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.

************************

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.

************************

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

( Transcript)

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

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.

**************************

Patriot Express Initiative

( Transcript)

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

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.

************************

ARC Loan Program Provides Relief For Stressed Small Businesses:

( Transcript)

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

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.

********************

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.

( Transcript)

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!

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.

**************************

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.

**************************

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.

( Transcript)

Have you had a microloan from the 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.

***************************

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.

( Transcript)

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!

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.

***************************

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.

( Transcript)

If disaster strikes your New Jersey business – you’ll find out what to do to cover yourself and take the sting out of it.

Quote from the podcast:

Ron Johnson: What is SBA’s role when a disaster is declared?

James Rivera: SBA’s Office of Disaster Assistance provides low-interest loans to help disaster victims repair or replace personal or physical property not covered by insurance. Often, individuals and businesses are uninsured or underinsured. When losses are suffered, SBA can make loans to homeowners, renters, and businesses.

Ron Johnson: So James, what types of disaster assistance loans are available from the SBA?

**************

James Rivera: For homeowners and renters, SBA can make loans to repair or replace personal property, items such as clothing, furniture, cars, or appliances damaged or destroyed by the disaster. Homeowners that sustain damage to the real estate may also receive a loan to repair or replace their primary residence. For businesses and nonprofits, we have two types of loans available. Physical disaster loans can be used to repair or replace items such as damaged real estate, machinery and equipment, inventory and furniture and fixtures, et cetera, and we also have an economic injury disaster loan to pay for fixed operating expenses or in other words, a working capital loan to pay for rent or electricity that would have been paid had the disaster not occurred.

****************

SBA Provides Disaster Assistance to Homeowners, Renters, Businesses

( Transcript)

If you have any experience with using the SBA for your New Jersey (or other state) business disaster assistance feel free to leave comments about it below.

Some highlights:

Ron Johnson: Nell, women are demonstrating their ability to be successful small business owners. What was your motivation for creating Count Me In?

Nell Merlino: Well, I started Count Me In because I was a small business owner myself and recognized that I had a lot of questions and challenges in my own business and was aware that other women obviously did too. I particularly thought access to capital was an issue. But there were a number of other issues just in terms of figuring out sort of the steps and what you do next that I thought must be a challenge for other women as well. Because I was doing okay but I didn’t know how to take it to the next step. So I just started to start an organization that would address all of these issues.

*****************

Ron Johnson: Nell, I know you understand that sorting through the financial options for women entrepreneurs might be a little confusing for some. So what is your role in ensuring that women have access to capital?

Nell Merlino: Well, I would say money is one of the most important aspects in growing a business, but it is not THE most important. I think that’s a big thing that we emphasize with women. I think many of us go looking for money before we’re ready. And before we have a really clear understanding and explanation of what we’re going to do with the money and why we need it. So I would say one of the things we do is make sure women are fully prepared to approach whatever situation; whether it’s a competition or a presentation in front of angel investors or pitching to your friends and family. If you’re first starting out, how you’re going to convince them and yourself. Quite frankly, that whatever you have planned, you’re going to use the money in a responsible way that’s going to be helpful to you in growing your business. And that you’re going to be able to pay it back if it’s that kind of situation.

SBA and Count Me In: Working Together to Help Women Entrepreneurs Start, Grow and Succeed
Featuring SBA’s Ron Johnson and Nell Merlino, the founder, President, and CEO of Count Me In

Nell provides information for women entrepreneurs seeking access to financial resources. She also discusses the partnership that Count Me In and the SBA have developed and the benefits that they both provide to entrepreneurs and small business owners.
( Transcript )

Have a listen to this podcast about helping women small business persons get started with their New Jersey business – and our other SBA podcasts on the site.

Here are some highlights:

Ron Johnson: Ana, I’m sure our audience has many questions. And I’ll start with what steps should a woman first take when starting a business?

Ana Harvey: Well, that’s easy. She should do her homework first. That is, she needs to have a road map that would take her where she wants to go. And, of course, I’m talking about the business plan. You know, the process of developing the business plan forces you to think very carefully about your target market and how you’re going to reach it. And it forces you to think about your goals and the money you need, where it is going to come from and where is it going to go. When a lender sees that you have really done your homework, you have a plan to start or grow your business, you’re far more likely to get that loan, that line of credit that you need. Without a business plan, getting a loan is almost impossible. Without a business plan, growing that business is a lot more difficult.

**************

Ron Johnson: Many young women may be interested in starting their own small businesses. So, what kinds of resources does SBA offer to support their small business goals?

Ana Harvey: Well, they can start by visiting our Website at the SBA Develop with Junior Achievement. It has a great name and it is easy to remember. It is mindyourownbiz.org. And there are several more youth-oriented Websites at www.sba.gov. You just have to click on Services, then go to Special Audiences, and then Young Entrepreneurs. And also, some of our Women’s Business Centers even have training specifically geared to young women. But any center would be more than happy to help them

Women’s Business Ownership: Starting, Financing and Growing the Right Way
Featuring Ron Johnson & Ana Harvey, Assistant Administrator of SBA’s Office of Women’s Business Ownership

Nearly 104 million businesses are majority owned by women. They provide 12 million jobs and generate more than a trillion dollars in sales. This discussion provides guidance for women in how to get off to the right start in building, financing and growing their small businesses.
( Transcript )