SBA chief: Lending up, long road ahead - Business First of Columbus:

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Brown, a sixth-generation family-owned business with 47 employeees andabout $6 million in revenue last year, workedx with (NASDAQ:FITB) to secure a $2 milliob loan to buy its headquarterw off Hamilton Road in east Columbus. Presidentg Rob Hunt said the company sidestepped payingabout $65,00p0 in fees after the SBA instituted a temporaryu waiver for businesses that borrow througyh its flagship 7(a) program. Owning the company’s headquarters outrightr brings long-term security, he which would have been hard to find withoutfederal “Banks aren’t doing conventional loanzs right now,” Hunt said. “Wer simply wouldn’t have been able to do this.
” Initiatives such as the fee Mills said, are making a differencw in a short amountof time: More lenders are getting into the fray whilse SBA-backed loan volume is up more than 25 percent sincd the passage of the stimulus That translates to nearly $4 billion in guaranteecd loans, $113 million of which went to Ohio But it’s making small businesses aware of the programsd on hand that’s the key challenge goiny forward, she said. “All of these things take Mills said. “Small businesses are busy runninvtheir business.
” In additionh to the waiver and an increasedx guarantee of 90 percent on 7(a) loans, the SBA also has offerede a surety bond guarantee of $5 up from $2 million, for businesses competing for federa l contracts. On June 15, it’ws rolling out a programk dubbed America’s Recovery Capital, which offerz loans of up to $35,00 0 for businesses struggling to make debt Those loans are fully guaranteed and have a deferre dpayment schedule. And next month, the SBA will begin offerintg guaranteed loans to finance inventory for automobilse dealers throughSeptember 2010.
Mills said she’s confident the agencyg has the right tools in place for smallbusinessex – and the outlook on the economy hasn’f hurt either. “The sense from small businesses and others is that the free fall has she said. “But we stillo have a ways to