Friday, August 2, 2019

Trump Formally Announces Pick to Lead Small Business Administration - The Wall Street Journal

Trump Formally Announces Pick to Lead Small Business Administration - The Wall Street Journal


Trump Formally Announces Pick to Lead Small Business Administration - The Wall Street Journal

Posted: 31 Jul 2019 02:13 PM PDT

Jovita Carranza is now U.S. Treasurer and an adviser to Treasury Secretary Steven Mnuchin. Photo: Susan Walsh/Associated Press

WASHINGTON—President Trump formally announced his intent to nominate U.S. Treasurer Jovita Carranza to lead the Small Business Administration.

The announcement Wednesday came more than three months after Mr. Trump first said on Twitter that he planned to nominate Ms. Carranza as SBA administrator. If confirmed, she would replace former professional-wrestling executive Linda McMahon, who led the agency until April.

Besides her role as U.S. Treasurer, Ms. Carranza serves as an adviser to Treasury Secretary Steven Mnuchin.

The president also announced his intention to appoint Kendel Ehrlich to be the deputy director of the Office of National Drug Control Policy. She is now the associate director of external affairs in the drug-control office.

Mr. Trump also tapped his former press secretary, Sean Spicer, to be a member of the board of visitors to the U.S. Naval Academy.

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Marion County added to Small Business Administration disaster declaration - Salina Post

Posted: 01 Aug 2019 12:53 PM PDT

Photo courtesy City of Hillsboro, KS Facebook page

TOPEKA, Kan. — The Kansas Division of Emergency Management was notified that the request to add Marion County to the Small Business Administration disaster declaration was approved.  This approval is for the incident period of June 22 through July 6, 2019.  

The disaster declaration also makes SBA assistance available in the contiguous counties of Butler, Chase, Dickinson, Harvey, McPherson, Morris and Saline.  

"Approval of this Small Business Administration disaster declaration for Marion County and the contiguous counties is one more step in the recovery and rebuilding process for those counties," Governor Laura Kelly said. "These loans will assist individuals and businesses in the affected counties with rebuilding and put our state back on the path to recovery."

Beginning Tuesday, Aug. 6, SBA representatives will be on hand at the following Disaster Loan Outreach Center to answer questions about SBA's disaster loan program, explain the application process and help each individual complete their application. 

MARION COUNTY  
Disaster Loan Outreach Center 
Civic Center
West Community Room
118 East Grand Ave.
Hillsboro, KS  67063
Opens 8 a.m. Tuesday, August 6 (No appointment necessary)

SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace damaged or destroyed property in a declared disaster, including real estate, personal property, machinery and equipment, and inventory and business assets. 
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 4 percent for businesses, 2.75 percent for private nonprofit organizations and 1.938 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant's financial condition.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas  76155.

The deadline to apply for property damage is Sept. 30, 2019. The deadline to apply for economic injury is May 1, 2020.

FEMA working with Small Business Administration to assist Missouri residents - kttn

Posted: 01 Aug 2019 12:02 PM PDT

Missouri residents may receive disaster assistance from both FEMA and the U.S. Small Business Administration.

After registering with FEMA, most residents are automatically referred to SBA to be considered for low-interest disaster loans. SBA's disaster loans are the largest source of long-term federal disaster recovery funds to residents, businesses of all sizes and private nonprofit organizations.

Homeowners can borrow up to $200,000 for structural repairs or rebuilding their primary residence. Homeowners and renters may be able to borrow up to $40,000 to replace personal property including automobiles damaged or destroyed in the disaster.

Residents have until Sept. 9 to register for federal disaster assistance and apply for an SBA loan.

  • Online using SBA's secure website at disasterloan.sba.gov/ela.
  • Face-to-face at any disaster recovery center.
  • By calling SBA's customer service center at 800-659-2955.

Email disastercustomerservice@sba.gov for more information on SBA's disaster assistance.

