The U.S. Small Business Administration (SBA)'s 7(a) loan program is the most popular source of small business financing backed by a federal guaranty. Loans can be approved for amounts up to $5 million, with maturity rates from 10 to 25 years, and average APR rates of 6.30%-10%. Since SBA 7(a) loans have strict requirements, a majority of small business owners do not get … [Read more...]
PPP Loan Forgiveness – What Your Business Needs to Know
The U.S. Small Business Administration (SBA) Payroll Protection Program (PPP) served as a lifeline for small business owners facing hardships from the COVID-19 pandemic. The funds can be used toward eligible business expenses such as payroll, mortgage interest, rent, and utilities. The program closed on August 8th, 2020, and is no longer accepting applications. New guidance … [Read more...]
How to Become an SBA Certified Woman-Owned Business
The U.S. Small Business Administration (SBA) created both the Woman-Owned Small Business (WOSB) and the Economically Disadvantaged Woman-Owned Small Business (EDWOSB) certification programs to provide women with access to federal grants and government contracts to help their businesses with financial growth. These programs offer women the opportunity to compete fairly on its … [Read more...]
Credit Discrimination – What You Can Do To Protect Yourself
Credit discrimination is the act in which a creditor prevents access to loans, credit cards, mortgages, or other types of financing based on a person's race, color, sex, national origin, religion, marital status, age, source of income, and other “protected classes.” This practice is illegal, and a creditor cannot prevent access to financing, refuse an application, close an … [Read more...]
COVID-19: Research Shows Women and Minority-Owned Businesses Hardest Hit by the Pandemic
Recent research shows that women and minority-owned businesses in the U.S. have been hardest hit by the COVID-19 pandemic. The impacts have been drastic, according to research conducted by the Stanford Institute for Economic Policy Research (SIEPR). African American business owners suffered the greatest level of losses with a 41% drop in revenue. Hispanic business owners … [Read more...]
Will the Next Stimulus Package be Enough to Help Women and Minority Owned Businesses?
On Monday July 27, 2020, the U.S. Senate Republicans proposed a new stimulus package for eligible Americans. The GOP proposal will be called the Health, Economic Assistance, Liability Protection and Schools Act (HEALS Act). Though the existing programs and pending proposals under the HEALS Act have been helpful to struggling small business owners, was there enough done by the … [Read more...]