SBA Loan Clinic
Date: 8/7/24
Time: 12:00pm ET
Program Format: Online Meeting Click here to join the meeting
SBA Vermont District Office The Small Business Administration is hosting a free webinar at noon on August 7th about its guaranteed loan programs.
SBA guarantees loans making it easier for small businesses to get the funding by reducing lender risk. Funds can be used for most business purposes, including long-term fixed assets and operating capital. Amounts range from $500 to $5.5 million.
For more information, email [email protected] .
Recently, SBA announced plans to launch a new, streamlined contracting certifications experience called MySBA Certifications, enabling customers to apply for and manage multiple federal contracting certifications in one place. The new certifications tool — slated to open for new applicants in September — is a key component of the SBA’s multi-year transformative modernization of the agency’s customer experience.
Through the new MySBA Certifications, customers applying for a new federal contracting certification will be able to:
- Spend less time applying with reduced paperwork and streamlined processes
- Apply for and manage all federal contracting certifications in one place
- Apply for multiple certifications at the same time
- Access valuable resources to help them win contract
SBA announced fees for FY25 for 7(a) and 504 loan program participating lenders. For the 2nd year in a row, SBA will not charge upfront fees for loans $1,000,000 or less for both 7(a) and 504 loans.
SBA, through its commitment to equity, has expanded access to capital for underserved populations through small dollar loans. To continue to encourage small dollar lending, the agency will continue to set zero or extremely low fees for small dollar loans, including no fees for loans $500,000 or less in its flagship 7(a) program. SBA further announced its 7(a) Working Capital Pilot program will charge no upfront fees for loans $1,000,000 or less and no annual service fee for loans $500,000 or less.
SBA released a new Business Resilience Guide, a comprehensive resource for small business owners who may not be familiar with disaster preparation. The guide, which has six sections to plan and recover from disasters, includes best practices and template forms to help mitigate disasters for America’s entrepreneurs and help them build back stronger.
This easy-to-follow guide leads business owners through creating a robust resilience plan, covering crucial areas such as:
- Understanding their current landscape: This involves documenting essential operations and identifying dependencies.
- Identifying key partnerships: It is crucial for seamless business continuity to recognize and nurture relationships with important vendors, suppliers, and collaborators.
- Safeguarding vital resources: The guide emphasizes the importance of data backup, cybersecurity measures, and infrastructure protection.
- Strengthening financial readiness: Strategies for managing cash flow, securing emergency funding, and minimizing financial losses.
- Embracing proactive mitigation: This section delves into strategies for minimizing the impact of potential disruptions through risk assessment and mitigation tactics.
For Vermonters facing recovery from recent flooding, please see the VtSBDC's Disaster Recovery Guide for Business, which has also been translated into ten languages VtSBDC-cover-and-pages-clientdisasterguide.pdf .
Flood Damage Survey for Businesses
The Agency of Commerce and Community Development is requesting businesses that endured damage as a result of any of the July 2024 flooding events to complete the Department of Economic Development's Flood Damage Survey for Businesses.
This data will be used to help advocate for future relief and recovery programs for businesses and nonprofit organizations. The goal is to understand everyone's circumstances so that we are better able to quantify the aggregate need at the community and industry levels.
Survey data will be used to inform response efforts, allocate resources, and advocate for future relief and recovery programs. The goal is to understand everyone's needs so that relief and recovery efforts are better informed at the community and industry scale.
If you have not yet already done so, please also report all damage to Vermont 211 even if you are not submitting an insurance claim. To do this electronically, use the “Resident Form” or “Business Form”. All data reported to Vermont 211 is being used only to help the state assess the extent of the damage as it applies to a federal disaster declaration.
SBA Vermont District Office
Phone: 802-828-4422
www.sba.gov/vt
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