KINGSPORT CHAMBER AND KOSBE HOSTING A LIVE SBA LOAN APPLICATION CLINIC
KINGSPORT, TN —May 4, 2010—The Kingsport Area Chamber of Commerce Office of Small Business Development & Entrepreneurship (KOSBE), in partnership with several small business economic development lenders, is hosting a live loan application clinic highlighting SBA's Community Express and Patriot Express Loan Programs, the State of Tennessee's ECD-BERO Rural Microloan, and other innovative financing options to grow small businesses. The event takes place from 6:00 to 9:00 PM, on May 19th, at the Kingsport Area Chamber of Commerce, 151 E Main St, Kingsport, TN. The workshop is offered free of cost, but registration is required.
During the clinic, business owners and entrepreneurs will complete their own loan application on site, and submit it for immediate consideration (if desired) at the end of the event. Applicants must provide a copy of their valid driver's license and have a business checking account established in the name of their business. Sue Malone, Strategies for Small Business (Danville, CA)—the #1 SBA loan provider for the Community Express Loan Program in the nation—will facilitate the loan application process. She has closed over 20,000 SBA Community Express Loans for small business owners.
The SBA Community Express Loan is an easy way for small businesses and startups to establish business credit. It requires no collateral, and no tax returns or financial statements. The SBA Community Express Loan features a 10-year term for low monthly payments, and electronic funding directly into a business checking account, so borrowers do not have to wait for a paper check. The maximum loan amount is $25,000.
The ECD-BERO Rural Micro Loan Fund is designed to encourage job creation and provide access to capital to existing and potential entrepreneurs to support their growth and expansion. Micro loan funds of $500-$10,000 are available for use by entrepreneurs living and operating a business in rural Tennessee. A micro-enterprise is defined as a for-profit entity with five or fewer employees, one of whom owns the business. Fixed assets and working capital loans are accepted, and the maximum loan amount is $10,000. Technical assistance and training are required for the duration of the loan.
The Patriot Express Loan is a streamlined loan product with an enhanced guaranty and interest rate that is available to military community members including veterans, service-disabled veterans, active-duty service members participating in the military's Transition Assistance Program, Reservists and National Guard members, current spouses of any of the above, and the widowed spouse of a service member or veteran who died during service, or of a service-connected disability. The Patriot Express features one of SBA's fastest turnaround times for loan approvals. Loans are available up to $500,000 and qualify for SBA's maximum guaranty of up to 90 percent. The Patriot Express can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases.
According to Aundrea Wilcox, KOSBE Executive Director, "These loan programs offer small business owners and startups fast and simple access to working capital from a trusted secondary source—in the event they are unable to get financing from their local community bank, or need additional funding. If you know that you have bad credit, you should take corrective action now to fix any problems before you apply. More than ever, borrowers must show creditworthiness and the ability to repay a loan."
From the Desk of …
Aundrea Wilcox, Executive Director
Kingsport Area Chamber of Commerce
Office of Small Business Development & Entrepreneurship (KOSBE)
151 E Main Street | Kingsport, TN 37660
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