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New SBA Administrator Jovita Carranza Confirmed By Congress

There’s a new administrator at the helm of the U.S. Small Business Administration. Congress has confirmed Jovita Carranza as the 36th head of the SBA. It happened through an 88-5 vote in the Senate replacing acting administrator Chris Pilkerton.

The former U.S. Treasurer previously served as Deputy Administrator of the SBA under President George W. Bush from 2006-2009, when she oversaw more than 80 field offices across the country and managed a portfolio of venture capital investments, business loans and disaster loans totaling approximately $80 billion.

Carranza has said that she will focus on opening more doors for women and entrepreneurs in underserved communities, including military families and veterans.

Carranza was born in Illinois to an immigrant family from Mexico. In her early career, she worked as a part-time, night-shift box handler for the United Parcel Service (UPS), eventually working her way up to President of Operations for UPS Latin America and the Caribbean.

Nonprofits like Seedcopa + SeedcoDE are certified by the SBA to make 504 loans and 7(a) loans available to business owners at low, fixed interest rates.

  • -The SBA (through Seedcopa + SeedcoDE) provides 40 percent of a project’s total costs. A partner lender accounts for 50 percent, while the borrower is required to contribute 10 percent of the project’s cost.
  • -There are extended loan amortizations and no balloon payments.
  • SBA 504 interest rates have reached historic lows in the past year.

To learn about the SBA 504 as well as an array of other loans that may suit your business’s unique needs, contact us here or call 610.458.5700.

 

 

 

 

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