"an sba lender will be able to make the loan with a guarantee that sba will be able to provide. we probably will about 225 sba loans this year. at any point in time, we have about 1500 loans in san francisco that are sba loans. a lot of them are restaurants because that is one of the areas that is very typical because it is a riskier business. but a lot of people in san francisco see that as an opportunity for them as well. we also partner with the golden gate restaurant association to help people understand how to do financing for restaurants. a lot of what we do is helping small businesses get access to credit. the sba loan program covers a range of small loans down to $25,000 and large loans up to $5 million, so it is a very wide range. can be used for a variety of uses -- debt refinancing, building acquisition, working capital, so it can be used for a wide range of things from a small business point of view. as you heard, we do guarantees for about 90 or 100 banks in the country -- or in the bay area. about 3000 nationwide. there is a lot of lenders that do some sba lending.

what impact will be cuts in the sba budget have on the sba program? it seems the small business committee is try to make drastic cuts. from our perspective, the new majority leadership is looking to make drastic cuts, many of the program will hold near and dear to our hearts. the question the leader is continually asking is, show me the jobs. she wants to see house bills come to the floor that create economic opportunity for middle- class -- all of americans. if the small business committee is looking to cut funds from the sba, we see that as a detriment. we do not believe in cutting to create more jobs. we agree with the idea of the recovery act, putting more money out there to get people employed. >> on congressional action, that is not my role. in san francisco, we have been the beneficiary. all small businesses should be aware that we have been the beneficiary of a lot of good resources for small businesses. we have more nonprofits that are funded through micro lending here in the city from sba programs. some are expected to be looked at for budge

we are now actually working with the sba. they are one of the sources of our loan capital along with banks like wells fargo, and all of our capital providers want their money back. we make loans, i mentioned, as small as $500, up to $100,000, and we make them at an 8% fixed rate with no prepayment penalty. terms of up to seven years, depending on the amount and purpose, and we look at the client's existing income, but we will take into account the global household financial picture. we will actually looked beyond tax occurrence. that is one of the things we can do as a non-regulated lenders. we are able to look at cash- based businesses in some ways that would be difficult for a larger financial institutions. in terms of lending based on projections, we typically do not lie on -- rely on projections, but unless is a contract that has been awarded. we're really looking at what actually you already have in the household. in terms of credit, we want to see that your credit is currently in good standing, but a mix credit history

>> i already have an sba loan. i went to wells fargo for a line of credit and they would not give me one. >> i can speak to you about it. when we look at funds that are needed, the biggest thing we look at our cash flow. i can address that with you. unless there is an issue, at that point -- [inaudible] >> let's talk, ok. >> i have a couple of more questions. i know that the panelists have agreed to stay after for those who have specific questions. i do have one question for wells fargo. what are the typical rules for applying for sba loan of less than $50,000? how much money do we need to have in your bank to apply for a loan? >> i am on the smaller side of the bank. i am a transaction guy. i do not technically require one to have an account to do a loan with. what i look for, i generally start at 100,000 and up. when it is a requirement of 50,000 or less, i tend to call of the micro guys to help me out. that is right in their box. for us, the capacity for us to do the smaller side is not there as much as it is fo

>>> president obama elevates the sba to a cabinet level position. sba administrator tells us how that will help your small business. and a look at what's hot in devices to help small businesses from the consumer electronics show. that and more coming up next on "your business." >>> hi there, everyone. i'm jj ramberg. welcome to "your business," where we give you tips and advice to help your business grow. there is big small business change in washington. president obama announced the immediate elevation of the small business administration chief to a cabinet level post, and he wants congress to give him the authority to consolidate six agencies and put them under one department. >> as long as folks are looking for work and small businesses are looking for customers, i'm going to keep doing everything i can with my current authority to help. >> karen mills heads up the sba and joins us now. administrator, first and foremost, congratulations are in order. >> thank you so much, jj. it's an incredible honor to serve in the president's cabinet. i think i

