Recovery Act: Making ARRA Work for You. The Recovery Act? A plan to grow our economy by: Jump-starting job creation Restarting lending Investing in small.

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Presentation transcript:

Recovery Act: Making ARRA Work for You

The Recovery Act? A plan to grow our economy by: Jump-starting job creation Restarting lending Investing in small businesses

Expanded Microloans Extra funding for SBA-backed microlenders Loans from $500 to $35,000 Technical assistance aka training provided for every borrower May apply immediately at 1 of 4 local microlenders

Surety Bond Expansion Raises maximum contract amount covered by SBA surety bond guarantee from $2 million to $5 million Expands up to $10 million under certain contracts Helps small businesses compete for contracts

504 Loan can incorporate some previous debt Refinance existing long-term project in conjunction with expansion/new purchase of fixed asset Loan eligible for refinance must have originally financed long-term fixed asset (i.e. real estate)

SBIC Program Expansion Helps SBICs leverage capital to invest in small businesses Maximum SBA funding levels are lesser of up to 3x the private capital raised or $150 million SBIC can now invest 10% of total capital in a single small business Requires licensee dollar investment of 25% in “smaller” businesses

Who can help small businesses? SCORE SBDC’s Women’s Business Centers CDC’s for 504 loans Lenders for 7(a) and other loans for free online courses, tools, forms, etc.

Business Development  Assists businesses in competing for contracts  8(a) certification SDB (self-certifying)  HUBZone certification  Service Disabled & Veteran Owned Small Business (SDVOSB & VOSB) program  Women-owned Small Businesses (WOSB)

Business Development  Central Contractor Registration (CCR)  Online Representations & Certifications Application (ORCA)  SUB-Net ortunities/index.html ortunities/index.html

How to Apply for 8(a) Certification 1.Consider attending workshop at SCORE/SBDC 2.Complete on-line application at 3.Submit all required documentation to Philadelphia 4.Patiently wait 90 days 5.Check status online if no answer 6.Receive acceptance letter if approved

After 8(a) Certification Approval 1.Attend orientation session at local office 2.Meet with Business Development Specialist a.Bring participation agreement (signed) b.Review your business plan 3.Market to agencies 4.Submit annual review (IMPORTANT) 5.Consider Mentor/Protégé and Joint Venture

Washington Metro Area District Office Serves District of Columbia, Prince George’s County, Montgomery County, Arlington County, City of Alexandria, Fairfax County, and Loudoun County

Washington Metro Area District Office -Assists over 1,600 8(a) firms: the most in the country! -Has helped guarantee 249 loans worth over $79 million in the last 5 months -Recovery contract $ spend since Jan 2010: $25,913,460 ( zip codes 22060, 22306, 22307, 22309, 22310, 22315)

District Director Bridget Bean Deputy District Director Theodore Holloman Lender Relations Bob Carpenter Melissa Fischer (a) Contracting Loretta Taylor Dave Wiggs th Street NW Suite 300 Washington, DC