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How Can the SBA Help Your Spa?

Posted: September 8, 2010

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We caught up with Mills, speaking from Washington, D.C., about her plans for leading the SBA to prominence, tackling troublesome issues such as access to capital and government contracting practices, and how she plans to help revive U.S. small business--and the economy.

 

What is the SBA doing to help entrepreneurs?

There are two kinds of small businesses. There are Main Street small businesses and there are high-growth entrepreneurs. For net new job creation, a smaller number of high-growth entrepreneurs create lots of those jobs. So we have focused on them, and they need different kinds of capital and different kinds of counseling, and we are working very hard to make sure the programs we have stimulate those entrepreneurs.

For instance, we run the Small Business Innovation Research program. There is extraordinary R&D happening in this country, but we want to make sure small businesses are taking those innovative ideas and pushing them to the next level, then eventually commercializing them.

And we've just announced the fast-track program for SBICs (the SBA's small business investment companies) and we are processing more applications, because there's a lot of demand now from companies whose funding sources in the marketplace have disappeared, and we now have investors who have turned to the SBA to help get their funding out in the hands of good, high-growth entrepreneurs.

What are the odds of actually securing an SBA loan?