- America’s Recovery Capital, the new emergency loan program of up to $35,000 for small businesses, was introduced this week by the Small Business Administration. The so-called ARC loans are specifically for companies that in the past were profitable but are struggling or have been making loan payments but are just beginning to miss them because of financial hardship, says Eric Zarnikow, SBA director of financial assistance. [The Washington Post]
- Karen Gordon Mills, the new SBA administrator who’s an expert on venture capital, says she’s thinking about working with other federal agencies to provide high-growth companies with capital so they can become the ‘next Intels’ and the next ‘Federal Expresses. [Denver Business Journal]
- The House of Representatives passed the “Job Creation through Entrepreneurship Act” Wednesday that reauthorized for the first time in 10 years the entrepreneurial development programs of the SBA. It also provided for the establishment of new Women’s Business Centers and the expansion of the Office of Native American Affairs. The bill now goes to the Senate. [San Diego Examiner]
- About two out of three small-business owners say their credit card interest rate has gone up in the past year, and four out of 10 report that their credit limit has been reduced, says the National Small Business Association. This comes on the heels of news that Advanta, whose credit cards targeted toward small businesses, is cutting off customer accounts on June 10. [Orange County Register]
- The Small Business Administration has improved its ranking as an employer, with a 30% jump in its score in the “Best Places to Work in the Federal Government” 2009 report, released by the Partnership for Public Service. The report cited positive changes initiated by Steven C. Preston, former SBA administrator. [The Washington Post]
- North Carolina small businesses are unprepared for disasters such as hurricanes, terrorist attacks or even pandemics, like swine flu, according to a Fayetteville State University report. It found that more than half of the small businesses could maintain payroll for only about a week and had not developed emergency plans for suppliers or contractors. [The Fayetteville Observer]
Any interesting or relevant small-business items we missed this week?
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