For Small Businesses
Small businesses are the primary driver of our nation’s economy. For this reason, Congressman Sarbanes is fighting hard for policies that help small businesses secure the resources to invest for their future. While the past few years have been difficult, economic reports continue to show the economic recovery is gathering steam – with many small businesses leading the way.
Resources for Small Businesses
- Increasing Capital Available for Small Business: The Small Business Jobs Act of 2010 created the Small Business Lending Fund (SBLF), a dedicated fund of $30 billion in low-cost capital made accessible to qualified community banks (assets less than $10 billion) to encourage lending to small business. As of March 31, 2014, the U.S. Treasury Department reported that participating lending institutions had increased lending by over $12.4 billion since the program’s inception.
- Building on the Success of the 504 Loan Program: The 504 loan program provides capital for fixed asset projects, such as purchasing land and improvements; construction of new facilities; modernizing, renovating or converting existing facilities; or purchasing machinery and equipment. To ensure small businesses have access to 504 loans, the Small Business Administration (SBA) has reduced or eliminated the fees associated with this lending program and has increased the maximum loan size to $5.5 million. Since its launch, the 504 loan program has created over 2 million jobs – a proven win-win for businesses and participating lenders.
- Expanding the 7(a) Loan Guarantee Program: The 7(a) loan program provides capital to establish a new business or to assist in the operation, acquisition or expansion of an existing business. The Small Business Jobs Act of 2010 permanently increased the maximum 7(a) loan size from $2 million to $5 million – helping provide the capital needed to help small businesses expand for the future.
- Small Business Health Care Tax Credit: If you are a small business with fewer than 25 full-time equivalent employees paying an average wage of less than $50,000 per year and paying at least half of employee health insurance premiums, then you may qualify for a health care tax credit. For more information or instructions on how to claim the credit, visit the Internal Revenue Service’s explainer: https://www.irs.gov/affordable-care-act/employers/small-business-health-care-tax-credit-and-the-shop-marketplace.
- Helping Our Veterans through the SBA Patriot Express: The SBA Patriot Express loan program provides a streamlined process for our military veterans and their families to secure capital to start or grow a business upon returning from service. The SBA Patriot Express program is equipping our nation’s heroes with the resources and know-how to invest in our communities and our economy.
- Boosting Small Business Lending Micro-Loan Program: This SBA program provides very small loans to start-ups and newly established or growing small businesses. Under the SBA Micro-Loan Program, SBA makes funds available to nonprofit, community-based lenders (intermediaries) that, in turn, make loans to eligible borrowers in amounts up to a maximum of $35,000. The SBA Micro-loan program is still getting on its feet in the Baltimore Metro area, but we hope soon local small businesses will be able to access these critical capital supports.
For Additional Information
- U.S. Small Business Administration: The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, SBA delivers its services to people across Maryland and throughout the United States. For more information, visit http://www.sba.gov or contact the SBA Answer Desk at 1-800-U-ASK-SBA (1-800-827-5722) or firstname.lastname@example.org.
- Maryland Small Business & Technology Development Center (SBTDC): The Maryland Small Business & Technology Development Center (MDSBTDC) Network provides sound advice, counseling and support to entrepreneurs and small to mid-size businesses across the state. The Network links private enterprise, government, higher education and local economic development organizations to provide management, training and technical assistance to Maryland’s small businesses. Visit http://www.mdsbdc.umd.edu for more information or contact the Capitol Region SBTDC (Montgomery and Prince George’s County), located at 7100 Baltimore Avenue, Suite 402, College Park, MD 20740, at (301) 403-0501.
- Maryland Procurement Technical Assistance Program (PTAP): The Baltimore-Washington corridor is also home to a large community of small businesses that compete for the vast array of government contracts awarded by the federal government each year. The federal government has set a goal of awarding 23 percent of all contracts to small businesses.The Maryland Procurement Technical Assistance Program assists Maryland small businesses in how to do business with federal, state, and local government agencies. For more information, visit www.mdptac.org/ or contact Statewide Procurement Assistance by email at email@example.com, by phone at (301) 403-2740 or by fax at (301) 403-2743.
- Specific Tax Provisions: For more information about specific tax provisions as they apply to your business, please visit the IRS online at www.irs.gov or contact their small business helpline at 1-800-829-4933.
- BusinessUSA: BusinessUSA is a new online resource that makes it easier for America’s businesses to access the services and information they need to grow, hire and export. For more information, visit www.usa.gov/business.