Categorized | Breaking News

SBA reports approving $10 billion since Sept. 27

The Small Business Administration approved more than $10.3 billion in loan guarantees, which supported more than $12 billion in lending to small businesses since the Small Business Jobs Act of 2010 was enacted in September, according to SBA Administrator Karen Mills. The Jobs Act included an extension of reduced fees and higher guarantee loan enhancements in the agency’s two largest loan programs.

In a statement, Mills noted that SBA moved quickly to get these critical loan dollars in the hands of small businesses and just three months later all of the $505 million in subsidy provided in the Jobs Act to support the loan enhancements has been utilized by the agency’s national network of lending partners.  In light of that, the SBA has activated the SBA loan queue to ensure that any remaining funds that result from loan cancellations in the coming weeks are redirected to new Jobs Act loans.

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