Everyone agrees on a broad level that small businesses are vital to the American economy. In general, small business owners are primarily focused on surviving rather than growing; therefore, not experiencing the five stages of the corporate life cycle (birth, growth, maturity, revival, and decline) like an entrepreneur would. The combination of these three factors has led to increased concern in Congress that small businesses might be prevented from accessing sufficient capital to enable small business to assist in the economic recovery.
In addition, awards to legitimate small businesses were systematically inflated to equalize the reduction of small business contract dollars awarded to Fortune 500 corporations. Within days, Ashoor went to the U.S. Small Business Administration’s website and attempted to apply for storm disaster relief loans. It would therefore be difficult for them to get the loans at high rates of interest.
President Obama announced in January 2012 that he would elevate the SBA into the Cabinet, a position it last held during the Clinton administration, thus making the Administrator of the Small Business Administration a cabinet-level position. To start a business will submit a loan application to Community Sourced Capital and pay a fee to become a member of the portal.
Also known as the Small Business Programs Improvement Act Of 1996, funding for the operation increased exponentially in 2000, as did the need for SBA loans. National Small Business Week – The President of the United States has proclaimed the third week of June as Small National Small Business Week since 1963.
The IRS will withhold any tax refund expected by the former business owner and apply the amount toward the loan balance. The SBA’s ability to offer loans has also been significantly strengthened by the American Recovery and Reinvestment Act of 2009 and the Small Business Jobs Act of 2010. Your plan should also look at the both the ‘physical’ and the ‘virtual’ aspects of your business.