October 3, 2007
In business for yourself, not by yourself
By Cory Hopkins
Ronald Reagan once famously said that the most frightening words a small business owner can hear are, "I'm from the government, and I'm here to help you." But the government wants businesses to know that its workforce training and small business loan programs are tailored to fit any niche or gap in funding a small business owner could ever wish to fill.
At a breakfast sponsored by the Marlborough Regional Chamber of Commerce this morning at Intel Corp.'s Hudson campus, Bob Nelson, the Small Business Administration representative for Central and Western Massachusetts, said 98 percent of businesses in the state are considered "small" by SBA standards.
More small businesses should take advantage of free workforce training programs paid for by taxes on businesses, and available through the state's one-stop career centers, said Maurice Lewis of the MetroWest Alliance for Workforce Diversity.
Eligibility for SBA loans enables small companies to apply for traditional bank loans, regardless of collateral. The SBA can guarantee up to 85 percent of a loan for a bank, reducing the risk and increasing the likelihood the bank will approve the loan, Nelson said. Certain administartion loans are approved or denied within 36 hours.
Businesses that banks may not be entirely comfortable lending to have options with the state's Community Development Finance Corporation, as well. Andres Lopez, a CDFC representative, said the agency's goal is to get businesses and banks at the same table, but if that isn't going to happen, the CDFC will loan between $100,000 and $500,000 directly to a two or three year old business with a strong management team.
Options for small businesses in Massachusetts range from legal advice to hiring guidance and startup funding, said Alison Berglund, a representative of the Massachusetts Office of Small Business and Entrepreneurship.
At a breakfast sponsored by the Marlborough Regional Chamber of Commerce this morning at Intel Corp.'s Hudson campus, Bob Nelson, the Small Business Administration representative for Central and Western Massachusetts, said 98 percent of businesses in the state are considered "small" by SBA standards.
More small businesses should take advantage of free workforce training programs paid for by taxes on businesses, and available through the state's one-stop career centers, said Maurice Lewis of the MetroWest Alliance for Workforce Diversity.
Eligibility for SBA loans enables small companies to apply for traditional bank loans, regardless of collateral. The SBA can guarantee up to 85 percent of a loan for a bank, reducing the risk and increasing the likelihood the bank will approve the loan, Nelson said. Certain administartion loans are approved or denied within 36 hours.
Businesses that banks may not be entirely comfortable lending to have options with the state's Community Development Finance Corporation, as well. Andres Lopez, a CDFC representative, said the agency's goal is to get businesses and banks at the same table, but if that isn't going to happen, the CDFC will loan between $100,000 and $500,000 directly to a two or three year old business with a strong management team.
Options for small businesses in Massachusetts range from legal advice to hiring guidance and startup funding, said Alison Berglund, a representative of the Massachusetts Office of Small Business and Entrepreneurship.
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