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President Barack Obama’s fiscal year 2010 budget authorizes $28 billion in loan guarantees and an appropriation of approximately $700 million for the agency.

The spending cited in the proposal would be in addition to the $730 million funding provided for SBA credit programs in the recently enacted Recovery Act, the agency said. That act, which most spending is targeted for use in 2009 and 2010, authorizes SBA to raise guarantee percentages on some SBA loans to 90%, temporarily reduce fees on loans, expand funding for microloans, and raise the maximum size of SBA-guaranteed surety bonds.

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