SBA update for August 2024: New loan, beefed-up small business programs

6 Aug 2024

News

Small business owners are now officially able to apply for the Small Business Administration's New Working Captial Loan. The announcement comes after the agency initially rolled out the Working Capital Pilot Program offering for its 7(a) lenders, releasing details on fees, rates and terms that would give small business owners more flexibility. The fee structure includes a transaction-based loan for individual projects or orders, and an asset-based loan to access funds against their assets.

Owners can go to the SBA's website for more information or use the agency's “Lender Match” tool to find a lender near them.

But that's not the only move the agency has made over the last month for business owners and lenders. We've rounded up some of the biggest changes in our new SBA update.

Click here to view the original article from MSP Business Journals here.

More Topics

Governor Walz announces Minnesota Ranked Best State for Health Care

Aug 2 2024

On Tuesday, July 30, Governor Tim Walz announced that WalletHub has ranked Minnesota as the best state in the nation for health care for the second consecutive year. Minnesota’s ranking is based on 44 key indicators, including cost, access, and health outcomes.“Minnesota’s top spot in this ranking is a reflection...

Aitkin Age (Mille Lacs Energy): Mille Lacs Corporate Ventures celebrates grand opening of hotels at Grand Casino

Jul 27 2024

After an extensive nine month renovation of over 1,100 hotel rooms, Mille Lacs Corporate Ventures (MLCV) announced the grand opening of the hotels at both Grand Casino Mille Lacs and Grand Casino Hinckley.Ribbon-cutting ceremonies were held at both locations to celebrate the comprehensive hotel renovations. All rooms and suites have...

Rox Speed FX: An inspiring business in our backyard

Jul 24 2024

Rox Speed FX, Inc is a company in the backyard of the Grand Rapids area that has been serving the power sports industry since 1999. This local business, referred to the paper by a family friend, has been an innovative company specializing in customizations and helping others since its inception.Rocky...

About Cooperative Electricity

Cooperative electricity isn’t profit-driven, it’s people-driven. As an electric cooperative member-owner, you have a voice and a vote in how your electric provider serves you and your business. When you’re a cooperative member, you’re not just a number on a bill, you’re a member of a community. And by working with Great River Energy, you will be part of a nationwide alliance made of more than 600 local, consumer-owned electric cooperatives in 46 states. Touchstone Energy co-ops deliver power and energy solutions to more than 40 million members every day.