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.

The bill also sets a maximum of $17.5 billion for SBA's 7(a) loan program, $7.5 billion for the 504 certified development company loan program, $3 billion for the small business investment company debenture program and $25 million for the microloan program.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.