COVID Microlending Stories #Smallbusinessweek
It’s Small Business Week and microlending through the Small Business Administration has been a major lifeline to many American small businesses navigating COVID over the last year. Through May 2, 2021, the Microlending community has made 156k PPP loans for $2.76 billion (averaging $16k each). Join us as we highlight some of the Friends of SBA Microlenders who have been…
Breakdown on PPP Timeline Windows for Lenders
The SBA released the following information on the windows for lender participation. As you know, CFIs, including SBA Microlenders, had first access for first draw loans starting on January 11 and second draw on January 13. A new group of lenders under $1 billion in assets will have access starting tomorrow, in addition to CFIs. Major financial institutions will not…
WWBIC Puts Dreams to Work in Wisconsin
WWBIC, founded in 1987, is a economic development corporation headquartered in Milwaukee, Wisconsin. WWBIC goal is “Putting Dreams to Work” through its financing and technical assistance to small businesses in Wisconsin. In 2018, WWBIC provided 26,755 counseling and training hours, assisting 5,119 clients, and closed over $7,506,900 (131) in small business loans. Their clients started, strengthened, or expanded 1,429 businesses…
Minnesota Coffee Shop Creates a Buzz
Entrepreneur Fund is an SBA Microloan intermediary headquartered in Duluth, Minnesota and an active member of the Friends of the SBA Microloan Program. The organization actively partners with entrepreneurs to stimulate the growth of successful businesses in Aitkin, Benton, Carlton, Cass, Cook, Crow Wing, Itasca, Kanabec, Koochiching, Lake, Mille Lacs, Morrison, Pine, St. Louis, Stearns and Todd Counties in Minnesota…
Congressional Briefing on SBA Microloan Program
On May 21, 2019, the Friends of the SBA Microloan Program is hosting an informational briefing for Members of Congress and their staffs on the SBA Microloan Program. The event will feature presentations from four SBA Microloan intermediaries that provide financial and technical assistance to small businesses owned by low-income, women, minority, and veteran entrepreneurs. Be sure to share this…
ACE Helps Businesses Launch and Thrive in Georgia
Since 2000, Access to Capital for Entrepreneurs (ACE) has helped over 900 small businesses start and grow in Georgia, made more than $60 million in loans and helped create/retain nearly 8,000 jobs. ACE, a longtime member of the Friends, is focused on assisting small-business owners of color, women, low-income entrepreneurs and others who lack equitable access to small-business financing across…
Friends Member CEF Receives Jody C. Raskind Award for 2019 Microlender of the Year
National Small Business Week kicked off yesterday with an awards event hosted by the U.S. Small Business Administration (SBA). The ceremony featured the Jody C. Raskind Award for the 2019 Microlender of Year. This year’s award went to the Colorado Enterprise Fund (CEF), a longtime member of the Friends of the SBA Microloan Program. CEF was one of the first…
Microloan Program Modernization Act Passed by the Senate
Washington, DC—July 19, 2018—Last night, the Microloan Program Modernization Act (S. 526) was passed by the Senate. The bill was introduced by Sen. Deb Fischer on March 2, 2017 and cosponsored by a bipartisan group of House members, including Sens. Chris Coons (D-DE), Tim Scott (R-SC), Kirsten Gillibrand (D-NY), Jeanne Shaheen (D-NH), Gary Peters (D-MI), Joe Donnelly (D-IN) and Tammy…
Microloan Business Spotlight: Making River Dog Paddle Co. a Reality
Access to Capital for Entrepreneurs (ACE), is a member of the Friends of the SBA Microloan program and located in Georgia. Since its inception in 1999, ACE has lent more than $37 million to 725 small businesses, saving or created more than 6,200 jobs in the state. ACE uses these federal programs and leverages significant private funds to assist underserved…
Microloan Business Spotlight: Brewing Beer to Life
Small Business Loans (CDC Loans) is a member of the Friends of the SBA Microloan Program and an active SBA Microloan intermediary. A nonprofit organization, located in San Diego, California, CDC Loans offers low interest financing programs to businesses of all shapes and sizes so they can expand, grow, and create jobs. Throughout their 39 year history, the organization has…
WWBIC Receives Jody C. Raskind Award
Written by Ayrianne Parks and Sam Rapoza The Wisconsin Women’s Business Initiative Corporation, (WWBIC) is a long time member of the Friends of the SBA Microloan Program, based in Wisconsin. WWBIC helps individuals who face barriers that keep them from getting the funding needed to start or keep their business running. On Sunday, Wendy K. Baumann, WWBIC President and CVO,…
March 2017 SBA Microloan Briefing
On March 30th, the Friends of the SBA Microloan Program gathered in Washington, D.C. to meet with senior SBA staff and Members of Congress and their staff about their work as Microloan intermediaries. As a part of the effort, the group hosted a Congressional Briefing in the House Small Business Committee Room. Ayrianne Parks of Rapoza Associates welcomed attendees and…
House Appropriations Committee Releases FY16 Financial Services Bill
The House Appropriations Committee approved the Fiscal Year 2016 Financial Services Bill on June 17, on a vote of 30-to-20. The bill provides a total of $20.2 billion in funding for the Treasury Department, the Judiciary, the Small Business Administration (SBA), and the Securities and Exchange Committee, which is $1.3 billion below the FY15 allocation and $4.8 billion below the…
In the News
Treasurer Spencer Coggs Keynote Speaker at Financial Education Graduation Milwaukee Courier Coggs stated “You are taking control of your future by participating and completing this course in financial literacy.” Sponsored by the Housing Authority of the City of Milwaukee (HACM) and the Wisconsin Women’s Business Initiative Corporation (WWBIC), the 100 graduates had completed the classes they had taken since January…
Legislative Update
On June 10, 2015, the House Committee on Small Business held a markup to consider several bills, including H.R. 2670, the Microloan Modernization Act of 2015, which passed by voice vote. The bill contains seven sections. Notably, Section 2 provides a waiver of the 25/75 rule. Under the bill, intermediaries would be able to apply to the Administrator for a…