MBE 2014
Minority Business Enterprise
Launch of a New Self-Employment Assistance Website
T
he U.S. Small Busi-
ness Administration
and the U.S. Depart-
ment of Labor jointly
announced a new website to
support state workforce and
unemployment agencies in
implementing or enhancing
Self-Employment Assis-
tance programs. Today’s
announcement expands on
guidance issued in May,
which included $35 million
in funding for states to
nity to entrepreneurs who
want to start, grow or
expand their business,” said
SBA Administrator Karen
Mills. “For entrepreneurs
who find themselves unem-
ployed, the SEA website
and toolkit will help them
turn small business owner-
ship into a reality and
possibly put others back to
work at the same time – a
win-win scenario.”
Participation in Self-
ance benefits while they
receive important entrepre-
neurial
training
and
resources to help launch
their own businesses. The
new website provides tools
and technical assistance to
states that are considering
implementing or enhancing
a Self-Employment Assis-
tance
program,
and
additional resources to help
savvy entrepreneurs launch
their businesses and create
‘Small businesses are the country’s economic
engine, and programs like Self-Employment
Assistance will encourage more Americans to
pursue their dreams of becoming entrepreneurs’
implement or expand these
programs made possible
through the Middle Class
Tax Relief and Job Creation
Act of 2012.
“Our job at the SBA is to
provide access and opportu-
Employment Assistance
programs is voluntary for
eligible
Unemployment
Insurance recipients, and
enables them to receive
financial assistance equal to
their Unemployment Insur-
new jobs.
“Small businesses are the
country’s economic engine,
and programs like Self-
Employment Assistance
will encourage more Ameri-
cans to pursue their dreams
SBA to Zero Out Fees on Small Loans to Vets
T
he U.S Small Business Administra-
tion has announced that fee relief on
7(a) loans of $150,000 or less imple-
mented last year and originally slated to
expire on Sept. 30, will be extended through
fiscal year 2015. SBA has also announced
that fee relief measures for SBA Veterans
Advantage will also be renewed as well as
enhanced. Both the extension of the fee
relief for 7(a) loans $150,000 and under,
and the extension and enhancement of the
fee relief for SBA Veterans Advantage loans
will become effective today, October 1st,
and will remain in effect through Sept. 30,
2015.
The most recent numbers available for
FY14, as of September 12th, show that the
SBA had guaranteed 28,806 for over $1.74
billion in loans $150,000 and under, up
from 23,337 loans and $1.34 billion in FY
2013. This represents an increase of 23.4
percent and 30 percent, respectively. Fee
reductions on these loans resulted in almost
$19 million in savings to small business
borrowers in FY 2013.
Under the original fee relief for 7(a) loans
that began Oct 1, 2013, both the upfront
guaranty fee and the annual servicing fee
(“on-going guaranty fee”) were reduced to
zero on loans $150,000 and under.
This week, the SBA is announcing that:
The provisions that began on Oct. 1,
2013, for 7(a) loans under $150,000, will
now be continued for fiscal year 2015. For
loans larger than $150,000, the annual serv-
icing fee lenders pay will be 0.519 percent
of the guaranteed portion of the outstanding
balance of the loan. The upfront guarantee
fee will continue to depend on both the
amount and the maturity of the loan.
For SBA Veterans Advantage loans, the
conditions implemented on Jan. 1, 2014 –
zero upfront guaranty fee on all SBA
Express loans to veterans of $150,000 up to
$350,000– will remain unchanged for FY
2015.
Beginning today, the upfront guaranty fee
for non “SBA Express” loans $150,000 up
to $5 million will now be reduced by 50
percent. There is no reduction on the annual
servicing fee for loans over $150,000.
Seventy percent of all SBA loans made to
veterans are $350,000 or less. Since its
inception through Sept. 20, 2014, SBA had
guaranteed 153 loans for $38,861,900 under
Veterans Advantage. Fee relief for these
loans resulted in savings to borrowers of
about $571,000.
For more information go to www.sba.gov.
of becoming entrepre-
neurs,” said Secretary of
Labor Hilda L. Solis. “This
new website will expand
access to Self-Employment
Assistance so that those
who are unemployed today
can become successful busi-
ness owners tomorrow.”
A key component of the
new website is the SBA
toolkit, which contains sev-
eral free, online resources
available through the SBA
to support new entrepre-
neurs. Helping budding
entrepreneurs gain access to
SBA’s partners and its many
resources is key to operating
a successful Self-Employ-
ment Assistance program.
Through the site, the SBA
continues to offer free
online business courses on
topics such as How to Pre-
pare a Business Plan,
Franchising Basics, Gov-
ernment Contracting, Green
Business Opportunities and
more. Entrepreneurship and
Business Planning, Entre-
preneurial Marketing and
Finding Money to Start a
Business are some of the
other courses available
through this new website.
The site also highlights suc-
cessful practices from states
currently operating Self-
Employment Assistance
programs to assist new
states as they implement or
enhance their programs.
For more information go
to
the
website
at
http://sea.workforce3one.or
g.
We honor the many
accomplishments of African
Americans.
It is our primary goal as a
labor union to better the
lives of all people working
in the building trades
through advocacy, civil
demonstration, and the
long-held belief that work-
ers deserve a "family wage" - fair pay for an honest day's work.
A family wage, and the benefits that go with it, not only strength-
ens families, but also allows our communities to become
stronger, more cohesive, and more responsive to their citizens'
needs.
Our family wage agenda reflects our commitment to people
working in the building trades, and to workers everywhere. In this
small way, we are doing our part to help people achieve the
American Dream. This dream that workers can hold dear regard-
less of race, color, national origin, gender, creed, or religious
beliefs.
The Pacific Northwest Regional Council of Carpenters
Representing more than 5.000 construction workers in Oregon State.
Do you want to know more about becoming a
Union carpenter?
October 1, 2014 The Portland and Seattle Skanner Page 9