Loans & Grants

[cc1824]

I am not bashing SBA for this, but the banks.

The current loans being backed by our so-called banks for the SBA ARC program for small business' are a joke!  Since the banks are not lending money to anyone for this program why even have the program or advertise it.

Good luck trying to get anyone to even fax you a 25 page application, yep 25 pages, would they like your first born for gods sake?  this is ridic. 

As a small business owner I find this process insane just to get a loan from a bank backed by SBA.  Since this money was given to the banks I can find no bank participating in these loans, no one to lend the money, etc.  So you may ask yourself as a small business owner where is the money?  Where is all of our hard earn tax money?

Maybe we as small business owners who are having hard times should go on strike to not pay taxes, until the bank wants to loan some money.

I am veryupset about this useless ARC program and that us small business owners can't get any help to stay in business, but that banks and the gov can take our tax money so they can eat and keep a roof over their childrens' heads and sleep well at night.

As i said before good luck getting this loan its just another waste of our tax paying dollars and less help for taxpayers!

[elmonte1970]

I'm also a small business owner and searched everywhere for a boost to get us through the winter. Iwasn't looking for much at all. My Bank was listed as a participater in seveal programs I found. When I went to them to inquire about obtainig a small operations capital loan, they told me not to bother. Credit was tight and requirements where up. Especially for small businesses. The back bone of America. Huuummmm? Yea where is the money? Well it when to everyone that didn't deserve it. Ha! I dont care what it takes. I will make it through what ever comes. I will still maintain my currant staff and create jobs for others, and without help of loans or hand outs. I found there is help for all the people that got themselves in trouble by being loaned money they didn't qualify for or earn and I paid them. Both the people and the companies. I pulled all my accounts from may bank and went to one that didn't get money from the GOV because they didn't need it. My previous bank on the other hand got billions from the GOV and didn't loosin up on lending to resoncble people at all. As a matter of fact they raised credit card rates, lowerd credit lines and made even more money. It makes me sick!!!! So I'm done with tossing my hard eard money away like that. If they sent us all a check for $8000.00 we would be alot better off.  

[phanio]

You both make very good points regarding lending programs to small businesses in this country.  While small businesses are the backbone - they have no voice in our government (one small business cannot compete against the large amount of lobby dollars from these banks and other large businesses).

If you are really that upset - then why not voice your opinion - join small business groups and associations - let's help make these groups garner more influence in government - it is the only way that anything will ever get done.  Plus, don't forget to complain to your state and federal representatives - does not matter which side of the aisle - remember, the squeaky wheel gets the grease and to this point the banks have been the squeakiest!

Lastly, if you need capital to start, run and grow your business - there are other non-bank resources that have materialized to fill this funding gap.

Message Edited by phanio on 11-05-2009 08:46 AM

[america]

Greetings this Veterans days.

from a veteran in business

In my business I have traveled to several asian countrys , Within those countrys there are DFP

direct funding programs by these allied countrys which take american tax dollars and loan them to small businesses of all kinds, they need not much more than an "idea" and a willingness to "try" they do not need 25 pagers of paperworks, yet this is american money that was exported to help small business in other countrys, and that is great for them, but for us americans, the small business, backbone of america, If we win, the IRS wins, if we lose, we lose, the banks here are far from being interested in any kind of ARC loans,So in my state where unemployment is 13.6% the bank is not interested that my loan may provide a few new jobs even as I tossed in my  house to

up the ante and show that I mean business.

In asia, If a person on monday wishers to open a small business however meek it may be, on Tuesday he/she will be in business,

The banks like Citibank did not have to "jump"
the "hoops" to get 25,000,000,000 25 billion to get them through hard times, so we must make up for it.

because of this trend to place the small business person in a negitive position, many established businesses are heading overseas.

Message Edited by ChristineL on 11-30-2009 02:55 PM

[bizdev]

This is the very reason I have changed my own direction (from advising folks how to start their own business) and created a brand new funding source.

We cannot rely on Uncle Sam for free money or impossible to qualify for loans.

After 3 yrs of advising entrepreneurs on where to locate funding, and dealing directly with SBA reps, bank loan officers and SBDC counselors, I knew there had to be a better way.

Preneuraholics.com will launch soon and takes peer to peer lending and turns it on its head. Peer to peer GIVING is the premise behind this new funding source.

With hundreds of thousands of entrepreneurs looking for funding, we must UNITE together to help each other. Read more in the blog below.

[eliment48]

The whole SBA program right now is a joke where I live. I'm not afraid to throw this out there. I live in Bismarck ND. I have been through eight banks including Wells Fargo and three of them have submitted for me to get an SBA loan several times over the past few years. The main bank here, BND is supposed to be SBA central and they wouldn't even crack open the biz plan.  My company is a high end software company and we have credit, well, i did till SBA got through with making me re-apply after change after change after change,,etc,,but, we still have credit in the company, property, more people with credit to back us, income from the company, successful track record, high global rating with our business and service,,the only JnJ company in the state, current customer load, meetings with Governor and Senate staff, and still, the answer i get every time is North Dakota has no funds for business like this. Now, you may be asking, well, there must be something wrong,,but, there isn't. It's just a simple matter of banks controlling who gets it and who does not. Apparently I'm not kissing someones ass and nore will I. Through out all of this, I have watched other small business get SBA loans, go out of business and still go back for more. America, or anyone fopr that matter, if you have that info about opening a business in Asia, send it to me now. This is not a joke and you can bet i am not done laying this out to the world. This is sad and someone has to do something. We have ablog on the web called repubx.com. I suggest everyone go there.