SBA Stimulus Funding Extended Through March 28th
Mar 8th, 2010 @ 11:03 AM by Debbie Dragon
The Small Business Association (SBA) and small businesses across the country got their wish last week when Congress passed and Obama signed an extension to an SBA stimulus program that had expired on February 28th. The stimulus funded program provides money for SBA funded loans. The funds are used to waive fees associated with SBA backed loans and to provide a higher backed loan value of 90 percent. The program will now run through March 28th of this year.
This is the program’s second extension and many experts consider it a success. The program to date has helped approximately 50,000 small businesses across the country obtain loans totaling right around $22 billion. Obama and many others continue to stand behind their belief that small business lending is a critical component to the recovery of the American Economy. Obama and supporters of the SBA stimulus funding believe that this loan program has so far been very successful in helping small businesses and the economy. They are working hard to keep the program in place and looking at other ways to continue to support struggling small businesses.
SBA Administrator Karen Mills, after the extension was approved said, “The increased guarantee and reduced fees on SBA loans helped put almost $22 billion into the hands of small business owners and brought more than 1,100 lenders back to SBA loan programs.” She went on to say that, “we will continue working with the president and with Congress to move forward with proposals for a longer extension for these important program enhancements, as well as higher loan limits, refinancing for commercial property loans and other significant ongoing support for small businesses.”
The SBA is currently working with the Obama administration and Congress in hopes to expand what the program offers and extending the current stimulus package through the end of the year.
Debbie Dragon is a full time freelance writer and the co-owner of ReliableWriters.com.
I would like to request a small buisness loan using some investment property that I own. I want To start a new buisness. The Buisness is in Construction.
I have waited so long to start my own buisness, because I have family members that are in need of employment. I thank Congress and President Obama, for their help through the Stimulus Funding.