Lending

Effective today, the SBA has permanently increased the 7(a) loan limit from $2 million to $5 million and 504 loans to $5.5 million through provisions under the new Small Business Jobs Act of 2010.

In the wake of reports by some large lenders about problems in their foreclosure review process, the Senate Banking Committee announced today it will hold a hearing when Congress returns next month.

Grameen America, once eyeing North Carolina for the launch of a federal credit union, will receive a $450,000 grant to help spur small business growth in low-income communities there.

Did the credit union industry do enough to persuade legislators to include an amendment that would have raised the member business lending cap in a newly signed $30 billion small business lending law?

The GPO Federal Credit Union will administer a $650,000 government loan to renovate a stone mill built in 1839 to include tourism and business spaces.

In just one day, the SBA said it was able to approve 1,939 loans totaling nearly $970 million after the recently signed Small Business Jobs Act of 2010 provided funding for increased loan guarantees and reduced fees.