Time to Startup!

The BizFilings blog covering business tips and trends.

Small Business Owners Receive Funding Aide From Obama Administration

Published on Jun 28, 2011

Summary

Read 'Small Business Owners Receive Funding Aide From Obama Administration' at 'Time to Start Up,' the small business blog by BizFilings.
Any small business owner who's gone through the pains of forming a company, and now requires a loan to keep matters progressing, is having a harder time securing a bank loan. But a new website is helping small business owners in need connect with alternative funding sources. SBAdirectloans.com works in conjunction with the Small Business Administration, which is a federal government agency. This agency provides loans that come with preferable terms and guidelines — without the consequence of defaulting. "Small business owners right now are sick with worry over their business," said Mike Robbins, SBA lending expert. "They simply don't realize that a private lending professional can get them SBA-guaranteed funds in as little as a month. Even if every bank in their town says no, it's still possible to get an SBA loan." According to an article published on Bankrate.com, the nation is still going through the financial crisis and banks are still refusing small business owners bank loans at a higher rate than usual. Robbins said the Obama administration can be thanked for setting aside billions in entrepreneur aide.