North Bay Business Journal

If you own a single-member limited liability company (“SMLLC”) and live in a community property state, recent developments now make it prudent for you to seriously consider adding at least one more member to your LLC

Awareness of non-bank financing options has risen in recent years, driven largely by the tightening of lending standards at banks that have made capital harder to come by for many small businesses.

NORTH BAY — Santa Rosa-based First Community Bank loaned the greatest amount of dollars to small businesses in the North Bay through the U.S. Small Business Administration’s 7(a) program in the 2011 fiscal year, jumping 10 places ahead to No. 1 and joining a wave of lending both locally and across the country.

Both the number of loans and the total value of loans facilitated through the U.S. Small Business Administration’s 504 program decreased across the North Bay in fiscal year 2011, though lenders said levels reflected that some businesses are still expanding during the recessionary period.

Lenders are praising recent tweaks to the new U.S. Small Business Administration 504 refinance program, saying that the changes make more small businesses eligible while simplifying the process for institutions.