Potential job creation and $30 billion to aid small businesses are among the reasons the SBA considers the passage of the Small Business Jobs and Credit Act a success.
SBA Administrator Karen Mills said yesterday's House vote in favor of the bill "is a key step forward in making sure small businesses have the resources they need to do what they do best--create jobs and drive economic growth."
"At the same time, this bill ensures those very businesses have access to the capital they need by extending SBA's successful Recovery loan enhancements and putting local, community banks in a position to be a real partner for small businesses and entrepreneurs," Mills said.
As of Sept. 17, the SBA said it had supported more than $29 billion in American Recovery and Reinvestment Act loans. The agency has eliminated and reduced fees for borrowers on 7(a) loans and 504 loans. To provide further backing, the SBA has also raised the guarantee on 7(a) loans to 90%, up from 75% or 85%, depending on the size of the loan.