Small Business Finance News
SBA Offering Aid And Grants To SMBs
Written by Jenna Weiner
The U.S. Small Business Administration recently launched programs to aid small businesses affected by harsh environmental conditions as well as encourage companies to work together for growth.
The U.S. Small Business Administration recently announced it will offer low-interest disaster loans to eligible small, nonfarm businesses in 39 Kansas counties and neighboring counties in Missouri and Oklahoma.
The recent drought, excessive heat and high winds that have affected the region have caused major economic losses to many small businesses, said Alfred Judd, the director of the SBA's disaster field operations center-west. The loans aim to offset some of these losses. Eligibility of the loans is based on the financial impact the disaster had on a company, not on any actual property damage.
"These loans have an interest rate of 4 percent for businesses and 3 percent for private, nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private, nonprofits without the financial ability to offset the adverse impact without hardship," Judd said.
In addition, the SBA is launching a five-year pilot program to encourage small businesses to work collaboratively on job creation. The teams of SMBs will work together to compete for federal contracts, expand their businesses and hire on new employees. Grants will be awarded to organizations for training, counseling and mentoring to help SMBs collaborate on joint ventures and create mentor-protege relationships with entrepreneurs.
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