Monthly news & updates
September 2020
Featured Article
House Small Business Committee Passes Set of Bipartisan Bills to Improve SBA Lending and Federal Contracting Programs
13th Annual Faith and Business Summit Goes Virtual
Registration Now Open for 2-day Virtual Symposium
SBA Corner
SBA Celebrates 50 Years of Surety Bond Guarantees
Current Interest Rates*

10 year loan.......2.27%
20 year loan.......2.36%
20 year refi.........2.26%
25 year loan.......2.40%

*As of 9/10/20


Client Testimonial

"...Hilda, Jennifer and Jaime were my contacts at AmPac and I cannot express my gratitude to them during the time that we were financing our commercial property loan. The whole process was made so much easier in just working with this exemplary team. I would highly recommend AmPac to all of my family members and friends. Thank you all for making this process so much easier."

Meline Melconian, DA Auto
House Small Business Committee Passes Set of Bipartisan Bills to Improve SBA Lending and Federal Contracting Programs

The House Small Business Committee, led by Chairwoman Nydia M. Velazquez (D-NY), passed four bipartisan bills to make critical changes to the Small Business Administration (SBA) 504 and 7(a) lending programs and to improve the appeals process in the HUBZone federal contracting program. These bills will have to be considered by the full House and the Senate before they can be made law, so please contact your legislative representative to voice your support for small businesses.
 
“Prior to the Coronavirus, the Committee held numerous hearings and roundtables to learn what is working and what needs to be improved at SBA,” said Chairwoman Velázquez. “Today, our Committee passed bipartisan bills that will make a difference in the lives of entrepreneurs by putting more capital in their hands by improving key lending programs and making the federal contracting process fairer and more transparent for small businesses.”

 
Introduced by Rep. Judy Chu (D-CA) and Rep. Ross Spano (R-FL)
 
The bill would authorize the Community Advantage (CA) program for five years (FY21-FY25). In addition to access to the 7(a) guaranty, the bill also requires SBA to provide free or low-cost in-person and online training upfront and on an ongoing basis to Community Advantage lenders.

Rep. Spano introduced an amendment that would add areas impacted by a natural disaster to those eligible to receive CA financing and require SBA to disaggregate CA loan performance reporting by credit score.

Rep. Jason Crow (D-CO) offered an amendment to increase the portion of a CA lender’s loans, which must be made to “underserved” small businesses from 60% to 75%. Both amendments were adopted.
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13th Annual Faith & Business Summit Goes Virtual
We are excited to announce the 13th Annual Connecting Faith and Business Summit! We are doing things a little different this year; we are pivoting to make this a Virtual Symposium, but the impact and resources will still be effective and timely. The goal of the Connecting Faith & Business Virtual Symposium is to bring business leaders and faith based leaders together for education, inspiration and value-added networking to make communities better and families stronger. We want to take advantage of this virtual age to increase our connectivity on a global level! 

This year’s theme is Pray, Pivot, Prepare and Persevere in the Pandemic!
Key take-aways for participants:
  • Making the decision to pivot: step by step considerations – how business and faith based leaders did it.
  • Resources that can help you pivot and how to access them TODAY!
  • Negotiating your insurance options and planning your exit
  • Prayer makes a difference – join Marketplace Chaplains as they pray for businesses to pivot, prepare and persevere.
 
We hope you will be able to join us for this special 2-day virtual event on Oct. 8th & Oct. 16th from 10am -12pm. Please register for this event in order to receive the link to attend. 
 
For more details and registration information you can text “FAITH” to 71441 or visit our website: http://connectingfaithandbusiness.com/
 
We look forward to connecting with you virtually and we encourage you to share this event with your network! 
504 Loan Program Assists Nation's Small Businesses with Record $1.28 Billion Funding in September
Certified Development Companies (CDCs) like Ampac Business Capital provided almost $1.3 billion in financing in September to assist small businesses in communities across the country, as they continue with economic recovery and growth. AmPac funded $11.8 Million in loans; leveraging nearly $25 Million in loan capital for small businesses throughout Southern California. More than 75% of the loans funded were for small businesses in San Bernardino and Riverside Counties.
WASHINGTON, Sept. 18, 2020 /PRNewswire/ -- On Wednesday, September 16, the Small Business Administration (SBA) 504 Loan Program completed its largest monthly funding of loans in the program's 34-year history, including 1,462 loans for $1,284,274,000 â€“ more than double the previous record set in September 2012. Historic levels of 504 loan closings and fundings were driven by record low interest rates and debt relief provided by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Additionally, small businesses continue to benefit from SBA's April 2018 introduction of a 25-year maturity option for 504 loans which complemented the program's 10- and 20-year terms. The 25-year term provides an affordable, fixed-rate option with an attractive term that increases the 504 loan program's usefulness by lowering monthly payments and improving borrower cash flow – particularly critical, as small businesses continue economic recovery from the COVID crisis.
SBA Corner
SBA Celebrates 50 Years of Surety Bond Guarantees


WASHINGTON â€“ The U.S. Small Business Administration’s (SBA) Office of Surety Guarantees (OSG) will host a two-day virtual conference to commemorate 50 years of Surety Bond Guarantees (SBG).  The conference will assist small businesses seeking surety bonds and discuss SBA’s role in the future of the surety bond industry. 

“For the last 50 years, the public-private partnership of the Office of Surety Guarantees and the surety industry has been a significant and successful collaboration impacting small business growth and job creation in the American economy,” said SBA Administrator Jovita Carranza. 

In honor of this occasion, OSG will host a free, virtual conference on September 24-25 for small businesses in the construction, supply, and service sectors, along with members of the surety bond industry. Guest speakers will include Marcus Lemonis from CNBC’s television show “The Profit” and leaders in the surety bond industry. 
Upcoming Events
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September 21-23 with extended learning sessions through Oct. 1
2020 NAWBO National Women's Business Conference
10:00 a.m.-6:00 p.m. (Check Schedule for Ending Times each Day)
Online via Zoom
...

September 24
CREW-IE Coffee Break with Suzanne Kennedy
9:00 a.m.
Online via Zoom
...

October 8 and 16
13th Annual Faith and Business Summit
10:00 a.m.-12:00 p.m.
Online via Zoom
...

October 15
NAWBO-IE: Advocating for Small Business
11:00 a.m.-12:30 p.m.
Online Event
...
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