SBA Backs 1,933 Loans in Massachusetts in FY 2012
The U.S. Small Business Administration backed 1,933 loans supporting just over $670 million in lending in Massachusetts in fiscal year 2012. (SBA’s fiscal year ran from October 1, 2011 through September 30, 2012)
The SBA guaranteed 1,535 loans through its flagship 7(a) Loan Guaranty Program for a total of nearly $200 million in loans supported. These loans are available to purchase or construct real estate, equipment and inventory, to finance fixtures and leasehold improvements, working capital and debt refinancing.
The Certified Development Company/504 Loan Program was front and center this year and posted its best year ever with 311 projects totaling more than $470 million in loans supported. These loans are used to construct, purchase or rehabilitate fixed assets such as land, buildings and machinery and equipment.
The SBA booked 87 microloans totaling over $2 million through its intermediaries located throughout Massachusetts.
Congratulations to all on this enormous achievement!
SBA Hosts Encore Entrepreneur Event in Boston
On October 2, 2012 the SBA partnered with AARP to host an event for encore entrepreneurs at the Tip O'Neill Federal Building in Boston, MA. More than 40 participants attended the event, which featured speakers from successful small businesses and a panel to discuss programs and services available to the community.
The SBA and AARP are launching a strategic alliance to provide counseling and training to entrepreneurs over the age of 50 who want to start or grow a small business. Through SBA’s online training courses and its nationwide network of business mentors and counselors, the two organizations expect to train 100,000 “encore entrepreneurs,” men and women over 50 who are starting or running a small business.
To learn more about SBA programs and services for encore entrepreneurs, please click here.
SCORE Chapter in Worcester, MA Reaches Out to Young Entrepreneurs
Young Entrepreneur programs may not be the usual SCORE faire, but they are highly successful and beneficial to the participants, the mentors and the communities in which SCORE operates.
This year, the Worcester SCORE chapter purchased an entrepreneurial education program titled TREP$ and worked with Parent-Teacher Organizations (PTOs) to provide instruction and program supervision in elementary schools. They expected 25-30 participants to sign up for the 6 week after school program which added 90 minutes to the school day. In stead, 72 highly motivated participants showed up, making this program a new best practice SCORE in Worcester county.
To learn more about what SCORE is doing in Massachusetts, click here.
Come celebrate another successful year at the U.S. Small Business Administration!
WHERE: Tip O’Neill Federal Building, 10 Causeway St. 1st Floor Auditorium, Boston, MA
WHEN: November 2, 2012, 9:30 am - 12:00 pm
To learn more, click here.
Government contracting provides the leg-up small businesses need to meet their bottom line and become sustainable. At the SBA we see government contracting as a win-win. The federal government gets to work with some of the most innovative, forward-thinking companies. And small firms get tapped into the supply chain of one of the largest buyers in the world.
The 8(a) Business Development program is one of the best tools the government has to ensure that more small disadvantaged businesses can compete and win contracts in federal, state and local procurement markets The focus of the program is to provide business development support including: mentoring, procurement assistance, business counseling, training, financial assistance, surety bonding and other management and technical assistance.
Another tool is a new training series for potential 8(a) firms. The four-part training program aims to inform, educate and engage qualified small contractors in the 8(a) program. The first two courses are available at SBA’s Government Contracting Classroom at www.sba.gov/gcclassroom. The first, called Setting Expectations, sets the tone for the course and provides an overview of the 8(a) program. The second, called Introduction to Federal Contracting, is a 40-minute course that outlines SBA resources that can help more small firms win contracts.
Helping small businesses succeed is critical to our economy, our communities and our society. For more information on SBA programs and services, please contact your local SBA office at 617-565-5590 or visit www.sba.gov/ma.