The US Small Business Association (SBA) is taking steps to aid organizations that are suffering as a result of the ongoing recession. Here are some special ways in which new SBA programs can help you implement changes in your small business to compensate for these tough economic times. The new SBA programs will also help you take care of the basics, like keeping your business running and your employees working.
Cash in the Bank
As a result of recent changes to lending policies, more small businesses will be eligible for loans backed by the SBA. Changes have been made to the standards regarding revenue and business size to allow more small business owners to take advantage of SBA loans. This means that business owners can obtain funds to cover operating expenses, implement changes, and satisfy the needs of their hardworking employees.
Another exciting facet of the new SBA programs is that they have taken measure to reduce out-of-pocket expenses for small business owners. This means that payments are manageable and borrowing fees are reduced in order to compensate for the recession. Lower fees mean that more of the hard earned money from small businesses can be used for meeting the budget instead of making loan payments.
A Time for Change
In the face of the global economic turmoil, it is clear that businesses of all sizes will need to make changes and revisions to remain profitable and viable. Under Obama’s plans, the new SBA programs will generate the funding and relief that small business owners need so that they can focus energies on change initiatives. This might include exploring new markets, developing new budgets, researching cost-cutting measures, and taking a look at possible mergers and acquisitions. As a result of the new SBA programs, small business owners will have the necessary time and resources to explore possibilities for change.
The new SBA programs have the potential to help businesses across a variety of industries. They are a much needed helping hand during a time in which many small businesses are suffering and failing.