Business Sense

The SBA Business Loan Program

Monday, October 22, 2012

The Small Business Administration’s loan programs are designed to help small business that may not qualify for conventional financing through the private sector banking system. These loans are guaranteed by the SBA and therefore, more likely to be approved because of the reduced risk to the lender.

To qualify for an SBA loan, there are some basic guidelines:

• You must run a for-profit business.
• Your business must be located in the US.
• Your business must meet the SBA’s definition of a small business.
• Your business plan must demonstrate the need for an SBA loan.


Most private lenders (banks, credit unions, etc.) are familiar with SBA loan programs so interested applicants should contact their local lender for further information and assistance in the SBA loan application process.

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NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS 

EFFECTIVE JANUARY 1, 2013

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

For more information about FDIC insurance coverage of noninterest bearing transaction accounts, visit www.fdic.gov.


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