The SBA has received an additional $80 million to support its 7(a) and 504 loan programs to keep capital flowing to small businesses.
The agency estimated that the fresh round of funds will support about $2.8 billion in small business lending. Under the new extension, the SBA said it may continue to reduce loan fees in its 7(a) and 504 programs and to provide higher guarantee levels on 7(a) loans through May 2010, or until the funds provided under the bill are exhausted.
SBA Administrator Karen Mills said under the American Recovery and Reinvestment Act, the agency was able to increase guarantees and reduce fees, which resulted in more than $25 billion in new loans to small business owners and brought more than 1,200 lenders back to the SBA's loan programs.
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