SBA priming the business lending pump
Although it may not feel like it yet, the economic signs are looking more positive.
As we claw our way out of this recession, small business will lead the way.
But for a couple of years, there just wasn’t any startup money out there.
Well, that situation has changed.
It’s called the Small Business Lending Fund, and was part of the Small Business Jobs Act signed into law by the President.
It provides money for new companies, or the expansion of old ones, and in Texas, the money tap is open again.
The Treasury Department reports that business lending in Texas increased by 680-million dollars in the last quarter of 2011.
Paul Ingle and his wife Nita founded Design Center Signs, and they did it with the help of the Small business Administration.
John Hart heads up the Greater Texas community Development corporation, and they have helped businesses all over the area.
The Small Business Fund has injected $10-billion dollars into community banks, and the only caveat is, they have to lend it.
And for entrepreneurs like the Ingles, it made all the difference.