Federal Reserve: New Report Assesses Information Presented to Prospective Borrowers on Small Business Online Lender Websites
The Federal Reserve Board on Thursday released Uncertain Terms: What Small Business Borrowers Find When Browsing Online Lender Websites, a report that examines the information that prospective small business borrowers encounter when researching and comparing credit products offered by online lenders. Nonbank online lenders are becoming more mainstream alternative providers of financing to small businesses. In…
FFIEC: Federal Banking Agencies Announce Availability of 2018 Small Business, Small Farm, and Community Development Lending Data
The three federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) with Community Reinvestment Act (CRA) responsibilities today announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, pursuant to the CRA. The agencies releasing the data are the Board…
EDA: $1.6 Million Invested to Support Business Development and Disaster Efforts in South Carolina
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is investing $1.6 million in the state of South Carolina to stimulate private investment and help protect businesses from future severe weather events. The EDA grants, to be matched with $775,148 in state and local funds, are expected to create…
SBA: New Final Rule Modifies Method for Calculating Annual Revenues for Small Businesses
The U.S. Small Business Administration today published in the Federal Register a final rule to modify its method for calculating annual revenues used to prescribe size standards for small businesses. The final rule is effective Jan. 6, 2020. The SBA changed its regulations on the calculation of annual revenues from a three-year averaging period to a five-year averaging period, outside of…
EDA: $1.6 Million Invested to Establish Business Revolving Loan Fund in Youngstown, OH
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.6 million grant to the Mahoning Valley Economic Development Corporation (MVEDC) of Youngstown, Ohio, to establish a new Revolving Loan Fund (RLF) in support of small businesses and entrepreneurs. The EDA grant, to be located near a Tax…
SBA: Final Rule Issued to Expand HUBZone Opportunities to Small Businesses and Revitalize Communities
The U.S. Small Business Administration today issued a final rule that will implement changes to the Historically Underutilized Business Zone (HUBZone) program that will make the program more attractive to small businesses and encourage them to invest in HUBZone communities and hire HUBZone residents. The new rule changes will also make it easier for federal contracting officers to identify…
SBA: Celebrating Small Business Saturday in Communities across America
U.S. Small Business Administration Acting Administrator Chris Pilkerton is encouraging Americans to support local communities by shopping at small businesses on Saturday, November 30. Celebrated each year on the Saturday after Thanksgiving, Small Business Saturday allows consumers to make a tremendous impact in their neighborhoods by supporting local small businesses. Last year, an estimated 104 million…
Census Bureau: 2017 County Business Patterns Now Available
The U.S. Census Bureau today released the 2017 County Business Patterns (CBP). This annual series of statistics provides subnational economic data by industry. These data show detailed annual information on the number of establishments, first quarter employment, and first quarter and annual payroll at the national, state, metropolitan area, county and congressional district levels for…
SBA: Direct Final Rule Issued that Will Allow Governors to Seek HUBZone Designation for Certain Rural Areas
The U.S. Small Business Administration today issued a direct final rule that will allow governors to petition the SBA’s Administrator to designate HUBZone status to certain covered areas. A covered area is an area in a state that is located outside of an urbanized area, as determined by the Census Bureau, with a population of not more than…
SBA: New Initiative Assists Veterans Transitioning to Civilian Life, Entrepreneurs, Small Business Owners
As National Veterans Small Business Week came to a close, three Atlantic Region federal agencies are carrying on its mission with a new initiative to assist both Veterans transitioning to civilian life as well as their families through entrepreneurship and small business ownership. The U.S. Small Business Administration (SBA), U.S. General Services Administration (GSA) and…