HR 5297 passed the Senate last week. It will rush through the house and likely be signed into law by President Obama as early as Friday of this week. This bill will have a huge impact on business. Here, courtesy of Jack Kykendahl and Tom Yuhas is a quick run down of the bill:
Continue reading “Small Business Bill HR 5297 | An Overview”
Tag: sba
SBA Loan Guarantees – New Equity Injection Rule
With the release of the SOP 50 10 5(C), which goes into effect on October 1, 2010, the SBA has revised the SOP to provide a specific list of documents required to be obtained by a Lender as adequate proof of equity injection. The requirements to document a cash equity injection are as follows:
1. A copy of a check or wire transfer along with evidence that the check or wire was processed showing the funds were moved into the borrower’s account or escrow;
2. A copy of the statements of account for the account from which the funds are being withdrawn for each of the two most recent months prior to disbursement showing that the funds were available; and
3. A subsequent statement of the borrower’s account showing that the funds were deposited or a copy of an escrow settlement statement showing the use of the cash.
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Links to FedConnect and Federal Grants Sources
This is a little old, but still valuable…
Important Application Information for New Small Business Funding
Earlier today, our office sent you an email regarding yesterday’s announcement for $30 million in funding from the Recovery Act and FY 2010 budget appropriations which will be made available to qualified small businesses to support the commercialization of promising new technologies.
Qualified small businesses can submit applications through Grants.gov to be considered for award. Use the Grants.gov “Basic Search” feature to search for the Xlerator program. Questions relating to the content of the FOA must be submitted through the FedConnect portal at www.fedconnect.net. While there is not a direct link to the SBIR Phase III FOA, applicants can search for it by typing “DE-FOA-0000397” in the search box under the reference number search.
View Grants.gov here: http://www07.grants.gov/search/basic.do
View FedConnect here: https://www.fedconnect.net/FedConnect/PublicPages/PublicSearch/Public_Opportunities.aspx
Please note that only DOE Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) Phase I and Phase II grantees from FY 2005 to FY 2009 are eligible to apply to this U.S. Department of Energy Phase III Funding Opportunity Announcement (FOA).
For additional information please review the attached FOA for the DOE FY2010 Phase III Xlerator Program for Energy Efficiency and Renewable Energy, Electricity Delivery, Energy Reliability, Fossil Energy, and Nuclear Energy.
Small Business Dashboard | U.S. Department of Energy – Office of Economic Impact and Diversity
Transparency, Accuracy, and the Small Business Dashboard
With small businesses creating two out of every three net new jobs, holding more patents than the largest corporations and universities combined, and employing half of all working Americans, we can’t afford to ignore opportunities to improve and advance federal contracting opportunities to small businesses.
Today President Obama’s Interagency Task Force on Federal Contracting Opportunities for Small Businesses put forward thirteen recommendations to:
- Develop clearer and more comprehensive small business contracting policies;
- Provide for a better workforce and hold agencies accountable for meeting small business goals; and
- Leverage technology to enhance transparency, increase federal procurement accessibility for small businesses, and improve data quality.
Transparency, Accuracy, and the Small Business Dashboard
Read the Executive Summary here.
Small business contracting goals, started in 1978, help agencies map out the percentage of annual prime contract spending that should be awarded to small businesses every year. The thirteen recommendations that the Interagency Task Force put forward today will address the gap between the annual government-wide goal for contracting and the actual annual prime contract spending. While the Department of Energy received an “A” grade for FY 2009 achievement from the Small Business Administration, we are fully committed to improving government-wide small business contracting.
The brand-new Small Business Dashboard is a reflection of this commitment. On the Small Business Dashboard visitors can see government-wide goaling information, design their own data feeds from small business data, perform detailed searches on government contractors, view top types of contracts used and states by vendor locations, and learn more about the contracts at each Federal agency.
Visit the Small Business Dashboard here.
The Department of Energy’s Office of Small and Disadvantaged Business Utilization is looking forward to working with the Task Force as we implement the recommendations put forward today and evaluate progress. We hope resources like the Small Business Dashboard prove useful to your small business, and we welcome the opportunity to continue talking with you.
Congress fails to pass SBA Recovery Act – Old Rules Apply
On a vote of 57-41, the U.S. Senate defeated legislation that would have keep the increased guarantees and fee waivers in place for another year. While lending to small business has been difficult at best, the return to the old rules will mean even fewer deals get done, since the banks will have more risk.
