The Small Business Financing Investment Act is a legislation that was recently passed by the House of Representatives to expand sources of capital that are available to small businesses.
This new bill is said to be an overhaul of the SBA's current lending programs because it will increase the maximum loan sizes, and will streamline the loan application process. Supposedly, it will create an estimated $44 billion annually in affordable lending and investment for small firms.
While the program will not offer business grants, it will offer low-interest loans and lines of credit - something that millions of small businesses could use in a down economy.
Because of it's potential impact and it's ability to contribute greatly to the economy's recovery, the Small Business Financing and Investment Act has been and continues to be the product of a series of government and corporate hearings.
Although, the bill has already passed the House on a strong bipartisan vote of 389 to 32 - It still needs to be approved by the Senate. So while it does sounds like a "dream come true" for most entrepreneurs, it's still a work in progress.
Stay tuned for more details.
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