$4.5 Billion in Small-Business Lending Now Available from SBA
New approvals of loans with the higher guarantee and reduced fees made possible by ARRA are expected to begin by Dec. 28. Loan applications from borrowers who chose to be placed in the SBA’s Recovery Loan Queue will be funded first, followed by new loan approvals beginning on or before Dec. 28.
Said SBA administrator Karen Mills, “This administration and Congress recognize that these key programs were successful in helping jump-start the economic recovery for America’s small businesses.” Mills continued, “The increased guarantee and reduced fees on SBA loans helped put more than $16.5 billion in the hands of small-business owners and brought more than 1,200 lenders back to SBA loan programs. The extension of these programs through February is important to continuing our path toward recovery and will mean thousands more small-business owners have access to the credit they need.”