Contracting and Loans [SBA News]

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Contracting and Loans [SBA News]

Aug 24, 2009
Posted by Molly Nelson - There is some good news from the Small Business Administration (SBA) this week for those interested in pursuing government contracting opportunities and/or in getting a microloan. 

SBA Administrator Karen Mills and Commerce Secretary Gary Locke announced a government-wide effort of more than 200 events over the next three months to spread information on government contracting opportunities. 

"Small and minority-owned businesses must play a significant role in our efforts to restore economic growth. Small businesses employ half of the nation’s private sector workforce; create a large share of the Nation’s new jobs; and introduce many groundbreaking ideas into the marketplace," said President Barack Obama in the SBA press release. "It is essential that we provide our Nation’s small businesses with maximum practicable opportunity to participate in Federal Government contracting."

Check out for more information about federal contracting opportunities.

The SBA also announced that it is expanding its Microloan program with an additional $50 million for loans and $24 million for technical assistance with funding from the American Recovery and Reinvestment Act. 

The SBA is using the additional resources to add new lenders and encourage entrepreneurs to seek out SBA-backed microlenders to finance their business.  Microlenders use SBA funding to provide loans of up to $35,000 to entrepreneurs for supplies, furniture, fixtures, equipment, working capital and acquisition of materials.

For more:
Obama Administration Announces Efforts to Increase Access to Contracting Opportunities for Minority-Owned, Small Businesses
Recovery Act Expands SBA Microloan Program

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