NETWORK WORLD STEVE ULFELDER'S SOHO LIFE 08/25/04 Today's focus: Uncle, can you spare a dime?
Dear [EMAIL PROTECTED], In this issue: * Don't overlook the Small Business Administration's loan ��program * Links related to SOHO Life * Featured reader resource _______________________________________________________________ This newsletter is sponsored by Alterpoint Read the latest analyst report on Network Change and Configuration Management (NCCM) written by EMA's Dennis Drogseth. This report discusses the latest developments in the NCCM market, including an in-depth look at DeviceAuthority Suite, a comprehensive solution for configuring, changing, and controlling today's complex, multi-vendor IT network infrastructures. Download the report today to learn how you can leverage NCCM to reduce the cost and complexity of managing network change. http://www.fattail.com/redir/redirect.asp?CID=73273 _______________________________________________________________ CONTEMPLATING A CAREER MOVE? For many of us, it is time to contemplate a change. You're great at managing networks, but what about your career? Get information and advice for managing and developing your career and guiding your staff's career choices at NW Fusion's Career Research Center. Click here: http://www.fattail.com/redir/redirect.asp?CID=73211 _______________________________________________________________ Today's focus: Uncle, can you spare a dime? By Steve Ulfelder Small-business owners don't want a handout, especially from the government. But if you're looking to launch a new business or expand an existing one, you ought to know about the U.S. Small Business Administration's 7(a) Loan Program (see editorial link below). It's not a handout. Indeed, it's not even a loan. Rather, it's a fund (fattened by your tax dollars) that increases your chances of getting a loan from a bank. First, let's work through the reasons you may have for dismissing 7(a). Nearly all entrepreneurs and home-based businesspeople I know succeed in spite of, not because of, the government, and are proud of it We are fillers, not emptiers, of federal and state coffers. We pay double Social Security taxes even though Social Security may be broke when we're ready to collect. We save every receipt to keep the IRS at bay. Many of us pay preposterous fees to the towns we live in for the privilege of earning a living in our basement offices. Heaven forbid we violate code! In return, all we ask is that the government fill the worst of the potholes and teach our kids a state capital or two. Well, here's the big Dr. Phil moment: I hereby give you permission to ask your government for a little more. One of the most popular offerings of the 51-year-old Small Business Administration ( <http://www.sba.gov/> ) is the 7(a) Loan Program. Most, but not all, U.S. banks participate, as do many other financial institutions, such as credit unions. Under the program, a small-business owner applies for a loan at a participating institution. If the bank believes the risk/reward ratio is acceptable, the loan goes through on a conventional basis. If the loan looks shaky, but not outrageously so, the 7(a) program kicks in. In such a case, the bank can request that if the borrower defaults, the SBA reimburse a percentage (up to 75%) of its loss. The program amounts to risk mitigation for lenders, which frees them to green-light more loans. To qualify for a 7(a) loan, borrowers and lenders alike must meet reasonable criteria. The SBA has adopted a flexible definition of "small business" ( <http://www.sba.gov/financing/subfiles/size.html> ) - trust me, if you're reading this, you qualify. Only for-profit enterprises qualify, and I'm afraid that if you're out on parole and/or launching a pyramid scheme, you'll have to look elsewhere. Interest rates on 7(a)s are negotiated by borrower and lender, but in order to participate, banks must agree to caps set by the SBA. Pegged to the Prime Rate, the caps vary depending on the amount and maturity of the loan. The maximum size of a 7(a) loan is $2 million. Have I wet your whistle for a 7(a)? If so, you're in good company. A few weeks ago, the SBA announced the program had guaranteed a record 67,493 loans in fiscal 2004, topping 2003's total by 23%. I'd apply myself except for the dang parole thing. RELATED EDITORIAL LINKS SBA's 7(a) Loan Program http://www.sba.gov/financing/sbaloan/7a.html _______________________________________________________________ To contact: Steve Ulfelder A journalist since 1986, Ulfelder writes about technology, business and automobiles from his home office in Southborough, Mass. His work appears in Network World, Computerworld, CIO, The Boston Globe, Grassroots Motorsports and others. You can contact him at <mailto:[EMAIL PROTECTED]>. _______________________________________________________________ This newsletter is sponsored by Alterpoint Read the latest analyst report on Network Change and Configuration Management (NCCM) written by EMA's Dennis Drogseth. This report discusses the latest developments in the NCCM market, including an in-depth look at DeviceAuthority Suite, a comprehensive solution for configuring, changing, and controlling today's complex, multi-vendor IT network infrastructures. Download the report today to learn how you can leverage NCCM to reduce the cost and complexity of managing network change. http://www.fattail.com/redir/redirect.asp?CID=73273 _______________________________________________________________ ARCHIVE LINKS Archive of the SOHO Life newsletter: http://www.nwfusion.com/net.worker/columnists/ Breaking telework and SMB news: http://www.nwfusion.com/net.worker/ _______________________________________________________________ FEATURED READER RESOURCE WONDERING IF YOUR PAY IS UP TO SNUFF? Check out Network World's 2004 Salary Calculator to see if you're getting paid what you're worth. Using data collected in the 2004 Network World Salary Survey, we've programmed this calculator with several categories that could affect your pay. Answer the questions and find out what the average salary is for your job category. 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