Small Business Week: The #1 Fact You Need to Know
It might be interesting to know that across this great nation Entrepreneurs are being celebrated for their Small Business success. Many have incredible stories of perseverance, struggle, and sacrifice. To learn more go to your local U.S. Small Business Administration (“SBA”) office. Who knows we might be reading about your story next.
Every year since 1963, the President of the United States has issued a proclamation announcing National Small Business Week, which recognizes the critical contributions of America’s entrepreneurs and small business owners.
More than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the U.S. each year.
In honor of those exemplary Small Businesses do you know the definition that is used by the SBA to define a Small Business. You might actually be very surprised to find out that basically any business with 500 or less employees fits. Now by most standards a business of that size is anything but small.
The SBA is actually capable of supporting some fairly large companies. In fact the SBA 504 Debenture Guarantee program can provide second mortgage financing up to $5.5 million. Assuming a standard project structure, that would mean the project is actually $13.75 million, certainly no small venture.
The fact of the matter is that the SBA is a much more capable financing tool than most realize. When you further understand that you have the flexibility to work with Non Bank Lenders, who bring next level creativity, the opportunities are truly fantastic. Would you like to learn about financing more than just that building? How about relocation costs, closing charges, reports, even prepaid interest to help with the transition.