The SBA Throws a Party, but Some Innovative Thinkers Don't Show Up . . .
15 commentsNovember 19th, 2009 | 02:50 pm
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"Our attorney recommended MCC and we were offered everything that we needed. Chris and Geof spent a lot of time with us and got very involved. "It definitely wasn"t your standard commercial bank." - Maddie Sutphin |
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November 19th, 2009 | 02:50 pm
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So where will we be next?
November 19th, 2009 at 3:38 pm
Chris, I would like to speak to you on many topics including the financing of my eco green resort project in Orlando. Please send me info for direct contact or email me with some options
Have a great Holiday, and good work!
November 19th, 2009 at 3:57 pm
Hi Chris,
Keep up the great work. If enough people read your blog maybe we will see some business activity!
November 19th, 2009 at 4:00 pm
As the Executive Director of The National Black Business Trade Association and a Broker assisting small businesses with the help of MCC, I would first like to echo your comments about "whether" the right people were at the party! Obviously not,your tireless efforts on behalf of small biz America put you in a unique position to at least give insight into the problem. The challenge is to get invited!!! There seems to be an opportunity here to position the work that is being done with the "desire" of those who say they want to do something about.
Having produced business expo's in over 20 cities with more than 5 million people through the front door over a 10 year period gives us some insight into the problems entrepreneurs are facing. ANYTHING that we can do to be of assistance, we are willing to do. NOW is the time, We are the ones who have been given much, therefore much is required.
November 19th, 2009 at 4:42 pm
SBA it is impossible now, I know cerement try to help, but that will never happen as long is the banks refused.
Bank will never approve you unless.
1- You have a very height income (not just income, have to be very height)
2- If you want to buy a business, this business has to be successful 100% or more if it is possible.
3- You can't start up any business. It has to be established with last 3 years tax return with a lot of profit
4- No matter how is your credit score (my score is 820) and no matter how is your education (I have MBA). And it doesn't matter if your business plans excellent. Or how much the down payment.
And So and SO and SO.
It is not a real any more you can do SBA if you have all amount in cash (it doesn't make any since)
November 19th, 2009 at 5:54 pm
Chris,
Why do you sound supprised.
Lets keep pushing the 504 program, it's
the best road for small buisness
November 19th, 2009 at 7:40 pm
2007 INC 500 #297 here with my thoughts.
2005, 2006, 2007 - those were the good old days, right?
Making money, spending money, growing our business's, bank's offering us big credit lines, and handing out copies of INC magazine to anyone who would take one from us, with our own page ear marked of course.
In case you did not notice no one is going to bail us out. That's right - no Obama money for us!
In my opinion no one really cares enough about the guys who employ 10-30 people enough to offer us a hand when we are in need. Everyone wanted to help before when we were making money, now when we actually need help it's just not there.
Cynical, maybe a touch these day's - however I can tell you I am not giving up… and when things do turn back around I will be the first to tell the wankers, I mean bankers to get lost.
November 19th, 2009 at 8:54 pm
Chris:
This administration is not interested in small businesses because they're interested in the socializing of large corporations (see Auto industry). In fact, the only interest they have in SB's is taxation, which will force a good deal of these entrepreneurs to close thier doors and put even more people out of work. The Emperor has NO clothes and the everyone is too afraid (not yourself) to speak up about it. That "party" you spoke of was just a way for them to mail it in and check the box on the growing SBA crisis. Are there any good economists in this cabinet? For a real great view of how this country's economics should be "allowed" to perform, read anything but the wonderful economist, Thomas Sowell.
Keep up the rant…and thanks.
Mike
November 20th, 2009 at 8:02 am
Chris,
Thanks for ANOTHER great post. The "party" in D.C. Wednesday looked and sounded like just another orchestrated photo-op with lip service. The Too Big To Fail have the money, they don't want to share and aren't compelled to share. Meanwhile many SMB's are struggling, some dropping like flies and it's a potential domino effect. Although, we're somewhat sheltered from the storm here in Greater Boston, it's still pretty ugly. Action Now is required.
This quote from a small business owner featured in CNN story says it all: “We were really frustrated and tried many national banks … We heard Obama talk about helping small businesses and the banks received billions, but there was a huge disconnect between the words from the top and what was actually happening.”
One sliver of a silver lining for tenants and buyers is that today is a great time to be on the Demand side of the CRE market, whether leasing or purchasing. Opportunities are plentiful to benefit with either a blend/extend, or a flight to quality, to better space for similar or lower rent. In many cases the rent achievable is 20-30% less than just 12 months ago, sometimes as much as 50% less as in the case of a sublease opportunity.
By the way, you should have just crashed the party! (that could have been very gk outrageous)
Look forward to your next update. Mike
OfficeTenantAdvisors.com
November 20th, 2009 at 9:18 am
Sounds good Chris
You have always been ahead of the curve
Tell Dan Murphy I said hello next time you speak with him
November 20th, 2009 at 9:21 am
I couldn't agree with you more and your views on the lack of help from the government and the banking industry for us small business owners is a travesty. But guess what it will never come - stop waiting and take action.
