System set up to ‘suck the life’ out of formerly incarcerated people takes a hit with new microloan deal
A recently announced agreement is expected to help returning citizens break a cycle of struggle that’s historically been reinforced by a criminal justice system advocates say is set up to make them fail, said Kyle J. Benson-Smith.
Twenty-Eight Senators Sign Microloan Support Letter
28 senators wrote the appropriations committee in support of FY 23 appropriations for the SBA Microloan program in the Financial Services and General Government Subcommittee of the Appropriations Committee
FY 23 Appropriations Request – SBA Microloans
The Friends of the SBA Microloan Program encourage Members of Congress to request 2023 Appropriations for the SBA Microloan Program including:
Kerry Doi, Statement on the Microloan Improvement Act and the microloan Transparency and Accountability Act
HR 1502, the Microloan Improvement Act of 2021, sponsored by Rep. Kim, was passed by the House last April 15.
Columbus Dispatch: ECDI named largest microlender in the U.S. by the Small Business Administration
Inna Kinney, founder and CEO of the Economic and Community Development Institute (ECDI), which was named the largest Small Business Administration microlender in the country. Columbus now has two of the top-performing Small Business Administration lenders in the country.
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 making a big difference this year to small businesses working to retain jobs, grow, and even thrive during the COVID-19 pandemic. MoFi Since 1987, MoFi has provided financing and consulting to entrepreneurs and small business owners across the Northern Rockies, as well as affordable housing solutions. Calf Pen Products Calf Pen Products, fulfills a longtime dream of Robyn Warner growing her home-based bakery and canning operation into a viable main street business. Now, through a $10,499 SBA Microloan the business received in January 2020, Calf Pen Products is not only…
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 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…
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 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…
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 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…
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 invitation with your Members of Congress and encourage them to attend this briefing! Download the invitation
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 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…
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 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…
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 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…
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 borrowers who are frequently overlooked by the traditional institutions. The SBA Microloan program is an important part of the organization’s financial tools that they use to meet the capital needs of their communities’ underserved entrepreneurs and small businesses. A great example of this work with community businesses is their assistance to River Dog Paddle Co. The River Dog Paddle Co. was started by Mike and Connie Sams. The business is an outpost rental shop that provides paddle boarding lessons and gear for the outdoorsy enthusiast. The name of their shop…
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 helped create more than 182,000 jobs and invested more than $13.8 billion to over 11,000 small businesses in California, Arizona, and Nevada. The SBA Microloan program is an important part of the organization’s financial tools to meet the capital needs of their communities’ underserved entrepreneurs and small businesses. A great example of this is their work with George Thornton, a small business owner in San Diego, California. George began brewing his own beer as a hobby in 2002 thanks to a recommendation from his sister. It wasn’t until he was…
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, was honored as the recipient of the 2017 Jody C. Raskind Lender Award, which was presented in Washington, D.C. by SBA Administrator Linda McMahon. The Jody C. Raskind Lender Award is annual SBA Award presented to “a mission-focused lender that has distinguished itself in helping small businesses start, grow and expand.” Stephanie Smokovich is a prime example of how WWBIC has helped small businesswomen fulfill their entrepreneurial goals. Stephanie Smokovich is an entrepreneur based in Wauwatosa, Wisconsin, where she owns and operates Bella Blvd. Bella Blvd is a scrapbooking and memory…
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 shared findings from the Friends’ May 2016 Report on the Microloan Program. Shawn Wellnitz of Entrepreneur Fund, Peter Hille of MACED, and Celina Peña of LiftFund presented on their work as intermediaries and shared examples of entrepreneurs they had helped realize their small business goals. Microloan borrowers included veteran, minority, women and low-income entrepreneurs who started a variety of businesses, ranging from a brewer and pizza-maker to a chicken farmer, a welder, a construction business, and an event designer. If you missed the event or would like electronic copies of…