. >>> president obama elevates the sba to a cabinet division. and we have a look at what is hot to help small businesses from the consumer electronic show. that and more coming up next on "your business." >>> hi, there, everybody. welcome to "your business," where we give you tips and advice to help your business grow. president obama announced the immediate elevation of a chief to a cabinet level post. he wants to put six agencies under one department. >> as long as folks are looking for work and small businesses are looking for customers, i will do everything that i can with my current authority to help. >> and karen mills heads up the sba. congratulations are in order. >> it's an incredible honor to serve in the president's cabinet. i think it's a reflection of the importance that the administration and the president has put on small business really from day one. >> can you tell me effectively what does this change? symbolically, it means something, but are there things you wouldn't be able to accomplish that you have been able to do it other

and carrie had mentioned the sba -- karen had mentioned the sba loans. when my banker mentioned sba loans, i said, oh, no, this is just an onerous amount of paperwork. but he indicated that that paperwork had been reduced drastically -- [applause] yeah, it's really, and he's actually, here's a banker that's actually touting an sba loan because the paperwork was not, was not too much anymore. and as a matter of fact, this particular bank had done quite a few sba loans in the past. he was able to identify another loan program that had a 90% guarantee that was very, very helpful. it wasn't sba, but it was another federal loan guarantee that -- or, actually, the federal government provided the money for the state to make the guarantees, i think that was the mechanism. but capital continues to be very, very difficult. when you raise equity in a private equity offer like lincolnton furniture did and you seek to sell a limited number of investors, minimum invest's $50,000, is it's very, very difficult. especially when you don't have anything to show them. but w

it was not sba, but it was another federal loan guarantee that -- or actually the federal government provided the money for the state to make the guarantees. i think that was the mechanism, but capital continues to be a very, very crucial. when you raise equity, and private equity like lincoln furniture did, we offer and you seek to sell a limited number of investors, minimum investment of $50,000, which is very, very difficult, especially when you don't have anything to show them, but we did run out of money, but there continues to be -- and i've spoke to karen about it, there continues to be for small businesses issues with capital, especially working capital. i think some of the programs that are available now, you can get really good equipment financing, and we got all the equipment financing we needed, but working capital issues, we're not talking about money that i want somebody to give me, but i'm talking about money that would give us a comfort zone and comfort level to help us operate in a manner that we wouldn't have to be always ringing our hands about the capital issues a

i got my first business and sba loan put me in business because the banks were hysterical.to get resources and understand what i needed. are they perfect? no, are they antiquated, absolutely. should you throw some of the business people into people who know nothing about business? absolutely not. >> all right. christian, is consolidating a good thing? >> of course it's a good thing. come on, not having services duplicated across many agencies, i don't know how in the world you can criticize this and certainly, if you're going to find any fault with the way that government works, you need to also include gary, the congress, which is the ones who are preventing president obama from actually performing his executive function of providing the leanest possible executive branch, so, the issue really is congress wanting to have oversight over various fiefdoms that have allowed government to get so sprawling and so big. this is actually a great step by the president. >> brenda: toby. >> christian is absolutely dead right and another thing i would cut five out of the six. if you loo

it wasn't sba, but it was another federal loan guarantee they would provide for the state guarantee. but the capitol continues to be very difficult when you raise equity in the private equity like the furniture did in that private equity offered to sell a limited number of investors at a minimum investment of $60,000 was very difficult. especially when you don't have anything to show. we did raise money. but they're continues to be, and i've spoken to karen about, they're continues to be for the small businesses issues of capital especially working capital. some of the programs that are available now to can get really good equipment financing and we've got all of the scope and financing that we needed. but then there's the working capital issues and we are not talking about money that i want somebody to give nine talking about money don't give a comfort zone a comfort level and helpless operate in a manner that would have to be freeing our hand about in the capitol issues and we are not talking about a lot of money either. we are talking about a quota of a million dollars to half a m

they narrow the big sea sba a line of your sweat and then they take away your last word and then they take away another. now you put the keys back in your pocket and now you push on the door until it is in flame, until it is in flame. next reader is jane herschfield. . >> one sand grain among the others in winter wind. i wake with my hand held over the place of grief in my body. depend on nothing, the voice advices, but even that is useless. my ears are useless, my familiar and intimate tongue, my protecting hand is useless that wants to hold the single leaf to the tree and say, not this one. this one will be saved. a poem written on september 15th, 2001, against the knowledge that exactly what would happen was probably going to happen. the dead do not want us dead. the dead do not want us dead. such petty errors are left for the living. nor do they want our mourning. no gift to them. not rage, not weeping. return one of them, any one of them, to the earth and look. such foolish skipping, such telling of bad jokes, such feasting. even a cucumber, even a single anise seed, feasting. an

