SBA Loans Give Entrepreneurs a Hand Up
By Nick Ivory, Regional Legislative and Regulatory Manager
While in California, Advocacy visited Ross Roberts Truck Repair, Inc., a small diesel engine repair service in Stockton, Calif. The owner, Juan Vega, bought the business in 2011 and moved to a new property with the help of an SBA loan. Vega’s story is a true success story of an individual coming from less than ideal circumstances to living the American Dream.
Having worked on a tomato farm during his youth, Juan only made it to the 8th grade. Through hard work and perseverance, he was able to save enough money to purchase a profitable company and provide a great life for his own family.
Vega’s story is just one example of many other success stories that are made possible with the help of the programs available by the SBA. The 7(a) Loan Guarantee Program is designed to help entrepreneurs start or expand their small businesses. The program makes capital available to small businesses through bank and non-bank lending institutions. The SBA’s 8(a) Business Development Program assists in the development of small businesses owned and operated by individuals who are socially and economically disadvantaged, such as women and minorities.
Advocacy thanks Mr. Vega for inviting us into his business and for telling his story.
Advocacy was in Modesto, Sacramento and Santa Clarita, Calif. for Regional Regulatory Reform Roundtable meetings April 30-May 3.
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Nick Ivory is the Regional Legislative and Regulatory Manager. Ivory can be reached at email@example.com.