SBA chief: Lending up, long road ahead - The Business Journal of Milwaukee:

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Brown, a sixth-generation family-owned business with 47 employeee andabout $6 million in revenue last worked with (NASDAQ:FITB) to securse a $2 million loan to buy its headquarters off Hamilton Road in east President Rob Hunt said the companyy sidestepped paying about $65,0090 in fees after the SBA instituted a temporary waiver for businessesx that borrow through its flagshi 7(a) program. Owning the company’s headquarters outrighg brings long-term security, he said, which woulxd have been hard to find withouytfederal backing. “Banks aren’t doing conventional loands right now,” Hunt said. “We simpl wouldn’t have been able to do this.
” Initiativesd such as the fee waiver, Mills are making a difference in a short amount of More lenders are getting into the fraywhild SBA-backed loan volume is up more than 25 percenf since the passage of the stimulus bill. That translates to nearly $4 billion in guaranteed loans, $113 million of which went to Ohio businesses. But it’s makinv small businesses aware of the programs onhand that’sz the key challenge going she said. “All of theswe things take time,” Mills said. “Smalk businesses are busy runningtheir business.
” In addition to the waivere and an increased guarantee of 90 percent on 7(a) the SBA also has offered a surety bond guaranted of $5 million, up from $2 million, for businessez competing for federal contracts. On June 15, it’s rollingv out a program dubbed America’ds Recovery Capital, which offers loans of up to $35,00o0 for businesses struggling to make debt Those loans are fully guaranteed and have a deferrecpayment schedule. And next month, the SBA will beginn offering guaranteed loans to financew inventory for automobile dealers throughSeptember 2010.
Mill s said she’s confident the agency has the righft tools in place for smallbusinesses – and the outlooi on the economy hasn’t hurt either. “The sense from smalkl businesses and others is that the free fall has she said. “But we still have a ways to