2010: The Rise of the Small Business
If you’re an NPR junky like myself, or have even skimmed any newspaper or online news site, you already know that there’s been a great deal of “soft” urging (and by soft, I mean intense, but in a tough love kind of way) by the White House, prompting financial institutions to take a second look at small business loans.
The President recently reached out to large and small financial institutions, urging them to go back and take a third and fourth look at SBA-loan applicants that were turned down earlier this year. Given that small businesses create two-thirds of new jobs, they’re being held in high regard as a real contender in shifting the rate of recovery in the downturned economy.
A big piece of the equation that still hangs in the balance but will likely be addressed early in the year is the Treasury’s proposal to relax and repurpose TARP lending rules. If the proposal proves successful it will free up 30 to 40 billion dollars, carved out for small business loans.
Bringing me to my next point…Newtek offers SBA Loans of all kinds. We’re a non-financial institution, and so we have a bit more flexibility than your typical community or large bank. We also take care of the heavy lifting on the back end to do everything in our power to get you financed. As your business partner, we want to see you increase revenue and continue to be successful, despite being stuck in the sludge of one big downer of an economy. But we hope you’re as optimistic as we are as we enter 2010.
If you’re a small business considering expanding, or are looking to finance a new start up, the tide is changing in your favor. You’ll most definitely want to keep an eye on how this proposal plays out – we’ll be right there with you.