Last month the U.S. House of Representatives voted to save the SBA 7(a) Loan Program, which had previously been suspended after reaching the annual limit of $18.75 billion. Furthermore, the annual limit was raised to $23.5 billion for the popular program.
U.S. Small Business Administrator Maria Contreras- Sweet issued a statement thanking the House and Senate for helping to keep the flagship lending program on track. She was quoted as stating “We have seen record levels of lending this year, showing us that America’s small businesses are thriving and yearning to grow. We have streamlined our processes, reduced fees, and bolstered our outreach to our lending partners.”
Under the program, which has been tremendously valuable to entrepreneurs, the SBA guarantees up to 85% of the amount of the loan. Without it many small businesses would not be able to obtain loans.
According to the SBA web site eligibility information, the SBA doesn’t specify what businesses are eligible, but it does outline what businesses are not eligible. However, there are some universally applicable requirements for eligibility as follows:
- Operate for profit
- Be small, as defined by SBA
- Be engaged in, or propose to do business in the United States or its possessions
- Have reasonable invested equity
- Use alternative financial resources, including personal assets, before seeking financial assistance
- Be able to demonstrate a need for the loan proceeds
- Use the funds for a sound business purpose
- Not be delinquent on any existing debt or obligations to the U.S. government
For more information on ineligible businesses or how to apply for a loan visit sba.gov
Certified Trade Missions (CTMs) are overseas events planned, organized, recruited, and led by private and public sector export oriented groups outside of the U.S. Department of Commerce. These events are hosted by the U.S. Department of Commerce’s overseas Commercial Service Offices.
The purpose of CTMs is to bring representatives of U.S. companies into contact with potential agents, distributors, joint venture partners, licensees, local businesses, and government contracts.
Here are some things that are typically included in the CTMs:
- one-on-one business appointments
- market briefings
- networking receptions
- selective sessions on local business practices, site visits, or seminars
To find out more about guidelines and benefits of CTMs visit export.gov
Yesterday Nevada Secretary of State Barbara Cegavske’s office posted a warning to businesses regarding misleading corporate filing notices. According to the warning a company based out of Florida calling itself “Division of Corporate Services” is sending an “annual records statement” to companies asking for shareholder/director information and to return the form with a $150 fee.
To read the Secretary of State’s post CLICK HERE.
The U.S. Department of Energy is hosting the following webinars next week.
Tuesday, July 14th, 3-4 PM Eastern Daylight Time
“Additive Technology: Rethinking of Building Design, Construction and Recycling”
Thursday, July 16th, 5-6 PM Eastern Daylight Time
“How to Jumpstart Your Energy Startup with the SunShot Catalyst Prize Program”
To register go to http://energy.gov/eere/articles/doe-announces-webinars-rethinking-building-design-sunshot-catalyst-prize-and-more
Effective July 1, 2015 all Nevada entity Initial/Annual List filing fees have increased. For additional info CLICK HERE to be directed to the Secretary of State’s notification.
Please note that all forms are being updated. You should be sure to use the most current forms in order to avoid having the filing rejected.
If you have any questions or concerns, you may call the Secretary of State’s office directly at (775) 684-5708.
Or you may call us Toll Free at (888) 274-1130.