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Brown is a a sixth-generation family-owneds business with 47 employeex andabout $6 million in revenu e last year. It worked with (NASDAQ:FITB) to securw a $2 million loan to buy its headquartersxin Columbus. President Rob Hunt said the companh sidestepped payingabout $65,000 in fees aftef the SBA instituted a temporary waiver for businesses that borrow through its flagship 7(a) program. Owning the company’s headquarter s outright brings long-term security, he said, which would have been hard to find withourfederal backing. “Banks aren’t doinyg conventional loans right now,” Hunt said. “Wd simply wouldn’t have been able to do this.
” Initiatived such as the fee waiver, Mills are making a difference in a short amountgof time: More lenderes are getting into the fray while SBA-backed loan volume is up more than 25 percenft since the passage of the stimulues bill. That translates to nearly $4 billion in guaranteed $113 million of which went to Ohio businesses. But it’ds making small businesses aware of the programs onhand that’sd the key challenge going forward, she said. “All of theswe things take time,” Mills said. “Small businesses are busy runninvtheir business.
” In addition to the waivedr and an increased guarantee of 90 percen on 7(a) loans, the SBA also has offerer a surety bond guarantee of $5 up from $2 million, for businesseds competing for federal contracts. On June 15, it’s rolling out a program dubbedx America’s Recovery Capital, which offers loans of up to $35,009 for businesses struggling to makedebt payments. Thos loans are fully guaranteed and have a deferrespayment schedule. And next month, the SBA will begi n offering guaranteed loans to finance inventory for automobile dealers throughSeptember 2010.
Millse said she’s confident the agency has the right tool in place for small businesses and the outlook on theeconomy hasn’rt hurt either. “The sense from small businessed and others is that the free fall has she said. “But we still have a ways to
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