SBA recovery lending extended through May

by Coldwell Banker Evergreen Olympic Realty, Inc. on April 20, 2010

Two of the U.S. Small Business Administration’s key small business loan programs have received $80 million in additional funding from Congress.

The enhancements, first made available under the American Recovery and Reinvestment Act, include a higher guarantee on some SBA-backed loans and small business fee relief.

The SBA estimates the money will support about $2.8 billion in small business lending under the 7(a) and 504 programs.

Under the extension, SBA may continue to reduce loan fees and provide higher guarantee levels on 7(a) loans through May 2010, or until the funds provided under the bill are exhausted.

This extension has no effect on the continued availability of financing under other Recovery Act programs, including SBA’s America’s Recovery Capital (ARC) loan program and the agency’s Microloan program. Recovery Act funding still remains available for both of those programs.

Leave a Comment

Previous post:

Next post: