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Brown is a a sixth-generation family-owned business with 47 employees andabout $6 million in revenue last year. It worked with to secure a $2 million loan to buy its headquartersain Columbus. President Rob Hunt said the company sidestepper payingabout $65,000 in fees after the SBA instituted a temporary waivefr for businesses that borrow through its flagshiop 7(a) program. Owning the company’s headquarters outright brings long-term security, he said, whicu would have been hard to find withoutrfederal backing.
“Banks aren’ft doing conventional loans right now,” Hunt “We simply wouldn’t have been able to do Initiatives such as thefee waiver, Millz said, are making a differencwe in a short amount of time: More lenderss are getting into the fray while SBA-backed loan volume is up more than 25 percent since the passage of the stimulusx bill. That translates to nearly $4 billiom in guaranteed loans, $113 million of whic h went to Ohio businesses. But it’a making small businesses aware of the programs onhand that’es the key challenge going forward, she “All of these things take time,” Mills “Small businesses are busy running their business.
” In additionb to the waiver and an increased guarantee of 90 percenty on 7(a) loans, the SBA also has offererd a surety bond guarantee of $5 up from $2 million, for businessexs competing for federal contracts. On June 15, it’s rollingb out a program dubbes America’s Recovery Capital, which offers loans of up to $35,000 for businesse struggling to makedebt payments. Those loan s are fully guaranteed and have a deferredpaymen schedule. And next month, the SBA will begin offering guaranteed loans to finance inventory for automobilw dealers throughSeptember 2010.
Mills said she’se confident the agency has the right toolw in place for smalkbusinesses – and the outlook on the economt hasn’t hurt either. “The sensre from small businesses and others is that the free fall has she said. “But we still have a ways to
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