Small Business Financing: 504 Loan Program

This podcast covers the Small Business Administration’s (SBA) Certified Development Company (504) loan program. The 504 loan is a long-term, fixed-rate loan to help small business owners expand their already existing businesses.

The podcast is in an interview format with Ron Johnson from the SBA interviewing Jim Hammersely, the Director of the Office of Financial Assistance Loan Programs at the SBA.

Highlights from the podcast:

Ron: Jim, can you tell us what types of businesses are eligible for this program?

Jim: Basically, any small business that you can think of is going to be eligible.  It has to be a for-profit business and there are certain restrictions related to gambling and other areas but pretty much what most people think of as a small business is going to be eligible.

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Ron: What can the 504 funds be used for?

Jim: The 504 funds are somewhat limited in their use and they are limited to land, buildings, equipment and heavy assets. You cannot use a 504 loan for a working capital or inventory purchase.  It’s primarily designed, as I said, to get fixed rate money in the hands of small businesses that are financing owner-occupied real estate.

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The SBA’s Long-Term, Fixed-Rate Loan Guaranty Program

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If you have any experience with these 504 loans would you leave your experience in the comments below? Thanks!

New Jersey Veteran’s Small Business Loans

In this short podcast Ron Johnson interviews Bill Elmore, the Assoc. Administrator of the Veterans’ Business Development at the SBA. They talk about special programs available to help New Jersey (and all states) veterans create new or expand already existing businesses.

Highlights from the podcast:

Ron Johnson: Bill, who is eligible to participate?

Bill Elmore: For the first time, I think, in Agency’s history, we’re going to have a program where veterans, service disabled veterans, active duty military members who are participating in the Department of Defense Transition Assistance Program, all reservists, the National Guard members, spouses of all of the above and widowed spouses of a service member who died in service or who died of a service-connected disability after discharge.

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Patriot Express Initiative

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Are you a veteran that has used the SBA for business loans? Would you relate your story in the comments section below? Thanks!

ARC Loan Program for Small New Jersey Businesses

This short, but informative podcast shows how small businesses under the gun can use the ARC (America’s Recovery Capital) loan guarantee program to provide temporary relief from credit card debt and some other specific obligations.

This podcast is in interview format with Ron Johnson from the SBA interviewing Eric Zarnikow, the SBA Associate Administrator for Capital Access.

Some highlights from the podcast:

Ron Johnson: Well, SBA is doing some incredible things. Tell us, what is the ARC Loan Program and how does it work?

Eric Zarnikow: Sure. The ARC Loan or America’s Recovery Capital Loan gives viable small businesses, who are suffering immediate financial hardship, temporary financial relief so that they can keep their doors open and get their cash flow back on track. So specifically, these are deferred payment loans of up to $35,000. They can be used to pay principal and interest on existing qualifying small business loans. The loans are 100 percent guaranteed by the SBA and there are no SBA fees associated with the loans.

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ARC Loan Program Provides Relief For Stressed Small Businesses:

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Have you used the ARC program for your New Jersey business? If so, please leave a comment below and tell us about it. Thanks!

New Jersey Business? Get Loans with SBA

If you have a New Jersey business that you’re just getting started you’ll want to think about loans if you don’t have all the cash you need up front to fund it. The Small Business Administration (SBA) has a number of programs to help small New Jersey Business owners.

This podcast is an interview of Jim Hammersley, Director Office of Financial Assistance Loan Programs U.S. Small Business Administration by Ron Johnson of the SBA.

Highlights of this podcast:

Ron Johnson: Many entrepreneurs lack the financial resources to start or expand the small business themselves.  They often combine what they have with other sources of financing.

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Financing a Small Business

SBA’s business loan programs provide a key source of financing for
viable small business that have a real potential, but may not qualify
for loans from traditional sources.

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Do you have experience, or know someone that has received assistance by using the SBA’s small business loan program in New Jersey? If so, please leave your story below in the comments section. Thanks!

Small New Jersey Business? Consider Microloans.

If you have a small business in New Jersey (or anywhere) you’ll want to listen to this podcast about microloans at the Small Business Administration (SBA). Microloans are easier to qualify and get approved for – and often times, are all a small business needs to get the jumpstart they need.

This podcasts consists of an interview of Grady Hedgspeth, the director of SBA’s Office of Financial Assistance, by Ron Johnson of the SBA.

Some highlights of the podcast:

Ron Johnson: Tell us about SBA’s Microloan Program. How is this program different from any other small business loan?

Grady Hedgespeth: Well, most SBA loans are made through the 7(a) Loan Guarantee Program, where a bank makes the loan and SBA guarantees a percentage of that loan. Microloan Program is different. SBA actually makes a loan to an intermediary. Now, this is a nonprofit located in the community and that intermediary, in turn, makes a loan to a small business owner.

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Ron Johnson: And what criteria must a small business owner meet to qualify for a microloan?

Grady Hedgespeth: Well, first of all, it’s actually a very small loan so it’s, in some respects, ideal for startup businesses. The loan cannot be more than $35,000 and actually, the average microloan in the portfolio is only about $13,000. Generally, the borrower who would be qualified for a microloan would be someone who is not traditionally bankable. That maybe because they don’t have enough collateral to support a loan or they don’t have an established track record for their business or they might have a low credit score or no credit score at all because they’d never had credit.

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A Small Loan Can Make a Big Difference: SBA’s Microloan Program:

Grady outlines the SBA’s microloan program, explains the criteria to
qualify and steps you should take before applying for a microloan.

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Have you had a microloan from the SBA?

Finding Money for Your Small New Jersey Business

If you have a small New Jersey business and you’re wondering about financing – look no further than this informative podcast from the office of the Small Business Administration (SBA).

Ron Johnson of the SBA is the interviewer and the interviewee is Jim Hammersely.

Some highlights:

Ron Johnson: What is this 7A loan program?

Jim Hammersley: The 7A loan program is a program where SBA puts a federal guarantee on a loan made by a private sector lender, typically a bank, to a qualifying small business.  The purpose of the guarantee is to encourage the lender to make a loan to a small business that would not quite qualify under their conventional standards but has a viable business and a well-thought out business plan.

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Financing a Small Business

Many new business owners don’t have the money to begin or grow their new New Jersey business. Funding is necessary so they turn to family, friends, VC’s, and small business loans. This short podcast talks a little bit about how to go about finding the money to fund your new business.

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If you have any experiences you want to share about financing your small New Jersey business with help from the SBA please leave your story in the comments section below. Thanks!

SBA Loan Changes Help Small Businesses

This is an audio podcast you can listen to for tips on ways the Small Business Administration (SBA) recent loan changes can help your New Jersey small business.

Highlights from the podcast:

Ron Johnson: Now can I qualify for a loan if I’m just
starting a business?

Eric Zarnikow: You know, one of the things SBA does, and
a lot of our partial government guarantees actually go to
support a start up business. So SBA loan programs are
available for both start up businesses as well as established
businesses. The business does need to be organized for profit.
It needs to meet our size standards, and it needs to be a small
business. And we’re really focused on helping access to
capital for businesses that can’t get capital through
conventional lending channels, so we’re actually broadening the
access to capital for small businesses. In the end, it needs
to be a creditworthy small business. You’ll need to work with
a lending partner as part of getting a loan that’s backed by
the SBA, but there are resources that are available to people
who are just starting a business.

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Loan Program Changes Helping Small Businesses

This audio interview is of Ron Johnson interviewing Eric Zarnikow, Associate Administrator of SBA’s Office of Capital Access

Need financing in these tough times? The new changes at the SBA’s biggest loan program can possibly be of some assistance to you.

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