The first money from the government program “The Small Business Lending Fund” were released today. The program was created at the suggestion of President Obama during his 2010 State of the Union address. It took a while longer than anticipated to release the funds, which were expected early in the first quarter of 2011, but better late than never.
The program was created to encourage banks to lend to small businesses, especially smaller banks with less than $10 billion in assets. The money received from the fund is like a loan, and banks begin paying interest of 5 percent, but should they increase their lending to small businesses to meet the guidelines of the Small Business Lending Fund, the interest rate could drop as low as 1 percent.
If your bank is not a part of the small Business Lending Fund, and you are still struggling to find working capital and funding for your small business, Strategic Nationwide Funding can help. We offer Merchant Cash Advances to small and medium sized businesses. A merchant cash advance is easy and faster to obtain than traditional bank loans, and can be repaid in as little as 4 months. If you would like to learn more about a merchant cash advance, call Strategic Nationwide Funding at 1-866-972-8885 or visit our website at http://snffunding.com
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