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Tuesday, December 22, 2009

Obama: "We Got More Money For Small Businesses"

A few days before Christmas, the Small Business Administration announced that it has a gift for small businesses. Apparently, there will be more funding allocated to support $4.5 billion in enhanced small business lending through February 28, 2010.

As part of the Obama Administration's federal stimulus package, the SBA received $375 million to increase the guarantee on its 7a loans to 90 percent from 75 percent and to waive borrower fees on 7a and 504 loans. The SBA plans to begin new loan approvals as early as Monday, December 28th.

SBA Administrator Karen Mills, comments, "This mean thousands more small business owners have access to the credit they need." She also said that she will continue to work with Congress to meet Obama's goal of giving small businesses more access to credit.

The additional funds came as a shock to many who thought 2009 would not produce any more financial assistance from the federal government. Typically, new business grant opportunities don't surface this close to the end of a year. However, government loan opportunities seem to be different - especially when they can contribute greatly to more jobs and a recovering economy.
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