There are three ways to register with FEMA for federal disaster assistance:

Missourians from any county may visit any recovery center. Before visiting a recovery center, residents are encouraged to register online or call the disaster assistance helpline.

Seminar on financing options for small businesses set Aug. 13 - CapeGazette.com

Posted: 01 Aug 2019 09:53 AM PDT

The Delaware Small Business Development Center will host a seminar on alternative financing options for small businesses Tuesday, Aug. 13, from 8:30 to 10 a.m., at the Milford Public Library, 11 S.E. Front St., in Milford.

Presenters include Rachel Baldini of True Access Capital; Dawn Hopkins from the Delaware Division of Small Business; and Margo Reign from the Small Business Development Center.

"As a small business owner, getting the loan you need to help your business thrive can be challenging," said David Root, director of the SBDC in Sussex County. "Bank financing may or may not be the best means of debt structuring, and our panel of experts have worked with businesses on alternative financing and non-traditional options. Join us and be introduced to some other options that may work for your business," he added.

While the seminar is free and open to the public, participants must preregister.  Register online at https://clients.delawaresbdc.org/Events.aspx.  For more information about the program, call the SBDC office in Georgetown at 302-856-1555.

The Delaware Small Business Development Center, a unit of the University of Delaware Office of Economic Innovation and Partnerships, is funded in part through a cooperative agreement with the U.S. Small Business Administration and in part through the State of Delaware.

The most common mistake made by small business owners, according to former SBA head Karen Mills - Yahoo Finance

Posted: 19 Jul 2019 12:00 AM PDT

In 2016, the U.S. small business sector saw an increase of 1.8 million new jobs.

And with any new venture, problems arise when business owners don't manage their money properly for the future.

"The most common mistake that small business owners make is that they don't understand their cash forecast, and business can be going very well, but you can run out of money," Karen Mills, the former administrator of the U.S. Small Business Administration (SBA) during President Barack Obama's presidency, told Yahoo Finance (video above).

View photos
President Barack Obama and Small Business Administration (SBA) Administrator Karen Mills participate in a breakout session during the Winning the Future Forum on Small Business at Cleveland State University in Cleveland, Tuesday, Feb. 22, 2011. (AP Photo/Carolyn Kaster)

'They create a path to the American dream'

There are 30.7 million small businesses in the U.S. and approximately half of America's private workforce are employed at a small business–which is defined by the SBA as a company that employs 500 people or less.

"They create a path to the American dream, so it's not only part of the economy, but it's part of economic mobility," Mills said.

Mills idea of the American dream has its roots from a relative's journey in America.

Mills' grandfather, an immigrant from Russia, started a textile business with just two machines in the back of a Boston shoe shop. She worked for him during her college years and saw the business grow from one man taking care of his family in a new world to a company employing hundreds of people taking care of their families.

"I grew up with him, and he would say to me, 'Our family doesn't work for other people. Our family grows their own business,'" Mills said. "And to me, that's the American dream, the ability to come to this country without anything, without resources, without advantages, and have access and opportunity."

View photos
Karen Mills holds up her book, "Fintech, Small Business & the American Dream: How Technology Is Transforming Lending and Shaping a New Era of Small Business Opportunity" in Yahoo Finance's studio.

'This is actually a terrific time to start a small business'

Something smaller businesses lose sight of — especially when they have to contend with with bigger corporations such as Amazon — is not being prepared for obstacles to arise with their starting investment, like stocking up their inventory and being ready for late payments from customers or shipments.

"It's very important for a small business owner to understand where their business is going, what's the customer need that they're going to meet, and how are they going to survive financially," Mills said. "What are going to be the resources that they're going to use to start the business? How are they going to generate the resources they need to stay in business and pay their employees?"

She noted that in the era of FinTech, small businesses have more tools than ever to establish their foundation.

"This is actually a terrific time to start a small business because the resources that you need to begin are getting more and more identifiable and cheap because of technology," said Mills.

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