Small Business Adminstration - fyi...

Discussion in 'Business Operations' started by heygrassman, Feb 24, 2002.

  1. heygrassman

    heygrassman LawnSite Senior Member
    Messages: 509

    I just read an article about the Bush Adminstration proposing a reduction in funding to the SBA by almost 1/2 for next year. According to the article, the funding will be come more limited if Congress does in fact enact the cut. I will try to post more on this if I hear more and a link to the article if I can find it online. Worth investigating if you ar planning an expansion loan (like I am ) within the next 2-3 yrs.

  2. LawnLad

    LawnLad LawnSite Senior Member
    Messages: 738

    For those interested in SBA loans -

    Charter One Bank in Cleveland is trying to achieve preferred lender status with the SBA. Therefore, they have to be agressive (willing) to make xx SBA backed loans this year to meet the SBA requirements (which doesn't mean much more than their name is on a list... but Charter One wants the status). This means if you need money, Charter One will be anxious to give it to you, if you've got a plan that will hold water. As well, Charter One is trying to grow from a savings and thrift status to one of a commercial bank - therefore, they'll be willing to make more business loans then they will be home mortage type loans.

    If you're looking for money - investitage your local banks and see who owns who, what they're target market is, and whether or not they're looking to make deals. Do your research before you start shopping. You might find some favorable deals depending on what the bank's current lending goals are.
  3. ohiolawnguy

    ohiolawnguy LawnSite Senior Member
    Messages: 397

    thanks for the information!!

    i think my employer just refinanced our warehouse last week. at least he was talking about it. he wanted to take advantage of the low interest rates.
    i will pass this informtion onto him.

    thanks again,


Share This Page