Author Archives: Ayrianne Parks

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 have access until Tuesday, January 19th, providing CFIs additional time to submit applications before the system is fully opened. See below for the release from SBA: Lenders with $1 Billion or Less in Assets Will be Able to Submit First and Second Draw PPP Applications on Friday – Continuing Dedicated Access for Community-Based Lenders  WASHINGTON – The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second…

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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 creating or retaining 3,837 jobs! One of the tools WWBIC uses to open the doors of opportunity for minority, veteran, women and low-income entrepreneurs seeking small loans and technical assistance is the SBA’s Microloan Program.  The organization provides access to critical resources, such as responsible financial products and quality business and financial education. Services are open to anyone but our focus is women, minorities, veterans and people of lower wealth – those most likely to face barriers in accessing financing or educational support. Adelaida Alvarez is one such entrepreneur that…

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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 and Douglas County in Wisconsin. Since its founding in 1989, the Entrepreneur Fund has fueled more than 14,000 businesses with expert support and funded over $48 million in loans. Duluth Coffee Company is one of those successful businesses that Entrepreneur Fund has helped expand from an idea to a bustling foray into the coffee business, and finally helping the business to become the outstanding and thriving coffee shop and distributor that it is today. Entrepreneur Fund shared information on their work with Duluth Coffee Company’s founder, Eric Faust. Entrepreneur Fund…

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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 invitation with your Members of Congress and encourage them to attend this briefing! Download the invitation

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 the Georgia market. Recently, ACE was named as Mission Based Lender of the Year for the 3rd year in a row by the SBA Georgia District Office.  ACE is consistently the number one SBA microlender in the state and look forward to continuing to provide loans and business development resources to help Georgia’s small business owners create and grow sustainable businesses which generate jobs. Throughout Georgia in 2018, ACE made 100 loans totaling $11.1 million that created 529 new jobs and helped retain 271. Some of these loans were made…

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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 35 nonprofit intermediaries selected for the SBA Microloan Program in 1992. Since then, CEF has dispersed 1,457 Microloans totaling $18.5 million, which has helped create/retain 3,038 jobs. In fiscal year 2018, CEF dispersed 111 SBA Microloans totaling $1.8 million, and creating/retaining 445 jobs. Jody C. Raskind led the SBA’s Office of Microlending for many years and was well-known for her commitment and dedication to small businesses, particularly in underserved areas. Ms. Raskind died in 2014 and the award was established in her memory. The first award was presented in 2015…

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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 Duckworth (D-IL). The original text of the legislation was amended on March 20, 2018 in the Committee on Small Business and Entrepreneurship markup. “Since the program’s inception in 1992, intermediary lenders have used SBA Microloan funds to originate more than $875 million in loans to small businesses that have created or retained 254,450 jobs,” said Bob Rapoza, spokesperson for the Friends of the SBA Microloan Program. “This is a great step forward, which recognizes the successful track record of Microloan intermediaries. Senators Fischer, Coons, Scott, Gillibrand, Shaheen, Peters and Donnelly…

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