Small businesses are the backbone of our economy. I'm sure you have heard that statement before. But have you ever stopped to think about the large corporations whose goods and services you use every day and wonder how they got to be where they are today?

We all know the story of Apple. How 36 years ago, Steve Jobs, a young computer programmer working out of his parents' garage, was looking for investors so he could create the world's most user-friendly personal computer.John Hines, who managed an Illinois-based venture capital fund licensed and supported by the U.S. Small Business Administration, saw the potential. He invested half a million dollars in the promising start-up. Two years later the company went public and the venture capital fund sold its stake for $44 million. And the rest, as they say, is history.The investment in fledgling Apple was a result of the Small Business Investment Company.Congress created the SBIC program in 1958 to facilitate the flow of long-term capital to America's small businesses through the Small Business Administration. SBA does not provide capital directly to businesses. Instead they partner with private investors to capitalize professionally managed investment funds (known as "SBICs") that finance small businesses.SBICs are privately managed for profit investment funds that use privately raised capital and guaranteed SBA loans to provide long-term loans and equity investments to qualifying small businesses. The SBA has no influence over SBIC investment decisions.The SBIC fund has helped numerous small-business owners finance their dream. Companies such as Build-A-Bear, FedEx, Outback Steakhouse and Quiznos just to name a few all have benefited from the SBIC.Alternatively, the SBA loan programs have also helped some major brands. Under Armour, Yankee Candles and Winnebago are all SBA loan success stories.An SBA loan isn't made directly to businesses. It provides a guarantee to banks and lenders for the money they lend to small-business owners. The guarantee protects the lender's interests by promising to pay a portion of the loan back if the business owner defaults.So when a business applies for an SBA loan, they are actually applying for a commercial loan through a bank or other authorized SBA lender, but the loan is structured according to SBA requirements with the SBA guarantee.In other words, SBA loans alleviate the risk associated with lending money to business owners and entrepreneurs who may not otherwise qualify for traditional loans.Carbon Chamber and Economic Development offers a Small Business Expansion Loan and a Revolving Loan. These are low-interest loans for businesses in Carbon County and are typically used for purchasing machinery, equipment, real estate or for capital improvements to real estate. CCEDC also partners with Northeast Pennsylvania Alliance to administrate SBA loans.If you are a business owner and are looking for a way to fund your company but have run into problems going the more conservative route, you may want to consider one of our loan packages. Who knows, maybe your business can be the next Apple.Contact CCEDC today at 610-379-5000 to learn how we can help grow your business.