New Programs Aim to Help Small Businesses
Clare Whelan knows firsthand how hard it is to secure the vital funding necessary to keep a small business afloat. Last year, her Little Haiti-based commercial carpentry and welding firm, Doors Inc., “had no working capital and no way to get any” — until SCORE helped her get a $50,000 loan from Miami Bayside Foundation.
On Wednesday, the Obama administration announced several initiatives geared to help small businesses expand and create jobs, reduce paperwork, make it easier to access loans through the Small Business Administration, and get tax credits.
Marjorie Weber, chair for SCORE Miami-Dade, said the moves will hopefully make it easier for South Florida businesses to get SBA-guaranteed loans and spur banks to participate in SBA programs. “The demand is there,” Weber said. “People get upset because the process is so slow and complicated, and the paperwork is so much more intense than going conventionally, but the SBA terms are usually much more favorable.”