This crisis has brought about some positive experiences and circumstances for many people. For example, I have redirected my focus to mending my mind. If I am able to work on making my mind work for me and with me instead of against me, I think I will be a much more useful instrument for contributing to this eroding world and hopefully assist in making it a better place for our future generations. If we can teach people how to think and have the mind, body and soul to work in concert, we wouldn't have to discuss and disagree about government hand-outs or SBA or any of those by-products of the an infected mind.
I am beginning to learn much more about Eastern philosophy and enlightenment. And the one principle that we should adopt is to stop the fight and stop creating war and opposition to everything we don't want or like. Instead, create a movement for the things and circumstances that you do want.
I for one am doing my part with my company. I help people who are having a tough time affording their mortgages to stay in their homes stress-free. Because I believe that the foundation of everything else we want to teach people has to start with a base - a comfortable place to sleep at night.
I would like to discuss this and other topics with you at some point soon.
Thank you and do exactly what brings you joy,
November 20th, 2009 at 10:47 am
Chris, you are right on target AGAIN! If you've read the recent Job's Creation by State info, the adminstration is bragging about creating jobs in in Florida — Which only has 25 districts. I submit the following from one of our Congresswoman:
This Just In: Florida Now the Largest State in the Union…
….according to Recovery.gov **
Washington, Nov 17 -
Washington D.C. - After reading the wildly unsubstantiated claims President Obama is making about the success of the stimulus, U.S. Congresswoman Brown-Waite (FL-05) went to Recovery.gov to see for herself how a trillion dollars is being spent:
“At home in my district, my constituents are crying out, ‘where are the jobs, where are the jobs?" I wanted to see for myself where the trillion dollars in taxpayer money had gone. I visited the White House"s website dedicated to the stimulus bill; Recovery.gov. I was alarmed to see that Democrats have spent $3,582,587 to create 5 jobs in Florida"s 86th congressional district. In the fighting 53rd they spent $460,000 of your taxpayer dollars to create zero jobs.
“The truthiness of the President"s claims is mind boggling.
“How can we expect the administration to run Stimulus when they can"t even run a website?”
A partial screenshot is attached. To view the full page, click here.
** At least until the next census, Florida only has 25 Congressional Districts
Chris, please not that we only have 25 districts in Florida. Keep up the great work and thank you for all that you do for our Country. God Bless American!
Warm regards,
Gerald D. Shotts, Jr.
November 20th, 2009 at 11:36 am
Chris: How is this for economic stimulus . . .I am on the legal board of a 450 million dollar community bank in St. Louis . . .the community banks can really only make money in commercial real estate loans . . .it is a very challenging time . . . the regulators want all the banks to raise capital and reduce the number of commercial loans they have even if the borrower is current and has never missed a payment!……..now . . . here is the latest . . .as you know FDIC insured accounts had a limit of $100,000 . . .the FDIC raised the limit to $250,000 . . .this insurance is paid for by the member banks through annual premiums . . . our little bank's premium went from about $180,000 a year to $400,000 a year . . . due to the high rate of bank failures to date . . . and the likelihood of many more failures . . . the FDIC doesn't have an adequate reserve to handle these failures . . . so . . . what do they do?…….they are requiring member banks to PREPAY 3 years of premiums, due prior to Jan 1 2009 at rates which depend on the institutions "CAMEL" rating . . . our little bank has to pay $3,000,000 for this mandated insurance premium . . . this is happening to every bank in the country . . . do you think this may have an effect on capital lending . . . keep doing what you are doing….maybe someday someone will listen before it's too late . . . thanks…Bob Staniforth
November 20th, 2009 at 3:50 pm
Hello Chris,
I haven't followed your blog as closely as some. There are points you make that I agree with and then there are those that sound like the rant of a madman. As for how this recent conference or forum with Treasury and SBA was conducted or organized, my understanding is that there is still a comment period available before the final report is drafted and submitted to the White House.
Try going to
www.smallbusinessfinancing@sba.gov or
www.smallbusinessforum@sba.gov (couldn't read my own notes when I got back in) and give them the benefit of your experience with the 504 loan and banks over the last couple of years. Most of your readers are not in a position to effect any changes. The people in office appear to finally get it that they need to listen to main street also.
Don't stop doing what you do.
November 23rd, 2009 at 2:44 am
Yes Chris, keep up the good work. And Sam, the correct url is http://www.sba.gov/smallbusinessforum/
November 23rd, 2009 at 8:32 am
The Socialist Party, I mean the Democratic Party Plan for this country is to put over 50% of the population out of work and stifle small business. Then all those unemployed will be on government money (food stamps, unemployment, welfare, government housing, etc…) and will vote for the Democrat Socialists for the next 50 years. Hail Obama!
I'm doing all one person (with no money) can do as far as voicing my opinions to our Representatives and Congressmen, but EVERYONE needs to speak up and make their voice be heard! And those of us with money need to put their money where there mouth is.
Keep up the good work.