The U.S. Small Business Administration this week launched a lending program aimed at providing small businesses with quick micro loans to help spur growth within the sector amid continued difficulty to find viable credit opportunities.
The initiative will offer up to $250,000 in loans for qualified small businesses in a process designed to be swift and efficient, taking anywhere from minutes to 10 days to approve an application.
"Many entrepreneurs and small business owners across the country have enormous potential to drive economic growth and create good-paying jobs in their local communities, but too often they face barriers in fulfilling that potential," said Catherine Hughes, chairperson of the SBA's Advisory Council on Underserved Communities.
The initiative comes two months after a report by the New York Federal Reserve, which found that three-quarters of small businesses received little or none of their credit requirements in loans applied for within the first half of 2010 - a report that has weighed heavily on the minds of entrepreneurs seeking to incorporate in New York City.
But the Fed's findings starkly contrast with that of the National Federation of Independent Business, which released a report this week claiming more than 90 percent of small businesses' credit needs are currently met.
Tags : financial management, how to incorporate, ny, small business management
Posted: Dec 16th, 2010