You may have reached this page due to new security upgrades that have been implemented regarding multiple user logins. For security reasons, only one user is able to be signed in to an account per session. If multiple users at a single site need online access, please contact email@example.com for firm access reduced pricing. If, however, you believe your login information has been compromised, please call customer service at 1-800-451-9998 to determine how to reset your password. Already a paid subscriber but not registered for online access yet? For instructions on how to get premium web access, click here.
SBA stimulus funds dry up, old rates return
By Austin Light CHARLOTTE — In a sort of Black Friday reversal, the U.S. Small Business Administration loan deals made possible by federal stimulus funds ran out the last week of November. Now, business owners looking for funding have a decision to make: apply now for standard fees and guarantees, or wait and hope the savings come back. “It’s a bit of a gamble for business owners,” said Lee Cornelison, the district director for the Charlotte area. In February, the SBA received $355 million in stimulus funds to enhance its lending program. The agency eliminated borrower fees and pushed the lender guarantees up from 85 percent to 90 percent on loans less than $150,000. According to Cornelison, the program took a few months to get moving, but once it did, the money went fast. “It took a while for lenders to become familiar with the process, but it started to pick up steam this fall,” he said. “September was our strongest month since March 2008.”