| Patriot Express Loan program is off to a hot start, SBA says
Just five months after launching a loan program to benefit the military community and veterans, officials with the U.S. Small Business Administration (SBA) say the numbers look good. More than 500 small business loans have been awarded to date through the SBA's Patriot Express Loan Initiative nationwide. According to the San Antonio office of the SBA, 14 loans were awarded locally since the program's inception -- totaling $1.428 million. The average loan amount, according to Linda Olinick, spokeswoman with the local SBA office, was $102,050. Correction:An earlier version of this story contained incorrect information regarding the percentage rates on Patriot Express loans. .
ASK SCORE: Financing your business
QUESTION: I am interested in starting a business in Collier County, but have limited financial resources. What are my options for obtaining a business loan? Benjamin W., Naples ANSWER: Benjamin, yours is one of the most common requests we receive. If your resources are limited, it is doubtful that you will be successful in securing a conventional business loan from a bank. However, there are a number of other available options you may consider: The Small Business Administration (SBA) makes guarantees for various types of business loans. Visit the financing section of the SBA's Web site to learn about their various products. See their finance planning section at www.sba.gov/smallbusinessplanner/start/financestartup/index.html The SBA has a special section for women entrepreneurs at: www.sba.gov/services/specialaudiences/women/index.html.
SBA loans available to help businesses impacted by the drought
ATLANTA - Some help, in the form of low-interest loans, is on the way for businesses in Georgia adversely impacted by the drought. The Small Business Association l(SBA) loans are available because the SBA issued disaster declarations in several states affected by the drought. �We felt it was important to inform businesses such as landscapers, marinas, motels and others that are experiencing a loss of income due to the drought that they can apply for an economic injury disaster loan to help with their working capital needs,� said Frank Skaggs, Director of SBA Field Operations Center East. �Typically farm related businesses such as produce packagers, implement dealers and suppliers are aware of these disaster loans, but other types of small businesses may not realize they are eligible to apply.
State program helps small businesses expand, create jobs
A little-known state program is helping small businesses such as Huffman's Market cut their borrowing costs with the intention of creating and saving jobs. Ohio's Small Business Linked Deposit Program provides business owners a 3 percentage-point reduction for two years on the interest rate they pay on bank-issued loans up to $400,000. The state has about $500 million available in the program in a given month, said Amanda Hoyt, an investment coordinator with the Ohio treasurer's office. The program is helping Huffman's Market in Upper Arlington renovate. Owner Tim Huffman said he's planning to spend about $300,000 to remodel his store, including new fixtures, a freshened decor and expansion of the deli section. "We're limited in space, but we're expanding the selection by rearranging," Huffman said.
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