Indy Chamber CEO Michael Huber talks about the programs, what kinds of companies need them most and how the experiences have changed the way he’s thinking about his organization and what its mission will be going forward.
The Small Business Administration reported Monday that more than 959,000 applications had been approved for over $232 billion from the Paycheck Protection loan program.
Some local restaurants trying to stay afloat without dine-in service report sales have plunged by two-thirds or more, raising questions about how much longer they’ll be able to survive.
Banks say they’re seeing overwhelming demand for Paycheck Protection Program coronavirus relief loans, and the Small Business Administration’s website is getting bogged down when they attempt to submit loan applications.
Approved businesses will also be eligible for one-on-one business plan consulting through the term of the no- or low-interest loans.
We check in with firms of all stripes to learn how they’re seeking to persevere—and how some are plotting to gain a competitive advantage when normalcy returns.
Nearly $350 billion in forgivable federally backed loans could be a lifeline for small businesses and their employees amid the COVID-19 outbreak.
Millions of small businesses are expected to apply for a desperately needed rescue loan Friday, a stern test for a banking industry that has had less than a week to prepare.
Nearly $3 million has already been committed to the fund, including $1 million from Indianapolis-based Anthem Inc. and $1.5 million from the city of Indianapolis.
Getting the $350 billion in loans for small businesses in the record U.S. stimulus package into business owners’ hands before a wave of closures will strain the nation’s network of lenders and regulators as never before.
Prosecutors allege that the defendants engaged in a 13-year-long scheme to defraud the Small Business Administration.
According to the Congressional Budget Office, the five-week closure cost the economy $11 billion, and $18 billion in federal spending was delayed.
A K-9 officer for the Indianapolis Metropolitan Police Department and his wife have completed a $2.1 million expansion of their 15-year-old kennel and animal-care business.
Dozens of small businesses have been helped by microloans—smaller than $50,000—from the Indy Chamber’s Business Ownership Initiative.
According to the Federal Deposit Insurance Corp., at the end of 2008 Indiana financial institutions had $4.6 billion in small-business loans on the books that originated for less than $1 million. That figure stood at $3.8 billion this past June, about 17 percent lower.
Loan approvals resumed after going on hold Thursday, when the SBA reached its $18.75 billion annual limit for loan guarantees.
More small businesses in Indiana are securing loans as owners learn to present their companies better and banks warm to small-business lending after years of hesitation.
An emerging network of angel investors from around the state will team with Indiana University next month on a workshop that will put them in the same room with entrepreneurs who’d like their backing.
You certainly don’t want to keep paying a mortgage if it restricts your business in other areas. But you don’t want to cough up too much at once and have the same effect.
To write (or refresh) your mission statement, think about what you do, how you do it and why you want to do it.
