The SBA said it is working with President Obama and Congress toobtain funding to continue the agency's 7(a) program's 90% loanguarantee and fee reductions, which are set to last intoDecember.
With the $375 million appropriation for these two provisions,the SBA said it has supported more than $14 billion in lending tosmall businesses across the country and seen its average weeklyloan volume increase by more than 75% since February, when theAmerican Reinvestment and Recovery Act was signed. The 90%guarantee is scheduled to end in February 2010.
SBA Administrator Karen Mills said at the same time, the agencyis finalizing plans for the overall transition for when the ARRAprovisions for the 7(a) and 504 loan programs end.
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