SBA Loans

Getting the money to fund a new venture is often the biggest challenge an entrepreneur will face.

For technology startup companies, traditional financing such as banks or SBA loans are often unobtainable.

Their highly competitive global markets, reliance on unproven new technologies, multi-year product development cycles, lack of collateral assets and large capital requirements give most traditional lenders cold feet.

Some lucky companies will successfully "bootstrap" themselves to profitability using only their own wits and resources.

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By SIMONE BARIBEAU
THE WASHINGTON POST

last updated: August 06, 2008 02:53:45 AM

WASHINGTON — When Andrew Uribe started building his salsa-making venture, he, like many entrepreneurs, turned to plastic for startup money.

But the business didn’t take off as quickly as he had hoped. Now the Ellicott City, Md., entrepreneur has three credit cards that carry a combined $30,000, is behind on his bank loan and has moved out of the industrial space he had leased.

Working out of a commercial space in Baltimore’s Lexington Market that friends let him use on weekends, he has the capacity to pack only 1,600 jars of salsa a month instead of 14,000.

His minimum credit card payments run $325 a month, about 15 percent of his total monthly expenses, which he says mainly covers just his interest payments.

"It’s horrible because any small profits that I am making, I’m using them to pay the credit cards," the maker of Emy’s Salsa Aji, said over the phone from New York, where he was meeting with potential investors. "It’s hurry up and pay, and swim or sink."

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August 03, 2008

Marrisa Barros started taking calls from panicking parents Monday. The phone didn’t stop ringing all week.

Barros, the student loan coordinator at Massachusetts Maritime Academy in Buzzards Bay, is used to the last-minute crunch of families securing loans for the upcoming school year. But this year is painfully different.

The Massachusetts Educational Financing Authority, the most popular source of private loans for MMA students, announced Monday it could not secure funding for the upcoming school year because of the recent upheaval in the capital markets. State officials notified about 40,000 students that MEFA could not offer private loans, leaving students and their families scrambling for other options.

The news has left students across the Cape joining the statewide search for other loans.

At MMA, the fall semester bill of more than $8,000 is due tomorrow. That left families one week to figure out how to pay for school.

With less banks offering federal loans, parents and students considering more risky variable-rate private loans, Barros said. "Their hopes were dashed this week," she said.

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Startup Business Loans

 

 

 

Get your business off the ground with cash from several startup sources.

What It Is: Startup financing is the initial infusion of money that advances an idea or an intention into something tangible.

Appropriate for: Any business

Supply: Even though it’s everywhere, it’s sometimes difficult to find.

Best Use: Commencing initial operation to the point where outside investors can see and feel the venture, as well as understand that you took some risk getting it to that point.

Cost: Startup financing will possess two of the following three qualities: good, cheap and fast. It will never possess all three qualities.

Ease of Acquisition: If you have nothing, it’s difficult. If you have personal assets, the hard part is putting them at risk. But doing so is the rite of passage to both success and failure.

Range of Funds Typically Available: Varies widely.

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Tuesday July 29, 3:58 pm ET
By Anne D’Innocenzio, AP Business Writer

Gas and food are expensive, but Americans find flicker of sunshine in economic gloom NEW YORK (AP) — Americans see a slice of sunlight for the economy, as a widely watched report Tuesday showed people are not as pessimistic about the future as they were a month ago.

The housing market is still falling, but so have gas prices — at least a little — and that was enough to spark a little hope amid the deepest economic gloom in 16 years.

But economists warn that the slight uptick, which reverses a six-month slide since January, is likely to be only temporary and doesn’t signal the beginning of a rally.

The Conference Board said Tuesday that its Consumer Confidence Index stands at 51.9 for July — about half of what it was a year ago and still the lowest since the index registered 54.6 in October 1992, when the economy was coming out of a recession.

But the reading was slightly higher than the revised 51.0 level for June and a bit better than the 50 economists expected. Still, economists were cautious.

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The new generation of small-business owners might call J.D. Bauer “old school.”

But he’s also a survivor.

Bauer was a maintenance supervisor for a local company who saved his money and bought Smitty’s Welding Shop at 2526 S. Harbor City Blvd. in Melbourne about 30 years ago. Today, he’s still in business and, he says, doing well.

“I would have never dreamt when I bought the place that there would be so broad a spectrum of people who need welding,” Bauer said. “It’s kept bread on the table all these years, and we haven’t missed a meal yet.”

Despite his longevity as a small business owner, Bauer also faces the future with some trepidation over about the rising costs of doing business and the slumping economy. He’s not alone.

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ACROSS MISSISSIPPI — U.S. Small Business Administration (SBA) economic injury disaster loans are available to small businesses and private non-profit organizations of all sizes located in the State of Mississippi as a result of freezing temperatures that occurred April 15, 2008.

Small businesses and private non-profit organizations in the following counties are eligible: Adams, Amite, Claiborne, Copiah, Clarke, Covington, Franklin, Forrest, George, Greene, Hinds, Issaquena, Jasper, Jefferson, Jefferson Davis, Jones, Lamar, Lauderdale, Lawrence, Lincoln, Madison, Marion, Newton, Pearl River, Perry, Pike, Rankin, Scott, Simpson, Smith, Stone, Walthall, Warren, Wayne, Wilkinson and Yazoo.

 

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July 23, 2008

 

Matt O’Brien–Contra Costa Times

OAKLAND — Dilsa Lugo learned how to cook masterfully in her Mexican hometown of Cuernavaca, but starting her own Bay Area food business was another kind of challenge.

She knew little English and had a young child to raise. In her spare time, she steamed 200 tamales a week in her West Berkeley home, selling most of them to her husband’s co-workers in construction.

If she stopped there, Lugo would be another of countless immigrants finding small ways to patch up household incomes in an informal economy. But Lugo took her business dreams a step further, enrolling in English and entrepreneurial classes, discovering a licensed community kitchen and, this week, obtaining a small cash grant to help grow her budding catering business.

"I did a lot of research about who was going to be my target customer," Lugo said. "The thing is, I don’t have transportation. So, all the food I make, I can only make for 40 or 50 people because I don’t have a truck or something bigger."

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Startup Business Loans