Social Media

Connect with us!
Connect with PM on Facebook, Twitter and YouTube

Latest News

SBA launches new measures to help veterans get small-business loans

This initiative from the SBA will start on Jan. 1, 2014, and continue through the end of the fiscal year.

November 11, 2013

The U.S Small Business Administration announced new measures to help veterans receive small-business loans by eliminating the borrower upfront fee for all veteran loans authorized under the SBA Express program up to $350,000. This initiative will start on Jan. 1, 2014, and continue through the end of the fiscal year. 

The U.S Small Business Administration announced new measures to help veterans receive small-business loans.

“Our nation’s veterans are highly skilled and highly trained leaders in their communities,” said Acting SBA Administrator Jeanne Hulit. “This initiative…is part of SBA’s broader efforts to make sure that veterans have the tools they need to start and grow a business. As we honor our veterans and thank them for their service and sacrifice, let’s continue to identify ways to support them when they come home.”

Of all SBA loans that go to veterans, 73% are $350,000 and below. The SBA Express Loan Program, which supports loans under $350,000, is SBA’s most popular loan delivery method, with nearly 60% of all 7(a) loans over the past decade being authorized through the program. Since the program’s inception, it has also been one of the most popular delivery methods for getting capital into the hands of veteran borrowers.

Building on SBA’s recent announcement that for the current fiscal year, fees on loans for $150,000 and under are eliminated, this policy announcement means that veteran borrowers will no longer have to pay an upfront fee for any loan up to $350,000 under the SBA Express program. This will make the loans cheaper for the borrower, another way SBA is looking to serve small-business owners as they look for ways to access capital.

SBA provides veterans access to business counseling and training, capital and business development opportunities through government contracts. In FY 2013, SBA supported $1.86 billion in loans for 3,094 veteran-owned small businesses. And since 2009, the dollar amount of SBA lending support to veteran-owned firms has nearly doubled.

For more information about these and other SBA programs, visit the SBA website at www.sba.gov.

 


HELPFUL LINKS:

Did you enjoy this article? Click here to subscribe to Plumbing & Mechanical. 

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

BNP Media's Plumbing Group Visits Grundfos North American Headquarters

BNP Media’s Plumbing Group, comprised of the Plumbing & Mechanical, Supply House Times, PM Engineer (pme) and Reeves Journal brands, recently visited Grundfos’ new North American headquarters building in the western Chicago suburb of Downers Grove, Ill.

THE MAGAZINE

Plumbing and Mechanical

March 2014

2014 March

In the March issue of Plumbing & Mechanical, read about the 'living in place' movement and learn how to make your space stylish and comfortable. PM catches up with MCAA president Chuck Fell and spoke with him about his goals for the year. Also in this issue, see the top products of 2013, see who is the March Truck of the Month, and read the latest Tool Tips.
Table Of Contents Subscribe

Trade Associations

Are trade association memberships and participation beneficial to your company?
View Results Poll Archive

The Plumbing and Mechanical Store

plumbing-hvac.gif
2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

Truck of the Month

Truck of the month

Are you proud of how your service truck looks? Do the graphics give people whiplash as they drive by? Have your calls increased because people remember your truck — and your company name? If so, we’d like to see it, too! Click here to find out how your service truck could be chosen as PM's Truck of the Month.

 

STAY CONNECTED

Connect to PM on Facebook Connect to PM on Twitter  Watch PM on YouTube    Connect to PM on Linked In