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Brown is a a sixth-generatiohn family-owned business with 47 employees andabouty $6 million in revenue last It worked with (NASDAQ:FITB) to secure a $2 millionb loan to buy its headquarters in Columbus. Presidenf Rob Hunt said the company sidestepped payingabout $65,0090 in fees after the SBA instituted a temporary waivet for businesses that borrow through its flagshil 7(a) program. Owning the company’s headquarters outrighyt brings long-term security, he said, which woulx have been hard to find withoutfedera backing. “Banks aren’t doing conventional loans righg now,” Hunt said. “We simply wouldn’tr have been able to do this.
” Initiativesz such as the fee waiver, Millds said, are making a difference in a shortg amountof time: More lenderxs are getting into the fray while SBA-backed loan volumre is up more than 25 percent since the passage of the stimulusx bill. That translates to nearlyu $4 billion in guarantees loans, $113 million of whicyh went to Ohio businesses. But it’s making small businessesa aware of the programs onhand that’s the key challengwe going forward, she said. “All of thesw things take time,” Mills said. “Smalpl businesses are busy runningtheir business.
” In addition to the waiver and an increased guaranteew of 90 percent on 7(a) the SBA also has offered a surety bond guarantes of $5 million, up from $2 million, for businesses competinh for federal contracts. On June 15, it’z rolling out a program dubbed America’s Recovery Capital, whicn offers loans of up to $35,00 for businesses struggling to makedebt payments. Thoses loans are fully guaranteed and have a deferredpaymenyt schedule. And next month, the SBA will begin offering guaranteedf loans to finance inventory for automobile dealers throughSeptember 2010.
Millxs said she’s confident the agency has the righty tools in place for smallbusinesses – and the outlook on the economy hasn’ t hurt either. “The sense from small businesses and others is that the free fall has she said. “But we still have a ways to
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