Many aspiring entrepreneurs breathed a sigh of relief this week as they heard good news regarding one of the most used tools in small business financing, the SBA 7A program. Those seeking small business loans is at an all-time high.
The following was a news release in the New York Times earlier this week: “A popular government-backed small-business lending program, suspended last week after reaching its limit for the year, is on the verge of restarting.
The House on Monday approved a bill with an amendment that lifts the Small Business Administration’s lending cap for its largest loan guarantee program to a record $23.5 billion. The bill, passed by the Senate on Thursday, awaits President Obama’s signature.
Small business lenders say they expect the program to be back in business by the end of the week. More than 1,100 potential borrowers have submitted applications that are on hold until lending resumes. Those in the industry say the heavy demand is a sign of small businesses confidence in a strengthening economy.
“This is a good problem to have,” said Tony Wilkinson, president of the National Association of Government Guaranteed Lenders, an industry trade group. “It’s a good economic sign that businesses are willing to borrow again.”
(To watch more good news about the growth of small business lending, watch this Youtube clip.)
Pro Image Sports is annually on the SBA registry, which is an exclusive club of elite franchises across the country. Being on that list means prospective Pro Image Sports franchisees have a much better chance of securing financing for their new store than those looking to start a business in a franchise not on the list do.
Small business owners finance their operations in many different ways. The Pro Image Sports franchise development team are longtime experts in the field, and can help you evaluate what would be the best instrument for you use to fund your business. The SBA 7A program is one of those instruments. We talk to many people who have done a great job working hard throughout their careers, and have different options to choose from.
It is always great to have enough money in the bank to cover the entire amount of your investment, but there are different ways to fund your business. If you would like to learn more about what options may be available to you, please reach out to me at email@example.com to schedule a consultation.
Opportunities are out there. Sometimes you just need a little good news like we received this week to give you the opening you’ve been waiting for.
-Ben De Voe