Out
On A Limb / September 2006
Go and Grow
A small business assistance and financial workshop will be held Friday, September 8, 2006 at the WorkForce West Virginia Center, 206 Lakeview Center in Parkersburg from 10:00 to 12:00 noon.
The workshop is intended to assist small business owners looking for financing to expand their business or who need some working capital. Entrepreneurs who are thinking about starting businesses and are not sure where to obtain financing or need help with small business issues would benefit from this workshop as well.
The workshop will provide helpful information to new and existing small businesses about financing programs backed by the SBA. Loan proceeds may be used for most business needs, including the purchase of real estate, equipment, and debt refinancing. Information about how to identify and locate local small business resources will also be on the agenda. Representatives from economic development and small business assistance groups including: WorkForce WV, the West Virginia Small Business Development Center (SBDC), lending community and the SBA will provide information on available small business programs and services and answer questions.
The workshop will feature SBA’s 7(a) Loan Guaranty Programs, which include SBAExpress and CommunityExpress. The 7(a) loan program provides loan guarantees through lending institutions for business related purposes of up to $2 million. The CommunityExpress Loan provides financial assistance, capital access and technical and management assistance to for-profit businesses with a maximum SBA guaranty up to $250,000. One feature of the program provides unsecured business loans up to $25,000. Approved loans are funded for a seven to ten-year term and have no pre-payment penalties. The interest rate is variable and based on Prime plus 4.5 or 4.75 percent. Loan applicants must operate a for-profit business, be of moral character and have good credit. They must NOT have: defaulted on a prior government loan; be delinquent on child support payment; or have an IRS tax lien. Some lenders will require a packaging fee which is a fully deductible business expense.
Also featured will be the SBA’s 504 loan program, also known as the Certified Development Company program. This loan program provides affordable long-term, fixed-rate financing to help healthy, expanding small businesses grow. The loans are for acquiring long-term fixed assets, such as land, building, machinery and equipment, or for building, modernizing, renovating or restoring facilities.
The workshop, conducted with support from the WorkForce WV Center, WVU-Parkersburg Small Business Development Center, and the U.S. Small Business Administration is free and open to the public. Seating is limited so registration is requested.
To register, contact Cheryl McHugh, Workforce WV Center, 304) 420-4531, email: cmchugh@rosslearning.com or Barbara Carder, SBAWV District Office (800) 767-8052 ext. 8, email: barbara.carder@sba.gov. For more information call the SBA, (304) 623-5631 or 800-767-8052 ext. 8 or visit www.sba.gov/wv.
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