Arkansas Small Business Loans – Comprehensive Small Business Advisory Solutions has identified the confusion over SBA loan options for small businesses affected by the coronavirus. We wanted to provide resources to help small business owners learn about available loan and grant options. We are not a credit advisor – please refer to the resources listed, your banking advisor, chartered accountant or your local chamber for further information on credit and related information.
• Paycheck Protection Program: This loan program provides loan forgiveness for employee retention through a temporary extension of the traditional SBA 7(a) loan program.
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• Economic Injury Credit and Disaster Prepayment Option: This credit advance provides up to $10,000 in economic relief to businesses currently facing temporary hardship.
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• Express Bridging Loans: Provides fast access to up to $25,000 to small businesses currently working with an SBA Express lender.
• Will start accepting applications for the Quick Action Loan Guarantee Program to meet the immediate needs of businesses affected by the COVID-19 outbreak. The program is administered by the Arkansas Economic Development Commission (AEDC) in cooperation with Arkansas banks.
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• Where can I find emergency financial resources to deal with the hardships of COVID-19? Lists resources in different countries.
Please note: We do not recommend the above resources – they are provided for information only. We did not receive our salaries from any of the listed companies and did not cooperate with them.
Total Consulting Solutions for Small Business is an Arkansas-based management consulting firm. We provide business consulting and coaching solutions to small businesses who are faced with a challenge and need to overcome an obstacle, seize an opportunity, and more. We advise and coach clients in a variety of areas such as Marketing, Sales, Operations, Customer Experience, Customer Retention, Operations, Recruitment and more. Get the cash you need to expand or take on new challenges. We offer great terms on a variety of lending products to meet your needs, including term loans, revolving lines of credit, equipment loans, and more.
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Competitive long-term loans are a great option when you need to borrow money for a specific need, such as a business. To expand your inventory, purchase equipment, build capital, or even payroll.
Easily handle unexpected business expenses with a revolving line of credit available. Instead of borrowing a fixed amount of money all at once, a revolving loan allows your business to borrow in multiple stages up to a pre-approved limit.
If you need financing for various day-to-day operations, our working capital loans are for you. With competitive terms and soft terms, we have a loan for you.
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Get the equipment you need to run your business without draining your capital or lines of credit. Whether you need an oven for a restaurant, a specialty machine, or industrial equipment, we can help.
Designed for business owners, it makes it easy to separate personal and business finances and offers benefits that you may not get with a personal credit card.
We make it easy for you to get started. do you have questions? Call us at 501.457.0250 or visit your local office. During the 2017-20 federal fiscal year, Arkansas lenders originated more than $658 million in loans through the Small Business Administration’s 7(a) program.
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Of that, only about $10 million, or 1.5%, went to black-owned businesses in the state. This is a shockingly low number considering the demographics of Arkansas, where African Americans make up 9% of small businesses and 15% of the population.
This statistical disparity was highlighted in the Winthrop Rockefeller Foundation’s Small Business Access to Capital study. (Download the PDF.)
“We know that small business lenders in Arkansas are very eager to help anyone they can,” said Corey Anderson, chief innovation officer for the Winthrop Rockefeller Foundation. “We want to start a discussion about creative underwriting and how we interact with communities, hear from small minority-owned businesses that need more ways to access capital, find out what their needs are, and get products to develop for those needs.”
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About 76.7% of the SBA 7(a) loans made by Arkansas lenders in 2017-2020 ($505 million) went to white-owned businesses. This is a number that roughly matches the percentage of Caucasians in Arkansas.
However, SBA loans are not allocated based on race or demographics. Each loan application stands and falls on its own.
“If they apply and are eligible, we will not reject them regardless of their race,” said Craig Mobley, chief operating officer of First Financial Bank of El Dorado. “But there can be strict underwriting criteria, especially for start-ups.”
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The Capital Access Study looked at SBA-7(a) loans as a statistical starting point because the program provides accessible ethnicity data. The Winthrop Rockefeller Foundation submitted its report on March 1, which was jointly developed with the Arkansas Community Foundation.
“We intended to release the survey when we did as the economy was starting to pick up,” Anderson said. The government will allocate resources to help businesses, especially small businesses, get back on their feet.
“We wanted to remind people that the traditional methods we use to move capital don’t work for minorities, and that’s what the research has shown.” minorities and women. “
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A large part of the study was an electronic survey conducted over an eight-week period of more than 3,000 small business owners across Arkansas. In response to these efforts, 231 individuals participated in the Access to Capital Survey.
“It’s all very interesting,” First Financial’s Mobley said of the findings of the survey and study. “It’s the first time I’ve seen her like this.
“What really struck me is how few minorities there are. I don’t know how we can change that, but we are more than willing to help.”
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Not surprisingly, the study found that Southern Bancorp of Arkadelphia made the most SBA 7(a) loans to black-owned businesses during fiscal years 2017-2020, at $3.9 million. This represents 9.7% of the Bank’s total SBA 7(a) loan of $40.4 million for the period.
Part of Southern Bancorp’s mission is to reach those who do not have sufficient bank accounts. The results of the survey urged traditional banks to step up efforts to give more small, minority-owned businesses access to capital.
The Winthrop Rockefeller Foundation’s Access to Capital Study provided a breakdown of credit approval/denial for small business owners over the past three fiscal years.
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Among minority women, 45% disagreed, 26% agreed, and 29% reported disagreement and agreement. Among non-minority women, 11% were rejected, 53% obtained consent, and 36% reported both rejection and consent.
Among minority men, 39% disapprove, 18% consent, and 43% consent and refuse. For non-minority men, 10% opposed the request, 58% agreed, and 32% said both.
The survey results also examined why small businesses could not obtain financing from a borrower’s perspective.
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For small business owners who applied for a loan in the past three years but were denied, the top three reasons for minority and non-minority women were the same: inadequate collateral, 24% and 26%; The credit rating was very low, 24% and 21%; Not in business long enough 19% and 21%.
Among minority men, inadequate assurances were the main reason for refusal at 29%, followed by “we have no idea” and other reasons, both at 18%.
Among non-minority men, the top three reasons for refusing credit were 21%: not having enough collateral, not working long enough, and having no idea.
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Did some potential borrowers not understand why the loan application was rejected? Or did they literally give no explanation?
The rule of thumb for most lenders is to discuss the reasons for the rejection of the loan application and how to address the deficiencies in order to work toward approval.
“This is pretty standard practice,” said Nancy Sims, executive vice president and director of national sales for government-guaranteed loans at OZK Bank in Little Rock. “It doesn’t always work out if you can get a loan, but you have to make sure they know what’s going on at every step.”
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The survey also asked why minority small business owners had not applied for financing during the three-year period. The dominant answer: Worrying that their credit history will be an insurmountable obstacle.
The top four reasons why minority women have not applied for a loan or line of credit in the past three years are their credit history (33%); no financing required 24%; unaffordable payments, 13%; and others 11%. Other reasons include ignorance of how to apply, unwillingness to settle the debt or pay, and low profit margin.
For the men in the minority, the four main reasons were no
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