Kingsport, TN, March 19, 2011 --(PR.com
)-- The Tennessee Small Business Development Center at ETSU Kingsport Affiliate Office and KOSBE, in partnership with several small business economic development lenders, is hosting a live loan application clinic highlighting SBA's Community Express Loan and Patriot Express Loan Programs, the State of Tennessee’s ECD-BERO Rural Microloan and other innovative financing options available through Pathway Lending to start and grow small businesses.
The event takes place from 6 to 9 p.m., Wednesday, March 23, at your Kingsport Area Chamber of Commerce, 151 E. Main St., Kingsport, TN. The workshop is offered free of cost, but registration is required.
During the clinic, business owners and entrepreneurs will complete their own loan application on site, and submit it for immediate consideration (if desired) at the end of the event. Applicants must provide a copy of their valid driver’s license and have a business checking account established in the name of their business. Sue Malone, Strategies for Small Business (Danville, CA)—the #1 SBA loan provider for the Community Express Loan Program in the nation—will facilitate the loan application process. She has closed over 20,000 SBA Community Express Loans for small business owners.
The SBA Community Express Loan is an easy way for existing and small businesses and startups to establish business credit. It requires no collateral, and no tax returns or financial statements. The SBA Community Express Loan features a 10-year term for low monthly payments, and electronic funding directly into a business checking account, so borrowers do not have to wait for a paper check. The maximum loan amount is $25,000.
Unfortunately, the SBA Community Express Loan program will end on April 30, 2011, so this will be the last opportunity to apply for this funding.
The Patriot Express Loan is a streamlined loan product with an enhanced guaranty and interest rate that is available to military community members including veterans, service-disabled veterans, active-duty service members participating in the military’s Transition Assistance Program, Reservists and National Guard members, current spouses of any of the above, and the widowed spouse of a service member or veteran who died during service, or of a service-connected disability. The Patriot Express features one of SBA’s fastest turnaround times for loan approvals. Loans are available up to $500,000 and qualify for SBA’s maximum guaranty of up to 90 percent. The Patriot Express can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases.
The ECD-BERO Rural Micro Loan Fund is designed to encourage job creation and provide access to capital to existing and potential entrepreneurs to support their growth and expansion. Micro loan funds of $500-$10,000 are available for use by entrepreneurs living and operating a business in rural Tennessee. A micro-enterprise is defined as a for-profit entity with five or fewer employees, one of whom owns the business. Fixed assets and working capital loans are accepted, and the maximum loan amount is $10,000. Technical assistance and training are required for the duration of the loan.
According to KOSBE Executive Director, Aundrea Wilcox, “These loan programs offer small business owners and startups fast and simple access to working capital from a trusted secondary source—in the event they are unable to get financing from their local community bank, or need additional funding. If you know that you have bad credit, you should take corrective action now to fix any problems before you apply. More than ever, borrowers must show creditworthiness and the ability to repay a loan.”
Register for this event online at, either www.tsbdc.org or www.kosbe.org or for more information, please contact, Marybeth McLain at (423) 392-8825 or email@example.com.
For more information about the Tennessee Small Business Development Center (TSBDC) at ETSU Kingsport Affiliate Office and your Kingsport Office of Small Business Development & Entrepreneurship (KOSBE) visit www.tsbdc.org and www.kosbe.org or call (423) 392.8825 or (423) 392.8811. We’re social too; follow us on our Facebook page, Melissa At KOSBE and on our Twitter account, @MsKOSBE.