The State Small Business Credit Initiative (SSBCI): As part of the Small Business Jobs Act of 2010, the SSBCI was funded with $1.5 billion, and is intended to bolster state programs that support lending to small businesses. Under this program, states can use these funds to leverage private lending to help finance small businesses. However, the states need to already have or to establish a new program geared to providing access to capital for small businesses. In some cases, municipalities can apply for the funds. All applications are due by June 27 oakley sunglasses for cheap, 2011.
As Treasury Secretary Tim Geithner noted last week in his Treasury Notes blog, “Capital and credit provide the oxygen small businesses need to grow.” With that in mind, the Treasury Department has begun implementing two new programs that are designed to make it easier for small businesses to get the funding they need.
These are:
Nearly all states coachoutletonlineusa.weebly.com, along with several territories, have submitted notices that they intend to apply for the credits. Funding already has been provided to California, Michigan, and North Carolina. More information on the program is available here.
The Small Business Lending Fund (SBLF): Another provision in the Small Business Jobs Act is the Small Business Lending Fund. With $30 billion in funding, the SBLF provides capital to qualified community banks with assets of less than $10 billion. They can use this to make qualified small business loans to businesses with no more than $50 million in revenue.
Applications for this program are due by March 31 oakley sunglasses for cheap, 2011.
Among the loans that will qualify for the program are commercial and industrial loans, loans secured by owner-occupied non-farm, non-residential real estate, and agricultural loans. However oakley sunglasses for cheap, the original principal and commitment amount must be no more than $10 million.
The price a bank will pay to access the funds in the program is reduced as it makes more loans to small businesses. The highest initial rate will be 5 percent; that can drop to as low as 1 percent if the bank’s small business lending increases by at least 10 percent. However coachoutletonlineusa.weebly.com, the rate can jump to 7 percent if the bank’s small biz lending fails to increase.
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