Arizona Workforce ConnectionWorkforce Prospective Articles
Welcome to the Arizona Workforce Prospective. This is a collection of short stories and articles focused on a variety of workforce related topics effecting today’s businesses. Some of the topics of these stories include: Human Resources, Business Development, Funding, Marketing and Social Media.
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2010
Want to start a new business or grow your existing business? If your business is organized for profit and meets the Small Business Administration's (SBA) size requirements, you may have an easier time getting a loan these days, thanks to the Recovery Act.
Also known as the American Recovery & Reinvestment Act (ARRA), the government hopes the SBA-related features of the Recovery Act will help small businesses by:
- Expanding the amount of capital available to small businesses by increasing loan guarantees, making it less risky for banks, credit unions, lending corporations, and certified development companies.
- Eliminating some loan fees for small business owners.
- Providing counseling for small business via ARRA resource partners.
- Working with the Treasury Department to unfreeze the secondary market for loans, providing much-needed cash to banks.
The deal involves increasing the loan guarantee (up to 90% from the usual 75-85%), which means you are more likely to get a loan from a lender. For example, on a loan of $300,000 with a 90% guarantee, the normal guarantee fee would be 3%. Thanks to the Recovery Act, the temporary elimination of these fees saves about $8,100.
For more details about loan-related benefits related to the Recovery Act, visit the following links:
- U.S. Small Business Administration (SBA) website
- Podcast with Erik Zonako, Assoc. Administrator for Capital Access at the SBA
- www.Recovery.gov
- SBA Has the Tools to Boost Small Business (AllBusiness.com)
- Arizona SBA District Office website
