As the U.S. Government has a vested interest in the health of small businesses, the SBA offers a variety of resources, articles and tools designed specifically to help you start and grow yours. The SBA was established by President Eisenhower through the signing of the Small Business Act in the summer of 1953. Business Physical Disaster Loans: The SBA is able to grant Disaster Assistance Loans of up to $2 million to qualified businesses and non-profit organizations that are located in a declared disaster area.
Loans for more than $50,000 have 1% lower maximum interest rates than loans between $25,000 and $49,999 when taken for similar terms. Nationally, the bank approved 1,801 7(a) loans in 2016, becoming the 7(a) loan program’s fifth most active lender by a total number of loans and 10th by dollar volume.
New and returning lenders are a major component of SBA’s lending portfolio and are essential to growth in the quantity of loans approved and small businesses assisted. The 68-year-old McMahon was a major Trump backer during his campaign, giving $6 million to a pro-Trump super PAC.
Almost $80 billion, or 25.4% of total federal contracting, went to small business. Trying to follow the ins and outs of what Trump said or didn’t say and what it all means. A small business may have more than one SBA loan, but the SBA’s share cannot exceed $2 million.
In reality, more than 90 percent of Colorado businesses may qualify, including those that have been in business for many years. When a small business is awarded a government contract, the small business is often able to quickly create jobs and spur economic growth.