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SBA Recovery Lending Extended Through May

Administrator Mills presses for longer-term extension for successful programs

Release Date: April 16, 2010
Contact: Hayley Matz (202) 205-6948
Release Number: 10-15
Internet Address: http://www.sba.gov/news

WASHINGTON – President Barack Obama signed legislation yesterday providing
$80 million in additional funding to continue important enhancements in the
U.S. Small Business Administration’s two key small business loan programs.
The enhancements, first made available under the American Recovery and
Reinvestment Act, include a higher guarantee on some SBA-backed loans and
small business fee relief.

The SBA estimates the $80 million will support about $2.8 billion in small
business lending under the 7(a) and 504 programs.

“Small businesses across the country have been able to secure critical
financing as a result of the Recovery Act loan provisions and the continued
interim funding we’ve received for the program,” said SBA Administrator Karen
Mills. “The increased guarantees and reduced fees on SBA loans have
generated more than $25 billion in new loans to small business owners and
brought more than 1,200 lenders back to SBA loan programs. In fact, the first
two quarters of the current fiscal year have been our best two opening
quarters ever for the 7(a) program, with more than $7 billion in guaranteed
loans. These programs have been successful in helping jump-start our
economy, which is why we will continue to work with Congress on a longer
term extension of the increased guarantee and reduced fees.

“We also know that small businesses could greatly benefit from the additional
tools the President has proposed, including higher SBA loan limits and
refinancing for commercial property mortgages, which could help thousands of
small businesses avoid potential foreclosure. Small businesses need these
improvements to ensure their access to the capital they need to drive
economic growth and create jobs in communities all across the country.”

As part of the Recovery Act enacted on Feb. 17, 2009, SBA received $730
million to help small businesses, including $375 million to increase the SBA
guarantee on 7(a) loans to 90 percent and to reduce borrower fees on most 7
(a) and 504 loans. The funds for these programs were exhausted on Nov. 23,
2009, and an additional $125 million was provided in December. Those funds
were exhausted in late February, 2010, and an additional $60 million was
provided subsequently. SBA was authorized for an additional $40 million in late
March.

Under the new extension SBA may continue to reduce loan fees in its 7(a) and
504 programs and to provide higher guarantee levels on 7(a) loans through
May 2010, or until the funds provided under the bill are exhausted.

This extension has no effect on the continued availability of financing under
other SBA Recovery Act programs, including SBA’s America’s Recovery Capital
(ARC) loan program and the agency’s Microloan program. Recovery Act funding
still remains available for both of those programs.

What’s Going On in Small Business Right Now?
Small Businesses Expect Growth
New CIT study finds cautious optimism among business owners

After a turbulent year, U.S. small business owners have a cautiously optimistic outlook for 2010, according to a new study by CIT and Forbes Insights: U.S. Small Business Outlook 2010: Lessons Learned – A Case for Greater Optimism.

What’s Going On in Small Business Right Now?
Small Businesses Expect Growth
New CIT study finds cautious optimism among business owners

After a turbulent year, U.S. small business owners have a cautiously optimistic outlook for 2010, according to a new study by CIT and Forbes Insights: U.S. Small Business Outlook 2010: Lessons Learned – A Case for Greater Optimism.

Based on the responses of owners and executives at 220 U.S. small businesses with annual revenues between $1 million and $15 million, the report examines how small business owners are responding to current economic challenges and opportunities. It is the last in a series of four middle market and small business studies produced over the past year by Forbes Insights in association with CIT.
“Our study found that a surprisingly high percentage of small business owners are more optimistic about 2010 after having survived the worst of the recession,” said Chris Reilly, President of CIT Small Business Lending. “Many believe that the survival strategies they’ve implemented and hard lessons they’ve learned have better positioned them for growth this year.”
Among the key findings in the study:
• More than 70 percent of small business owners said that they are working harder to run their businesses than ever before. In addition, 81 percent said they are now smarter about running their companies – and a majority believe that the challenges of the recession have made them better leaders.
• While cautious about the general economy, most small business owners expect their businesses to grow in 2010.
• Economic stimulus plans enacted by Washington have not provided any benefits to small businesses, said most respondents, but small business owners remain hopeful that the federal government will take action to help them, particularly in the area of financing.
• A majority of small business leaders (64 percent) intend to be more aggressive in 2010 by implementing a range of actions to advance their businesses.
CIT has served the middle and small business markets for more than a century. Our long-term relationships with clients are built on a deep understanding of the industries in which we operate and deliver high-value solutions and services. We conducted this series of surveys to further our understanding of these industries and our clients. Designed to reinforce our thought leadership and market expertise, and to highlight the intellectual capital of our leaders, these in-depth studies examined the middle and small business markets during one of the most financially challenging times in history.

RESOURCE http://www.cit.com/about-cit/us-small-and-middle-market-outlook/us-small-business-outlook-2010/index.htm
For more information:
Mike Seeley
Regional Account Manager
O: 407.772.4556
M: 407.461.1770
Mike.Seeley@CIT.com

Did you know that…
• According to our
study, 44% of small business owners have a growth
strategy in place once recovery from
the economic downturn begins.

