In just one day, the SBA said it was able to approve 1,939 loans totaling nearly $970 million after the recently signed Small Business Jobs Act of 2010 provided funding for increased loan guarantees and reduced fees.
The loans were approved yesterday, the SBA said today. Small business owners had been waiting for additional funding and putting applications in the queue since the end of May when authority for higher loan guarantees expired and previous Recovery Act loan funding was exhausted.
Of the approvals in the queue, SBA approved more than $586 million through 1,273 new loans with funds provided by the Small Business Jobs Act, and 666 loans for more than $383 million with earlier funding that became available after cancellations of applications that had been approved previously under Recovery Act loan terms, most because they had been withdrawn by the applicants, the agency said.
SBA Administrator Karen Mills said the Small Business Jobs Act will support an estimated $14 billion in lending with $505 million in taxpayer funds, including many of the loans approved from the queue. President Obama signed the act Sept. 27.