For tips and facts about how you can benefit from Obama's Stimulus Package - or to find out if you qualify, visit our no nonsense home stimulus guide: http://ObamasStimulusPackage.net
A stimulus package can only be effective if it provides credit to small businesses and entrepreneurs who desperately need this in order to survive. By buying $15 billion in securities backed by the Small Business Administration, increasing SBA's 7(a) loans by up to 90%, and suspending loan fees for borrowers and lenders, the Obama administration is hoping to kick-start credit markets for small businesses.
The government is also trying to convince banks to give credit to small businesses by requiring them to report all small business lending activity and to increase small business lending. They have increased the lending budget, the SBA has developed a lending program (the ARC Loan) just to help struggling small businesses, has extended the scope of 7(a), 504 and discretionary "Goodwill" loan programs, has expanded the Small Business Investment Company (SCIB) program and will continue to lend to veterans and the military community through the Patriot Express program. There are some government grants that small businesses and small business owners can apply for. The SBA does not actually provide grants for new or expanding small businesses, this is provided by the Recovery Act. The Recovery Act gives money to other agencies so they can offer grants and other programs. There is a government site that lists available grants. Small businesses need to exercise caution when using private services to find these grants, some are fraudulent and may charge you unnecessary fees.
If a small business owner or an entrepreneur wants to borrow money they need to design a commercial plan that describes the business, contains a marketing plan, a financial plan, executive summary, and a management plan. Then they can contact the SBA with all their supporting documents and their financial projections.
In Obama's plan is a goal of giving the SBA more money, more freedom to negotiate and a higher standing in the federal government. However, it will take some time for the SBA to build itself up and increase its ability to expand its business support and finance programs. Small business owners have to invest the time to research the programs available in order to know all the conditions and keep watching for new programs in which the government offers funding.
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