SBA January Newsletter l Welcome 26th Administrator Jovita Carranza!

Massachusetts District Office  - January 2020

u s small business administration

SBA Welcomes 26th Administrator Jovita Carranza

SBA Administrator Jovita Carranza

Carranza’s federal government work includes her previous position as the Treasurer of the United States, as well as serving as SBA’s Deputy Administrator from 2006-2009 during former President George W. Bush’s administration. Before her work at the SBA, Carranza had a distinguished 30+ year career with United Parcel Service, where she broke barriers as the highest-ranking Latina in the company’s history after starting as an hourly dock worker.  >Read more

FRIDAY! Join us in Springfield for Lender Match LIVE!

Lender Match
  • Did you know that last year in MA alone, SBA programs helped small businesses to find capital support in excess of $720 million to almost 2000 small businesses in Massachusetts.  
  • Find the capital you need to Start, Grow and Expand your business with the help of SBA programs!     An SBA guarantee helps the lender get to the YES decision on your loan request.  
  • Connect and network with resources committed to helping build vibrant communities here in the Commonwealth. 
  • Interest rates continue to be extremely attractive.  

At this event, small business owners will have the opportunity to meet local lenders and ask questions directly and begin establishing a relationship. There will be a short presentation followed by "speed meetings". These meetups will be timed to allow attendees to rotate through all the lenders. This will give you time with each lender and learn what they can offer you and your business. 

MEET THE LENDERS:

  1. Country Bank
  2. Common Capital
  3. Peoples Bank
  4. Florence Bank
  5. Bay Colony Development Corporation
  6. Granite State Development Corporation
  7. North Brookfield Savings
  8.  ACCION (NEWLY ADDED!)

A number of additional capital sources have been invited and are expected to attend.  Pre-registration is required. There will be light snacks and coffee. In the case of bad weather, the make-up date will be the following on Friday, January 31.

If you have questions or problems registering online, please contact the MSBDC Western Regional Office at lshedd@msbdc.umass.edu or 413-577-1768

Banner

SBA Lending Update

Below are the Massachusetts District Office Rankings nationwide in Total Loan Approvals, 7a Loan Approvals and 504 Loan Approvals as of: 1/10/20

Total Loan Approvals – 6th

Grand Total

         14,870

SOUTH FLORIDA DISTRICT OFFICE

               739

LOS ANGELES DISTRICT OFFICE

               634

NEW YORK DISTRICT OFFICE

               625

MICHIGAN DISTRICT OFFICE

               542

ILLINOIS DISTRICT OFFICE

               531

MASSACHUSETTS DISTRICT OFFICE

               450

7a Loan Approvals – 10th

Grand Total

                   12,776

SOUTH FLORIDA DISTRICT OFFICE

                         605

NEW YORK DISTRICT OFFICE

                         577

LOS ANGELES DISTRICT OFFICE

                         525

MICHIGAN DISTRICT OFFICE

                         486

ILLINOIS DISTRICT OFFICE

                         429

NEW JERSEY DISTRICT OFFICE

                         416

SEATTLE DISTRICT OFFICE

                         386

GEORGIA DISTRICT OFFICE

                         376

MINNESOTA DISTRICT OFFICE

                         370

MASSACHUSETTS DISTRICT OFFICE

                         361

504 Loan Approvals - 4th

Grand Total

                       2,094

SOUTH FLORIDA DISTRICT OFFICE

                           134

LOS ANGELES DISTRICT OFFICE

                           109

ILLINOIS DISTRICT OFFICE

                           102

MASSACHUSETTS DISTRICT OFFICE

                             89


Upcoming Events

Contracting Opportunities to Grow Your Business
Monday, January 27, 2020 / 10:00 am - 12:00 pm
UMass Lowell, 600 Suffolk Street, Wannalancit Building, Room WAN-407, Lowell
(FREE) REGISTER

Building an Effective Business Plan 
Wednesday, January 29, 2020 / 9:30 am - 11:30 am
MetroSouth Chamber of Commerce, 60 School St, Brockton, MA 02301
($25) REGISTER

Is Entrepreneurship Right for You? Discover Successful Business Hacks
Wednesday, January 29, 2020 / 2:30 pm - 5:00 pm
The Quest Center, 1213 Purchase Street, NBEDC 2nd Fl, New Bedford
(FREE) REGISTER

WEBINAR: OFAC’s Enforcement Cases of 2019
Thursday, January 30, 2020 / 12:00 pm - 1:00 pm 
(FREE)  REGISTER

8(a) Business Development Government Contracting Eligibility Workshop
Thursday, January 30, 2020 / 1:00 pm - 2:30 pm 
10 Causeway Street, RM 265, Boston, MA 02222
(FREE)  REGISTER


504 Loan Program

In the burger business? Purchase your facility with an SBA 504 loan.
•25 Year Rate – 3.904% (January 2020)
•20 Year Rate – 3.782% (October 2019)
•10 Year Rate – 3.685% (October 2019)
•Do not forget about the 504 Debt Refinance up to 90% for straight refi
   85% LTV PROJECT STRUCTURE – CASH OUT
• 85% LTV when refinancing includes Business Operating Expenses
• Business Operating Expenses cannot exceed 20% of refinance project (i.e. appraised value)
• Project structure is based on appraisal
• Loan approval can be made subject to appraisal
• Borrower’s 15% equity represents equity in the project assets, other collateral or cash.

Past Events

Springfield Branch Manager Oreste Varela led a Boots to Business program at Hanscom Air Force Base on the 21st and 22nd of January for Veterans.

Oreste

Public Affairs Specialist Norm Eng participated in the West Roxbury Main Streets Annual Meeting as a resource provider tabling alongside Shelly Gillis, Partnership Specialist for the 2020 Census campaign and Emily Patrick, Senior Neighborhood Business Manager for the City of Boston Office of Economic Development. The event was held at The Squealing Pig in West Roxbury and included highlights from 2019 and the inaugural presentation of the "Westie Awards".

Norm West Roxbury

Lead Business Opportunity Specialist Nadine Boone and SCORE Boston mentors Phil Crutchfield and Paul Serotkin held a workshop last week at the Boston Public Library all about opportunities in Federal Contracting for small business

Nadine and SCORE Mentors

Lead Business Opportunity Specialist Nadine Boone and Public Affairs Specialist Norman Eng (far right) gave a presentation at the City of Boston Mayor’s Office of Economic Development Department. The Boston Neighborhood Services coordinators and Executive Directors for each Boston neighborhood “Main Streets” organization were present along with the Boston Main Streets Program Executive Director Stephen Gilman (far right black suit). Main Streets organizations are the small business advocates to the local communities throughout the City of Boston!

Boston Main Streets