Empowering Small Businesses: Key Financial Updates and Resources

In today’s rapidly evolving economic landscape, staying informed about new financial opportunities and resources is crucial for small business owners. Noe Finance, your trusted source for the latest in small business finance news, brings updates that could significantly impact your business journey. From disaster loans to innovative public library programs, and notable developments in the lending space, here’s everything you need to know.

Disaster Relief for Hurricane-Affected Businesses

Businesses impacted by Hurricane Helene and Hurricane Milton are now eligible to apply for disaster relief through SBA disaster loans. These loans cover losses not compensated by insurance or FEMA and include both the Business Physical Disaster Loan and the Economic Injury Disaster Loan (EIDL). With only $1.6 billion initially set aside for these loans, additional Congressional action may be needed to support all affected businesses. For more information and applications, visit the SBA website.

Mississippi’s Funding Initiatives for Small Businesses

The Mississippi Development Authority has received $4.8 million, supplemented by $2.2 million from Innovate Mississippi, to bolster small business growth under the Biden-Harris administration’s State Small Business Credit Initiative (SSBCI). This funding focuses on providing essential legal and accounting services, particularly for women and people of color in underserved communities. This initiative is a vital step in reducing the financial burden of operational essentials on small business owners.

Public Libraries as Entrepreneurial Hubs

In an innovative move, public libraries are transforming into vibrant entrepreneurial hubs. The Toledo Lucas County Public Library, part of a program funded by the Urban Libraries Council, exemplifies this trend by offering free classes in bookkeeping, grant writing, and business plan development. Since the beginning of the year, over 3,100 one-on-one consultations have taken place, with 75% of participants being women. This program utilizes federal or state funding, providing indispensable resources to entrepreneurs at no cost.

Significant Lending News

Recent developments in the lending sector could have implications for businesses with various funding needs:

• Willow Tree Credit Partners secured a $353.4 million credit facility to support businesses with an EBITDA ranging from $5 million to $75 million. This positions Willow Tree as a significant player in both debt and equity loans.
• Platinum Equity Credit announced a new term loan for Relam, enhancing their ability to service major rail operators. Their focus remains on refinancing and acquisitions for companies with EBITDA between $15 million and $75 million.
• Main Street Capital reported a Q3 loan activity of $309.3 million, bolstering its total investments to $1.9 billion across 92 borrowers, highlighting its commitment to supporting middle-market businesses.

These updates reflect a concerted effort to support small businesses across various sectors. Knowing about these opportunities could provide a competitive edge, opening doors to growth and success despite potential challenges. Stay informed, explore these resources, and chart a path to success for your small business.

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