karen mentioned sba loans.n anybody mention that, i said no, that was an onerous amount of paperwork, but he indicated that the paperwork had been reduced drastically. [applause] yeah, and he -- here is a banker that is actually telling that the sba loan with the paperwork is not too much anymore. he was able to identify another loan program that had an 90% guarantee that was very, very helpful. it wasn't sba, but another federal loan guarantee -- or, actually, the federal government provided the money for the state to make a guarantee -- i think that was the mechanism. capital continues to be difficult when you have private equity, like lincolnton furniture did, and you have an imminent -- have a minimum number of investors, it is very difficult. especially if you don't have anything to show. but we did raise some money, but there continues -- i had spoken to karen about it -- there continues to be for small businesses issues of capital, especially working capital. some other programs available now, you can ge

i know that the department of commerce, energy, and education as well as sba are all launching complimentary initiatives to support entrepreneurship as well. and so what we want to do is to make sure that every single agency, even as they are tending to their energy initiatives or providing homeland security or transportation or defense, that we're also thinking about how are we advancing the cause of giving small businesses ant entrepreneurs the opportunity to create the next google or the next apple or the next innovative company that's going to create jobs and improve our economy. it's that kind of all hands on deck approach that is really going to make a difference. and we're looking forward to hearing additional ideas from our business council and from those who are involved in startups that can help to promote these -- this agenda. thank you for participating. i'm looking forward to hearing your ideas. i will see you guys later. thank you. >> mr. president, tomorrow hear details on helping homeowners get out from under water. >> i will talk to you then about it. i wouldn't want to, you

the decision to bring the sba administration karen mill into the president's cabinet doesn't need congressional approval; however, the president's broader proposal to merge many of the agencies&does and this could -- agencies does and this could set up another big debate on capitol hill. under the president's proposal, six major trading commerce agencies with overlapping programs would be merged into one giant agency. the commerce department would be among those that would cease to exist. the president appealed to congress to help make that happen, arguing the current setup protects turf and institutes turf wars among the agencies. he said that it's inefficient, produces waste and among them, the president. s to see this done. -- the president wants to see this done. >> with or without congress, i will keep at it. it would be easier if congress helped. this is an area that should receive bipartisan support. making our government more responsive and strategic and leaner, it shouldn't be a partisan issue. >> reporter: this is getting a lot of attention but it's far from a sure thing. the congress

and what he is saying, we are not waiting, we are doing a lot of things at the sba we had a record yearmoney into their hands and now it time for congress to do their part and pass this bill and the period said if it has been passed and it has bipartisan support right now in congress. he has put it all together and he said if they send him a bill, he will sign it now. >> thanks for making time for us on your first day. what political story will be making headlines in the next 24 hours that is next right here. hours? that's next. colate, toasted oats. perfect combinations of nature's delicious ingredients, from nature valley. ♪ nature valley granola bars, nature at its most delicious. nyqui tylenol: me, too. and cougnasal congestion.ers? nyquil:what? tissue box (whispering): he said nasal congestion... nyquil: i heard him. anncr vo: tylenol cold multi-symptom nighttime relieves nasal congestion... nyquil cold & flu doesn't. >>> which political story will make headlines in the next 24 hours? it's election day. chris cillizza join us now. the polls open at 7:00, they close at 7:00 local ti

a flyer on sbas offering a $10,000 reward for tips that lead to an arrest. >>> tonight, park rangerskansas and washington state are lighting candles to honor a ranger who was shot to death on new year's day. margaret anderson was killed while on duty in mt. rainier national park. she's a graduate of ft. hayes state university in kansas. authorities believe anderson was killed by former soldier benjamin barnes. his body was found face down in a creek not far from where he allegedly shot anderson. >>> gas prices in the united states jumped about 12 cents a gallon over the past three weeks. it's the first price hike since just before halloween. lundberg survey puts the average price at $3.36. the spike is being blamed on higher crude oil prices. >>> iowa republicans have spoken. now it's new hampshire's turn. we'll preview the first in the nation presidential primary straight ahead. >>> plus -- we're not going to pretend the republican party has a huge african-american base. but just in the past week, black voters have brand new reasons to turn away from the gop. my no talking points co

