SBA Hawaii Business News
Summer is Sizzling!
Courtesy of: Jane A. Sawyer / SBA Hawaii District Office
SBA loans numbers are hot and the summer is just beginning. Most of us generally expect the season to usher in a slower pace for all activity but SBA sees no change in the pace of programs and service delivery throughout our district. The upgrades of the E Tran system for recording SBA loans, the fee waivers and focus on working capital appear to have eased the loan process for many of our financing partners.The total loan count for FY 2015 is a blistering 535, an increase of almost 200 loans over the last year. Three small-to-medium size lenders – HawaiiUSA Federal Credit Union, Central Pacific Bank and American Savings Bank – have each contributed over 100 loans each to the current year’s loans. Take advantage SBA Resource Days at the banks or Business Action Center to see if SBA funding might be right for your business!
LINC Makes the Connection
During National Small Business Week, SBA Administrator Maria Contreras-Sweet announced that the new on-line referral system for prospective borrowers would be open to all participating lenders who wish to register. Currently, over 200 lenders have registered and improvements in participation and response have been reported, both in the finance community and SBA. The small business owner completes a simple questionnaire with information about their business, resources and capital needs at https://www.sba.gov/tools/linc. An approved SBA lender is notified immediately after an on-line borrower inquiry and given the opportunity to opt in if the request fits their program’s requirements.
In 2015, the “Summer of Mentoring” focuses on reaching potential entrepreneurs and raising awareness about entrepreneurship as an employment option for individuals in the 50+ age group with special events conducted with SBA and AARP. Research finds one in four Americans in that demographic are interested in starting a new venture, often developed around a positive social impact, as a second career or new challenge. In addition to promoting great consulting and training with Hawaii SBDC, the Mink Center for Business and Leadership, SCORE, and Emerging Leaders program in the summer months, SBA will be working with our encore entrepreneurship tools and AARP to help smooth the path to start up success. Watch the calendar at https://www.sba.gov/hi.