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WASHINGTON – Today, SBA Administrator Karen Mills announced that as of Dec. 31 the agency had approved more than $10.3 billion in loan guarantees which supported more than $12 billion in lending to small businesses since President Obama signed the Small Business Jobs Act of 2010 on Sept. 27.
WASHINGTON - Small businesses suffering financial hardship as a result of the slow economy may be eligible to receive temporary relief to keep their doors open and get their cash flow back on track through a new loan program announced today by SBA Administrator Karen G. Mills.
If you're an entrepreneur looking to start or expand your business, the U.S. Small Business Administration has some good news for you.As part of the American Recovery and Reinvestment Act of 2009, the SBA is temporarily eliminating some borrower fees on two programs and temporarily increasing guarantees up to 90 percent on the 7(a) program, SBA's largest loan program. The fee elimination means more capital available to businesses at a lower cost. The increase in guarantee levels will help provide banks with the greater confidence they need to extend credit during the current economic crisis, which will mean more capital available to small business owners across the country.
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