About 1,200 lenders have resumed making Small Business Administration-backed funds available for the expansion and purchase of small U.S. businesses in the past few weeks, following changes instituted by the federal government to encourage small business access to funds through efforts such as the SBA's 7(a) program.
In testimony before a U.S. Senate committee earlier this week, Karen Gordon Mills, new head of the SBA, said loan volume has grown by 25% per week on average since the middle of March, when the funds were first made available, through the Federal Recovery Act, to guarantee small business loans. She noted that other Recovery Act provisions will be implemented next week during National Small Business Week, to further aid small businesses in need of capital.
About The Author: Jonathan Smith is a financing/loan broker, consultant who assists with larger loan amounts ($500K to $5M) - SBA loans, conventional financing, and private lenders for business purchase financing. We works with business buyers, owner/sellers, business brokers, and agents. For assistance with business purchase financing options phone him direct at 888-859-9838.
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