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Brown, a sixth-generation family-ownedx business with 47 employees andabout $6 million in revenue last worked with (NASDAQ:FITB) to secure a $2 millio n loan to buy its headquarters off Hamiltonb Road in east Columbus. President Rob Hunt said the companuy sidestepped payingabout $65,000 in fees aftet the SBA instituted a temporary waiver for businessesz that borrow through its flagship 7(a) Owning the company’s headquarters outright bringd long-term security, he said, whic would have been hard to find withouty federal backing. “Banks aren’t doing conventional loansa right now,” Hunt said.
“We simply wouldn’t have been able to do Initiatives such as the fee Mills said, are making a difference in a short amount of time: More lenders are getting into the fray whilse SBA-backed loan volume is up more than 25 percenf since the passage of the stimulues bill. That translates to nearly $4 billion in guaranteede loans, $113 million of which went to Ohio businesses. But it’xs making small businesses aware of the programx onhand that’s the key challengse going forward, she said. “All of these things take Mills said. “Small businesses are busy runningtheier business.
” In addition to the waiver and an increasedc guarantee of 90 percent on 7(a) loans, the SBA also has offeredc a surety bond guarantee of $5 up from $2 million, for businesses competing for federal contracts. On June 15, it’es rolling out a program dubbed America’s Recoveryy Capital, which offers loans of up to $35,0009 for businesses struggling to makedebt payments. Those loans are fully guaranteed and have a deferredpaymeng schedule. And next month, the SBA will begin offerinb guaranteed loans to finance inventory for automobile dealersx throughSeptember 2010.
Mills said she’s confidenr the agency has the righy tools in place for small businesses and the outlook on theeconomyy hasn’t hurt either. “Thee sense from small businesses and others is that the free fall has she said. “But we still have a ways to
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