For working capital (7a) loans less than $150,000, banks will receive an 85% guarantee and will charge a 2% fee on the guaranteed portion. From $150,001 to $700,000 the guarantee is 75% and the fee is 3%. Loans above that amount will be 75% guaranteed with a 3.5% fee.
For SBA Express loans, the cap is$350,000 with a 50% guarantee and a 2% fee.
Most banks will allow rolling these additional fees into the loan.
Gov. Schwarzenegger Announces Loan Applications for Clean Energy Business Financing Program Available
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| The California Energy Commission today released the applications for the Clean Energy Business Financing Program (CEBFP), making available more than $30 million in low-interest loans to eligible California clean energy manufacturing businesses. The CEBFP will use American Recovery and Reinvestment Act (Recovery Act), State Energy Program (SEP) funds for 2.75 percent interest rate loans to private companies to reduce energy use, increase renewable energy generation, and create and retain California jobs.
“These loans for small business clean energy manufacturers will create jobs and upgrade our aging infrastructure,” said Governor Schwarzenegger. “California is paving the way for a new economic foundation for the 21st century, showing once again that what benefits the environment can also benefit the economy.” Loans to qualifying applicants will range from $50,000 to a maximum of $5 million and may be used to expand or retool existing facilities for the manufacturing of eligible energy efficiency or renewable energy products, components, systems and technologies. Loan funds are also available to successful applicants for projects generating either new production or expanded production of biomethane gas from biomass that is direct-injected into natural gas transmission lines. “What these clean energy entrepreneurs require is affordable capital – private and public funding that keeps jobs and manufacturing in California and strengthens the state’s economy,” said California Energy Commission Chairman Karen Douglas. “These low interest loans will help manufacturers to produce their renewable or energy-efficient products, benefiting Californians and recouping some of our state’s lost manufacturing jobs.” |
California’s Contracting with Small Business and Disabled Vets Exceeds State Goals
SACRAMENTO, Calif. — California state agencies in two of the last three years exceeded goals for contracting with small businesses and set a record for contracts with firms owned by disabled veterans, the Department of General Services announced today, releasing reports for the 2007/08 and 2008/09 fiscal years .
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Gov. Schwarzenegger Signs Legislation for Green Tech Manufacturing Equipment Sales Tax Exemption to Create Jobs
For Immediate Release:
Wednesday, March 24, 2010
Contact: Aaron McLear/Kira Heinrichs
916-445-4571
Building on his commitment to clean technology growth in California, Governor Arnold Schwarzenegger today signed SB 71 by Senator Alex Padilla (D-Pacoima) to create a sales tax exemption for the purchase of green tech manufacturing equipment in California. This tax exemption is a part of the Governor’s California Jobs Initiative, a legislative package that will create or retain at least 100,000 jobs.
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California Recovery Task Force Launches Interactive Web Portal
Press Release
For Immediate Release: 03/23/2010
Contact: Aaron McLear/Eric Alborg
916-445-5880
California Recovery Task Force Launches Interactive Web Portal
In an effort to provide unprecedented transparency of stimulus spending in California, the California Recovery Task Force has launched an interactive Web Portal (www.recovery.ca.gov) that tracks the more than $85 billion in cash and tax benefits expected overall for Californians.
“Tracking stimulus money has further underscored the need to break through the silos of government at the federal, state and local levels,” said Senior Advisor to the Governor and California Recovery Task Force Director Herb K. Schultz. “Our Web Portal will continue to evolve in order to provide the most transparent picture of government spending in U.S. history.”
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SBA Recovery Act Funding Extended
Extension of SBA Recovery Lending Programs Will Support $1.8 Billion in Small Business Lending
Agency plans to restart Recovery loan approvals on March 10
WASHINGTON – President Barack Obama signed legislation Tuesday extending until March 28 the U.S. Small Business Administration’s ability to provide small business loans that are enhanced with special provisions of the American Recovery and Reinvestment Act (ARRA), including a higher guarantee of SBA-backed loans and a waiver of loan fees normally paid by borrowers.
SBA estimates the additional funding will support about $1.8 billion in small business lending.
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Dispatches From The Front 