Fed says: One-Third of all small business loans are SBA-guaranteed

colemanreportbannerlogo082013-2Today, Bob Coleman reports on the “2014 Joint Small Business Credit Survey“, a study compiled by the Federal Reserve Banks of New York, Atlanta, Cleveland and Philadelphia, that reveals that one in three small businesses that received credit in the first half of 2014 came in the form of a SBA loan.

One-in-three.

Wow.

Read more news about SBA lending at the Coleman Report.

~ To find out whether your small business qualifies for an SBA loan, please contact BusinessUS using our contact page, or send an email to Norris Lozano, our CEO,

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WSJ Video: Robert Irvine’s Advice for Aspiring Restauranteurs

Robert_Irvine_Video_on_WSJMany of our small business borrowers are likely to own restaurants.

We think it’s a good idea to watch the video here: “Robert Irvine’s Advice for Aspiring Restauranteurs”.

In the video (and the show), the host of “Restaurant: Impossible” on the Food Network explains his method for turning failing restaurants into a success.

See the video here: http://on.wsj.com/RpgG3E

~Norris Lozano, CEO of BusinessUS, a California-based small business lender

“This country was founded by risk-takers, resourceful pioneers who built this prosperous nation. Entrepreneurialism is in our heritage.”

mscMaria Contreas-Sweet was sworn in as SBA Administrator on Monday. Here are some quotes from her acceptance speech (hat-tip to Bob Coleman):

  • “The American Dream has always been about the opportunity to earn a good education and the keys to own your home. But the expanding American Dream is also about the opportunity to start your own business. I’ve lived that dream. And as the SBA Administrator, I’m determined to help others realize theirs as well.
  • SBA is a driving force that helps propel this economic activity. SBA provides access to capital, contracting opportunities, and consultation through a national network of partners, and of course, disaster relief loans.
  • Two out of three new jobs in America are created by small businesses. Millions of middle-class families are working for folks who depend on the SBA’s ability to facilitate access to capital, counseling and contracting opportunities. We must draw on technology to streamline the process of working with the SBA to make it easier for borrowers to access capital and easier for lenders to lend. The SBA must be nimble, agile to keep pace with our digital age.

Read more here:

~Norris Lozano, CEO of BusinessUS

 

Fundera: 5 Ways to Get Turned Down for a Small Business Loan

Blog_Image_Fundera_5_ways_to_NOT_get_a_loanGrabbing a look at a good blog piece from our friends at Fundera: “…there are a few common and easily-corrected mistakes that small business owners make when applying for a loan. To help you avoid these pitfalls, we’ve put together a list of five things to watch out for in your own application…”

You’ve got bad credit (and are unrealistic about it)
You let your books become sloppy
You have ongoing credit payments, and not enough income to support more
Your business plan is problematic (or non-existent)
You apply to a lender that has rejected you before.

Read the post here.

~ Norris Lozano, CEO of BusinessUS, a national non-bank lender

7 Reasons Alternative Lending to Small Businesses Has Exploded

INFOGRAPHIC__7_Reasons_why_alternative_lending_is_booming“When a small business can’t get a loan from a bank, they’ve increasingly been turning to alternative lenders. These lenders … are willing to take on more risk, provide capital faster, and require less documentation than the big banks.” – see the infographic here

Small businesses should be careful of lenders, however, who promise fast cash – and keep an eye on the interest rates!

~Norris Lozano, BusinessUS

Small business borrowing an indicator of economic strength

Logo_Reuters

“(Reuters) – U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.”

Here’s the article.

~ Norris Lozano, CEO of BusinessUS

READ: Federal agency authorizes $27 million for loans for small business owners in California

Fontana_Herald_News_banner“The U.S. Department of Treasury has authorized an additional $27 million in federal funding for the California Small Business Loan Guarantee Program (SBLGP) to provide loans to California small business owners and entrepreneurs.

“California’s small businesses owners will have even greater access to capital, which will allow them to expand their businesses and create jobs,” said Teveia Barnes, the executive director of the California Infrastructure and Economic Development Bank (I-Bank).  “The Treasury’s allocation of additional funds further demonstrates that the state is effectively managing our small business lending programs and the I-Bank will continue to offer to expanded loan opportunities to business owners across California.”
Read the article here.
~ Norris Lozano, CEO of BusinessUS, a California-based non-bank lender.

Small Business Insights: 5 Formulas you need to know

r-GOLDMAN-SACHS-large570Terrific  short article all small business people should read (and study): “Growing A Small Business? Here Are 5 Financial Equations You Need To Know

“Cash flow may be the lifeblood of a small business, but the ability to create accurate projections and forecasts for your business is what moves it forward. Knowing what’s coming in and what’s going out, and being able to use that knowledge to plan and act is the only way a small business owner can effectively pursue and manage growth opportunities.

“…By understanding the financial implications of a business growth plan, small business owners can estimate their funding needs, ensure operations are able to handle growth, monitor progress against critical variables, and make real-time adjustments. Here are five key metrics small business owners need to know when developing their forecasts.”

At BusinessUS, we spend a great deal of time getting to know your small business, to understand your numbers, and look ahead to how a small  business loan by BusinessUS will help you achieve your goals. We’ll keep seeking information like this, and hope you’ll send us any we’ve missed.

Don’t forget: the numbers matter.

~ Norris Lozano

C-Level Boost: 27-Year Veteran Stephanie Bitters Joins SBA Lending Team at BusinessUS


PRESS RELEASE:

Headshot_Stephanie Bitters_BW

 

C-Level Boost: 27-Year Veteran Stephanie Bitters Joins SBA Lending Team at BusinessUS

Stephanie Bitters, an experienced SBA lender with track record at several of the most successful small business lenders, joins Norris Lozano and AZ Zate at BusinessUS, a national non-bank lender that provides SBA 7(a) small business loans. The C-level hire will help the company compete in target markets, including franchises nationwide, and traditional small businesses in Southern California and New England.

Read more…

Should you get a small business loan from a pawnshop?

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Source: St. Louis Fed, from “Wonkblog” in Washington Post

A recent article in the Washington Post asks the compelling question: Should you get a small business loan from a pawnshop?

“It’s a legacy of the financial crisis that hasn’t quite faded away: Banks are still hesitant to loan to small businesses, constraining the growth of a part of the economy lionized by politicians and the public alike. While these businesses often rely on credit cards to finance operations and expansion, that’s a risky strategy, given that they still don’t have the legal protections against fees and unannounced changes that were extended to consumer cards in 2009.

Could pawnshops be a good alternative?”

“Ideally a small business borrower works with a loan provider who can do more than just loan some quick cash,” says Norris Lozano, CEO of small business lender BusinessUS, “there is so much more to running a business, which an experienced lending team can provide.”

“So, who are these borrowers (sourcing loans from pawn shops) exactly? …  it’s the sole proprietor operating without much savings and not the best credit history who needs money fast, with no strings attached.”