According to the US Small Business Administration 50% of all small businesses fail in the first year. But the agency’s roots in supplying assistance to those affected by disasters go back to before World War II. Created in 1953 through the Small Business Act, the Small Business Administration in essence replaced the Reconstruction Finance Corporation, which had been abolished by the Eisenhower administration.
The Small Business Administration (SBA) was created by the Small Business Act of 1953 and derives its present existence and authority from the Small Business Act ( 15 U.S.C. 631 et seq.) and the Small Business Investment Act of 1958 ( 15 U.S.C. 661 ).
Additionally, the SBA generally requires that the potential debtor already be personally invested in the business from a financial perspective-they usually expect a one-fourth contribution of owner’s equity. Federal grants are extended to those non-profit organizations that provide counseling, training and other technical support to women groups.
If you don’t have perfect credit, you can mitigate it by providing a thorough business plan, collateral, a higher co-investment in the project, a cosigner, etc. Here at Blackhawk Bank, we are proud of our ability to help small business owners reach their goals effectively. The Small Business Jobs Act increased the maximum amount of SBA microloans from $35,000 to $50,000.
KeyBank was selected by the U.S. Small Business Administration (SBA) as the 2012 Large 7(a) Lender of the Year. Business loans for women offer women the option of purchasing inventory to be sold in a retail business. Under this loan program, the small business qualifies if it shows an average income of nearly five million dollars after deduction of income tax for the previous two years before submission of a loan application.