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SBA recovery lending extended through April 30
by Tribune Staff
Apr 08, 2010 | 753 views | 0 0 comments | 10 10 recommendations | email to a friend | print
WASHINGTON, D.C. — President Barack Obama on Friday signed legislation extending through April the ability of the U.S. Small Business Administration (SBA) to provide enhancements in its two largest small-business loan programs.  The enhancements, first made available under the American Recovery and Reinvestment Act, include a higher guarantee on some SBA-backed loans and fee relief.

The SBA estimates the $40 million extension will support about $1.4 billion in small-business lending.

As part of the Recovery Act enacted on Feb. 17, 2009, the SBA received $730 million to help small businesses, including $375 million to increase the SBA guarantee on 7(a) loans to 90 percent and to waive borrower fees on most 7(a) and 504 loans.  The funds for these programs were exhausted on Nov. 23, 2009, and an additional $125 million was provided in December 2009.  Those funds were exhausted in late February, and an additional $60 million was provided subsequently.  That funding was exhausted late Friday. 
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