Click here for
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No fewer than two dozen health care practices of all kinds either expanded or opened new offices to serve the community’s still-growing population.
This is an exciting time for The Villages health care industry and its patients, said Nelson Kraucak, M.D., who has seen the dramatic evolution of the local medical community since opening his family medicine practice about 15 years ago.

“It is very exciting,” said Kraucak, managing physician of Life Family Practice Center and an affiliate of the community’s Villa Medical Group. “This is an oasis. What’s happening here is not happening anywhere else I know of.”

New additions

Several new practices have either opened or intend to open in the Sharon L. Morse Medical Building on The Villages Regional Hospital campus.

Recently, longtime alternative-medicine practitioner Mulberry Oriental Medicine added a second office and expanded into the Morse building in partnership with Douglas Hall, M.D. Hall specializes in gynecology and functional or evidence-based natural medicine.

In the coming weeks, neurologist Alexander Smirnoff, M.D., plans to open a new medical practice in the Morse building. He is relocating a practice from Northport/Tuscaloosa, Ala., which treats patients diagnosed with brain disease, stroke, Parkinson’s, ALS, headaches, peripheral nerve issues, spinal cord compression and other diseases.

Nearby in Spanish Springs Town Square, two medical practices recently opened.

Florida Cardiology opened earlier this year on the second floor near the Citizens First Bank branch.

The cardiology practice, which relocated from Summerfield, offers nuclear stress testing, cardiac and vascular ultrasound, a pacemaker clinic, advanced lipid testing, diagnostic and interventional cardiac and peripheral vascular procedures and more.

In Spanish Springs’ La Reina Building, Tampa’s Laser Spine Institute recently opened a new practice.

The Laser Spine Institute, which relocated its Lady Lake office, specializes in endoscopic spinal procedures. It uses laser-assisted techniques for the treatment of spinal conditions such as sciatica, pinched nerves, degenerative disk disease, arthritis, herniated disks, bone spurs and more.

Seamless services

Most of this medical growth emerged around The Villages Regional Hospital.

In nearby Santa Barbara Professional Plaza, three physician groups expanded and relocated their medical practices.

Davis Clinic of Chiropractic and Tri-County Podiatry joined in a partnership to open a 10,000-square-foot medical building last summer in Santa Barbara.

Across the street, Premier Medical Associates opened a similar-size building in December for a multifaceted practice that includes internal medicine, diabetology and endocrinology, urgent care, sleep-disorder diagnoses, cardiovascular-stress testing, CT and X-ray medial imaging, on-site laboratory and more.

Patient demand for sophisticated medical services even has the Central Florida Health Alliance, parent of The Villages hospital, looking at its future options.

“The development of hospital-based medical services in The Villages from our perspective is driven primarily by two factors — ongoing growth of population in The Villages and its surrounding areas and the maturing of the hospital’s services to meet the present and future needs of the residents in The Villages,”said Lee Huntley, Health Alliance president and chief executive officer.

In light of that trend, Huntley said, The Villages hospital also has identified ongoing needs for expanded preventive and acute health care services to provide even higher quality patient

services.

“We don’t want area residents to have to leave their community unless the services they require cannot be safely or reasonably provided at the hospital or by one of our partners,” Huntley said. “We are working hard to create the connectivity with great area physicians and other health care providers, including long-term and outpatient care to ultimately provide a seamless continuum of preventive and health care services to best serve Villagers.”

Explosive growth

The proof of the medical growth also is apparent in Lake Sumter Landing Market Square.

Lake Sumter Landing Professional Plaza, a 64,000-square-foot medical center, is nearly built out.

To handle future growth, The Villages is developing a new medical center — Creekside Medical Center of Excellence at Lake Sumter Landing.

Once completed, Creekside Medical Center will contain about 80,000 square feet of leasable square footage, said Scott Renick, The Villages commercial and leasing director.

Patient demand for medical services accounts for The Villages’ decision to move forward on the project, even in current economic conditions, Renick said.

“When you look at the size of our population and the uniqueness in the age and activity level of our demographic, we’ve got a lot higher need for all medical specialties than areas of comparable size,” Renick said. “And our folks are saying they want to be able to get to all their physicians via golf cart.”

15 years ago

Just 15 years ago, however, nothing but pasture land existed where the now-functioning medical centers exist, Kraucak said.

“When I came here and saw the potential, I knew this was going to be big at that time,” Kraucak said. “That’s why I decided to stay in this area. I saw it explode and expand at a tremendous rate. It’s been nonstop ever since.”

Such growth potential explained why Kraucak’s affiliate, the Villa Medical Group, expanded last year. It not only added urgent care to its offices in the Buenos Aires Professional Plaza but opened new offices in the Southern Trace Professional Plaza, as well.

“I’ve been very impressed with the growth,” Kraucak said. “When I came here 15 years ago, specifically to serve The Villages, there were only three internal medicine providers. Within two months of arriving, I had a full practice. I’ve maintained that ever since. Demand for quality care here is very high. And there is going to be further growth.”

David R. Corder is a reporter with the Daily Sun. He can be reached at 753-1119, ext. 9066, or at david.corder @thevillagesmedia.com.

