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SBA Initiatives to Increase Lending in Underserved Communities
This week, the U.S. Small Business Administration announced two initiatives aimed at increasing SBA-backed loans to small businesses in underserved markets: Small Loan Advantage and Community Advantage.
SBA Administrator Karen Mills said, “These new Advantage initiatives are aimed directly at getting more loans into these markets so these small business owners can get the capital they need to start or grow their business and create good paying jobs in local communities across the country.”
Both Small Loan Advantage and Community Advantage will offer a streamlined application process for SBA-guaranteed 7(a) loans up to $250,000. The loans will come with the regular 7(a) government guarantee, 85 percent for loans up to $150,000 and 75 percent for those greater than $150,000.
Small Loan Advantage will be available to the 630 financial institutions across the country in the agency’s Preferred Lender Program (PLP). Under PLP, which includes most of the agency’s highest volume lenders, SBA delegates the final credit decisions to lenders.
Community Advantage will expand the points of access small business owners have for getting loans by opening SBA’s 7(a) loan program to “mission-focused” financial institutions, including Community Development Financial Institutions, Certified Development Companies, and non-profit microlending intermediaries. SBA noted that Community Advantage will leverage the experience these institutions already have in lending to minority, women-owned and start-up companies in economically challenged markets, along with their management and technical assistance expertise, to help make their borrowers successful.
Applications Available for NBF’s 2011 Innovations in Reading Prize
Through its Innovations in Reading program, each year the National Book Foundation awards a number of prizes of up to $2,500 each to individuals and institutions – or partnerships between the two – that have developed innovative means of creating and sustaining a lifelong love of reading. Prize applications for 2011 are now available for individuals, institutions, and collaborative programs using innovative approaches to successfully inspire a lifelong love of reading.
The application process is described in the application form now available on NBF website. The deadline for applications is February 22, 2011.
IDPF Names New Executive Director
Bill McCoy has been named executive director of the International Digital Publishing Forum (IDPF), effective January 9, 2011.
McCoy, who most recently served as general manager of digital publishing at Adobe Systems and previously served two terms on the IDPF Board, will be responsible for the day-to-day operations of the global trade and standards organization for digital publishing.
In conjunction with McCoy’s appointment, IDPF said that it is establishing its office in the Seattle, Washington area.
NRF Revises Holiday Forecast Up to 3.3 Percent
On Tuesday, the National Retail Federation announced that it was revising its holiday sales forecast to 3.3 percent, up from 2.3 percent. “The upward revision is due to improvement in a variety of economic indicators including stock market gains, recent income growth and savings built up during the recession – all giving consumers the capacity to spend,” NRF said.
November retail industry sales (which exclude automobiles, gas stations, and restaurants) increased 0.8 percent seasonally adjusted over October and 6.8 percent unadjusted over last year.
Sales at clothing and clothing accessory stores increased 2.7 percent seasonally adjusted over last month and a strong 9.6 percent unadjusted year-over-year. Sporting goods, hobby, book and music stores sales increased 2.3 percent seasonally adjusted month-to-month and 15.5 percent unadjusted year-over-year.
Italy to Be BEA Global Market Forum Guest of Honor
BookExpo America has announced that Italy will be the focus of attention and the guest of honor at the show’s 2011 Global Market Forum. BEA noted that the forum, which runs concurrently with other BEA activities, “is specifically designed to serve all international attendees as well as all domestic publishing personnel with an investment in international publishing and book industry concerns.”
In addition to professional programs at BEA, Italian literary and related cultural programs highlighting contemporary fiction in translation and in original editions will take place at various cultural events across the city of New York as part of New York Book Week.
Past Global Forum honorees include Spain (2010) and the Arab World (2009), as well as Global English Reading (2008).