Foot-dragging at the SBA

Small Business Owners Still Waiting Hurting

I've been a staunch supporter of the U.S. Small Business Administration (SBA) for years. I believe that this government agency has done quite a lot of good for small business owners and our economy, and it continues to do good in many respects.

Recently, however, I (along with lots of small business owners and lenders nationwide) have become very frustrated with the progress of the SBA 504 Refinance Program. This is a program I’ve been arguing for since 2004, when I was first quoted in the Wall Street Journal about it, because it has the potential to help small business owners and our overall economy during these “interesting” economic times. Despite the benefits provided by 504 Refis, the SBA has been slow to stipulate all the regulations and instructions for using it…and it continues to place tight restrictions on which businesses can qualify for these refinances.

The Economic “Recovery” is Stalled

The economy is “officially” in recovery mode, and has been for a while, but we all know that things are still tough throughout our economy. Depending on what you read from various news outlets, it’s getting more and more difficult to understand what’s really going on. So how are small businesses supposed to react to confusing and contradictory new reports?