Also online: http://www.thevillagesdailysun.com/articles/2010/03/22/news/news01.txt

The U.S. Small Business Administration has announced the SBA’s Patriot Express Pilot Loan Initiative for veterans and members of the military community wanting to establish or expand small businesses.

Eligible military community members include:

Veterans
Service-disabled veterans
Active-duty service members eligible for the military’s Transition Assistance Program
Reservists and National Guard members
Current spouses of any of the above
The widowed spouse of a service member or veteran who died during service or of a service-connected disability
The SBA and its resource partners are focusing additional efforts on counseling and training to augment this loan initiative.

Start with a Self Assessment

You’ve got an idea for a business. Now it’s time to evaluate if your dream of starting a business can be a reality. The Checklist for Starting a Business is a comprehensive tool designed to prepare you for self employment by analyzing your responses in key areas and providing a menu of supporting resources.

To learn more about the Patriot Express Initiative:

Patriot Express Loan Initiative

Resources to Help You Start, Grow and Succeed

Assisting Small Business Owners

Press Kit

Patriot Express Forms

The Federal Reserve left short-term interest rates untouched following the Federal Open Market Committee’s (FOMC) second meeting of 2010.

The FOMC left the fed funds rate at 0% to 0.25%, where it has been since December 2008. As it has said since March 2009, the committee repeated that the rate would probably remain “exceptionally low” for “an extended period.”

Few expected the committee to take any definitive steps on rates yet, but some were watching for a change in the accompanying language that might indicate a change in strategy in the near future.

For the second time Kansas City Fed President Thomas M. Hoenig dissented, saying he believes continuing to express the expectation of “exceptionally low levels” of the federal funds rate for an “extended period” was no longer warranted because it could lead to the buildup of financial imbalances and increase risks to longer-run macroeconomic and financial stability.

In its statement the FOMC painted a mixed picture of the economy.

“Household spending is expanding at a moderate rate but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software has risen significantly. However, investment in nonresidential structures is declining, housing starts have been flat at a depressed level, and employers remain reluctant to add to payrolls. While bank lending continues to contract, financial market conditions remain supportive of economic growth,” the Fed said.

In light of improved functioning of financial markets, the Fed said it has been closing the special liquidity facilities that it created to support markets during the crisis. The only remaining such program, the Term Asset-Backed Securities Loan Facility (TALF), is scheduled to close on June 30 for loans backed by new-issue commercial mortgage-backed securities and on March 31 for loans backed by all other types of collateral.

Tuesday, March 16, 2010

As of February 22, 2010, new consumer protection regulations have swept through the credit industry and have re-defined policies from fair allocation of payments (balances with the highest interest rate can now be paid off first) to the elimination of fees to pay your bill. Transparency of repayment terms and various other protections have seemingly given consumers the upper hand, but banks may recoup their lost revenue from consumers with other hidden fees in the foreseeable future.

In days before the CARD Act took effect, BofA’s 2009 end-of-year earnings report reflected that consumer protections are not at all complementary to the bottom line. In a statement the bank stated, “Within Global Card Services, the provisions in the CARD Act are expected to negatively impact net interest income … and card income due to restrictions imposed on certain fees.” BofA’s revenue totaled $119.64 million dollars by the end of year 2009, of which “service charges” accounted for $11.04 million. The Financial Times recently reported on Moebs Services’ survey estimating that U.S.-based banks make $38.5 billion in overdraft fee revenue, as these fees account for more than 75 percent of service charges to account holders.

Now, with new opt-in overdraft rules, this bait-and-switch tactic of commercial banks has again the opportunity to fester. After all, if banking isn’t a profitable business, overdraft fees are. According to the banking giant’s own figures, Bank of America revenue totaled $119.64 million dollars by end of year 2009, of which “service charges” accounted for $11.04 million. It was the Financial Times that reported in 2009, that a Moebs Services survey estimated U.S.-based banks to make $38.5 billion in overdraft fee revenue, as these fees account for more than 75 percent of service charges to account holders.

The Loophole
Bank of America’s new overdraft policy seemingly eliminates all overdraft fees. However, the loophole lies in the bank’s overdraft protection services, which appear exempt from CARD Act legislation and do not seem to be going away anytime soon.. In accordance with Bank of America’s policy, if a customer does not have enough money in their checking account that is associated with their debit card at the time of purchase (also called the point-of-sale), the charge will be declined. And by the wizardry that is banking, no overdraft fee will be charged. However, if a customer has an overdraft protection plan linking a savings account to the checking account, funds will be transferred from the savings account to cover the charge – at a cost. The savings account will be charged $10 dollars for all overdraft transfers in one business day. Should the customer have a credit card associated to the checking account instead, this same $10 dollar fee is imposed plus interest. By now you should be thinking, “Wait, I am being fined on one account. To pay for a charge on another. With my own money?” The answer is, yes.

Once the Federal Reserve new opt-in overdraft rules are effective July 1, all banking institutions will be required to notify customers of their policy.In the meantime, if you are looking for clarification, don’t expect to find it on the BofA customer service site: