Honest hour: I haven't been thrilled with President Donald Trump's cabinet picks. HOWEVER, when it was announced former WWE CEO Linda McMahon was selected to run the SBA I was overjoyed. To say this woman is amazing is an understatement. Here is why I am psyched:
What is the SBA?
The SBA or Small Business Administration is a government run agency to help support and promote small businesses and owners in the U.S., i.e. someone like me! The agency also facilitates lending through the popular SBA 7(a) Loans; 504 loans, which provide funding for the purchase of fixed assets, such as real estate, buildings and machinery, at below market rates; and the SBA Express program, which offers term loans and lines of credit in amounts from $100,000 to $350,000. When needed, the agency provides disaster loans. It also offers business counseling and mentoring services, and special programs for women, minority and military veteran entrepreneurs. In theory, this should be the coolest agency in D.C., but the last ten years, specifically with the 2008 recession, the SBA has been a mess.
WHY LINDA MCMAHON IS A GOOD CANDIDATE FOR SBA:
She started from the bottom now she's here:
She took WWE from a small local business to a multinational public company. Prior to creating the WWE, she struggled as a small business owner. She and her husband went bankrupt at one point and lived on government assistance. She's literally seen it all and understands how to build a small business to an international brand.
What doesn't kill you, makes you stronger:
D.C. isn't the first time Linda McMahon has tried her hand at politics. She was on the board of directors for Connecticut Board of Education and ran a self-funded campaign for Senate twice. She was unsuccessful but sometimes it's the failures that make you a better person.
She slays when women and women’s initiatives:
McMahon is also the CEO of Women’s Leadership L.I.V.E. She co-founded the organization in 2014 to promote leadership opportunities for women by providing them with proven processes and sustainable strategies and by organizing conferences.
You're so 2000 and late: WILL ALSO Bring the SBA into the 21st century:
McMahon will focus on Fintech starting with helping get loan applications online vs. the reams of paper you have to fill out when applying for a loan. This will hopefully bring the SBA into the 21st century which it so desperately needs.
I was on Fox and Friends back when McMahon was only a nominee, where I discuss this with a restaurant business owner and a financial planner. Check it: