A Lesson for Small Business Owners Found in the Failure of the Fed’s Small Business Lending Fund

Jessica SarterSmall Business Lending

The Small Business Lending Fund ended last week with disappointing results. Of the $30 billion intended to be disbursed to banks, only about $4.3 billion, or 14.3 percent, was approved for about 382 banks (out of 7,000 banks). This small participation has escalated the challenges small business owners face in growing their businesses, due to this lack of access to … Read More

SBA Applauds Obama’s QuickPay Annoucement

Jessica SarterSmall Business Lending

President Obama Delivers Address On Immigration Reform In Las Vegas, Nevada

In a recent announcement, President Obama reduces the time that federal agencies can take to pay small businesses for their products and services from 30 days to 15 days. This “QuickPay” announcement receives the support of SBA administrator Karen Mills; however, a reduction in payment time will not necessarily create more jobs or flow down to subcontractors. In the short-run, … Read More

What the S&P Downgrade means for SBA Lending

David NayorSmall Business Lending

Small businesses, from mom-and-pop shops to independent franchise owners, have faced enormous challenges in seeking financing since the beginning of the credit crisis. When Standard & Poor’s downgraded U.S. sovereign debt on Friday August 5th, countless small business owners wondered whether access to financing would become even more difficult. Beyond the small businesses themselves, the larger economy seeks to understand … Read More

The 5 Keys of Getting Small Business Loans

David NayorSmall Business Lending

BoeFly, the online exchange that successfully connects business borrowers with the over 2000 participating lenders, has analyzed the financing requests posted on its marketplace and has identified the following key elements necessary for obtaining small business loans on the best possible terms:

What You Need to Know About Your Credit Score

Bob TannenhauserSmall Business Lending

What is a Credit Score: The most commonly known credit score is the FICO score developed by the Fair Isaacs Company. FICO scores range from 300 to 850, the higher the number the better the score. A credit score below 650 may make it more difficult to obtain a loan. Business lenders look to a business borrower’s personal credit as … Read More

Business Plan Writing – A blueprint for your business

Bob TannenhauserSmall Business Lending

A business plan is a written document that is broken down into several different sections that set the procedures for operating your business and enabling you and your lender to understand and plan for the needs of your business. Think of the document as telling your story and answering the who, what, when, where, and why of your business. Not … Read More

$2.872 Million South Jersey Bed and Breakfast Acquisition Financing Arranged Using BoeFly

Jessica SarterSmall Business Lending

BoeFly connects a New Jersey borrower with a Pennsylvania bank BoeFly announced today that an SBA guaranteed loan of over $2.8 million for the acquisition of an Ocean City, NJ Bed and Breakfast was closed through a connection made by BoeFly. Key to the transaction was broker Chris Miller of Evergreen Equity Partners LLC. according to borrower Val Reyes. “I … Read More