Good News for Small Business in the US!

[justjeni]

SBA 7(a) Loan Program Extended

The House, Senate and U.S. Small Business Administration ( http://www.sba.gov/ )  finally came to a consensus on reinstating the popular 7(a) small business loans last week. H.R. 4062 (http://thomas.loc.gov/cgi-bin/bdquery/z?d108:HR04062:@@@L ) , signed into law by President George W. Bush this week, would lift the current $750,000 cap on the loans and reinstate “piggyback,” or combination, loans with a small fee to lenders. These changes will allow lenders to provide larger loans to small-business owners.

H.R. 4062 would nearly triple the loan guarantee a lender could provide to a small business from the current $562,000 to $1.5 million. The SBA estimates the additional $3 billion in loan authority created by the legislation will allow the SBA to guarantee an additional 30,000 loans through the end of the fiscal year, creating up to 500,000 jobs.

In addition to providing the highest loan guarantee limit in the 7(a) program's history, H.R. 4062 would restore the overall program to full strength, after a temporary shutdown of 7(a) early this year. Small Business Committee Chair Don Manzullo (R-IL) and Ranking Member Nydia Velázquez (D-NY) originally introduced the legislation in the House, with Small Business Committee Chair Olympia Snowe (R-ME) then championing it in the Senate.

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yeah it will help some of the business

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