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SBA Head Notes Increase in SBA-Backed Lending



Posted on May 18, 2009

Contributed by Jonathan Smith

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.

Watch for more blog posts / articles from me in the future!

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Comments:

This is a good indication. What makes a number of lenders hesitant to do business is that they don't see others making loans and so there is a fear factor about taking the risk. This is the herd mentality we've seen so much of. Then, when a few banks start to extend credit, the tide quickly changes, and the fear is about being the one who hesitates while most everyone else is back in the market. It's critical that money become available to small business if our economy is going to get healthy anytime soon.

Posted by: Steve C.


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About This Blog
Peter Siegel, MBA is a nationally known consultant and author - with over 25 years experience on the topic of selling, buying, and niche financing (the purchase of), small to mid-sized businesses. His clients include: business buyers, business owners/sellers, small business advisors, and business brokers.
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