Shah
District Director of the US Small Business Administration, Tim Jeffcoat dealt with the subject of SBA loans at the IACCGH Small Business Outreach event held on 26th April. The event was held jointly with the American Turkic Chamber. The discussion of SBA guaranteed lending revealed that loans range up to $5.5M dollars, with terms up to 20 years, and low fixed rates are available – around 2.5% over prime, depending on loan size. The SBA LINC program was also discussed; a simple 3-step online tool a borrower may use to get the attention of several lenders at once.
Tim further highlighted the SBA Small Business Investment Company (SBIC) program, whereby the SBA helps small businesses receive venture capital (investment or loans or both) from SBA-backed firms. Likewise, the Small Business Innovation and Research (SBIR) program involves grants up to $150K for feasibility research of innovative ideas. Finally Tim presented a summary of the special low-interest small business loans available to businesses (as low as 4%) and nonprofits (as low as 2.625%) that have experienced disaster situations.