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Thursday, Mar 28, 2024
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Smaller Firms Getting Help From the Feds

From Oct. 1 through 22, the U.S. Small Business Administration approved 6,215 loans in its 7(a) loan guarantee program.

The program, which is the agency’s primary business loan program, helps qualified small businesses obtain financing when they might not be eligible for business loans through normal lending channels.

Small businesses can use the funding for most business purposes, including working capital, machinery and equipment, furniture and fixtures, land and buildings (including purchase, renovation and new construction), leasehold improvements and debt refinancing.

The total dollar amount for the 21-day period came to $1.04 billion, according to the SBA.

During the same period last year, 4,205 loans were approved for just under $644 million.

For the entire fiscal year 2004, which concluded Sept. 30, the agency disbursed 74,825 loans for $12.5 billion in the 7(a) program, surpassing the previous fiscal year.

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Cyber Security:

The National Cyber Security Council, a not-for-profit public-private partnership focused on driving awareness and education of cyber security for home users, small businesses and academia, offers 10 cyber security tips for small businesses.

According to the council, the computer virus infection rate for small businesses is almost double what it is for large businesses.

The council offers these tips: use anti-virus software and keep it up to date; don’t open e-mails or attachments from unknown sources; use firewalls; regularly download security updates and patches for operating systems and other software; use hard-to-guess passwords; back up your computer data on disks or CDs regularly; don’t share access to your computers with strangers; disconnect from the Internet when not in use; check your security on a regular basis; and make sure your family members and/or your employees know what to do if your computer becomes infected.

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Franchising:

FranNet, a Carlsbad-based company that matches entrepreneurs with franchises, is sponsoring a franchise workshop from 6:30-8 p.m. on Nov. 10 at the Embassy Suites Hotel, 4550 La Jolla Village Drive.

Participants at the free seminar will discuss how to find, research, finance and investigate prospective franchises.

For information, call (760) 448-2400.

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