the problem get sbas who the messenger is.ke romney, look at offshore accounts, the $10,000 bet. you look at how he personifies that top 1% the democrats say the republicans want to protect, and i keep thinking, you're saying maybe john heilemann was talking about maybe a mystery candidate. i keep thinking of a guy like chris christie, who would run on the same platform that mitt romney would run on, but looks and sounds like a middle class jersey guy, who i think could sell that message a lot better than a guy like mitt romney could. >> john heilemann, as we talking about the mitt romney cayman islands kerfuffle, i don't even know what the right word is for it, but is he going to be -- there's a lot of pressure. we know that "the wall street journal," the "national review" are saying, it's time for to us see your tax returns. is there any sense that might happen before south carolina, and is it an issue if he doesn't wm >> i don't think it's going to happen before success. i know this is a hard issue for you to comment on, be

functions of the commerce department and move them together with a whole bunch of alphabet agencies, the sba, opic, xm bank, ostr, all dealing with trade and commerce overseas. put them together in a new agency as yet unnamed. very interesting. the criticism from republicans is simply going to be, yeah, you might be in eliminating the commerce department, but it will live under another name. there will be virtually no job losses here in terms of the federal government. the republicans want to shrink the size of government, 1,000 to 2,000 jobs lost through attrition over the course of the next couple of years, saving about $3 billion in the proposals that the white house is putting together today over the course of the next ten years. but, look, the white house says a lot of the functions are overlapping, we need to streamline, we need to consolidate and the ask, what the president wants congress to do is to give him the authority to do this, to consolidate a lot of these inefficient organizations and agencies within the federal government in the white house under one umbrella and give him fa

caller: i work with small businesses, sba, i tried to get businesses going. but i have to say the only way businesses are going to go is once obama is out of there and then i think everything will take off. host: hatch gets challenger. sinaloa's, democrat. what do you to think of the president's appointment yesterday of richard cordray? caller: i think it would be a very interesting court decision if it is ever challenged by a bank lender or anything like that. but i was very interested in your question to one of the gentleman that isn't it republicans jump to try to get the president out of office? host: i think as said the other party -- because it can go on either side. caller: exactly. the other party. the difference is, that is what elections are for. if you want to challenge his record, that is one thing. but in the course of legislation if you deliberately try to sabotage him from even making a record, when you stalemates and the like that -- i mean, the president's job is nothing like my job. i would not want to be president. but i can guarantee you t

our sister agency, the xm bank and our sister agency, the sba, the small business administration, both have export loan guarantee programs to help facilitate sales. my colleague says he's in the sweet business. first time i heard that. i didn't know what he was talking about, but it made sense to me. through his guarantee loan programs, he ensures small and medium sized companies can sleep at night when they make a sale overseas knowing they'll get paid. they are all programs offered by the federal government, and working with you and with the program that brookings has put together, we would welcome the opportunity to put a comprehensive export promotion program together that takes advantage of these federal programs. >> i'd like to talk to the two mayors about one very important piece of this is infrastructure. the, you know, the -- to be competitive with germany that is an export giant, you have to be quick about -- and efficient about exporting, and this other piece of the work for mayors it is to try to build up your infrastructure so it's quick to market, and i'd like to talk abo

we're found colocating with other agencies like the sba, hud and we're come up with new innovative ideas so more business people will take us up on what we're doing. it, i have to be honest, sometimes it does bother me when i hear that some good businesses, you know, i want to be careful what i say, are using a tremendous amount of resources for training. and i can understand that because they want what's going to be fine tuned for their particular industry. fine. no question about that. but did you know that there are other resources at the federal government can provide to assist you in finding that ready work force, whether it is connecting you, the business person, with the community college, or with the training group that is out in the service area, making those connections, posting those positions. actually going through and screening employees and giving them the right kind of direction, counseling, resume' writing, coaching that's needed. all that comes at the expense of the workforce boards. that is what we're supposed to be doing. but i'll tell you, it surprises me there are a