The SBA said it is working with President Obama and Congress to obtain funding to continue the agency's 7(a) program's 90% loan guarantee and fee reductions, which are set to last into December.
By Michelle A. Samaad |
Updated on November 10, 2009
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The SBA said it is working with President Obama and Congress to obtain funding to continue the agency’s 7(a) program’s 90% loan guarantee and fee reductions, which are set to last into December.
With the $375 million appropriation for these two provisions, the SBA said it has supported more than $14 billion in lending to small businesses across the country and seen its average weekly loan volume increase by more than 75% since February, when the American Reinvestment and Recovery Act was signed. The 90% guarantee is scheduled to end in February 2010.
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