New SBA Microloan Program to Boost Small Business Acquisition, Expansion

Entrepreneurs interested in buying a small or mid-market business may be aided by a new effort of the Small Business Administration to boost lending for business purchase and expansion through its Microloan activity.

The Federal Government’s recent decision to provide an additional $50 million in American Recovery and Reinvestment Act funds for the SBA program of guaranteeing loans for small businesses, means the agency will be able to help increase the funds available to people wanting to become owners of restaurants, retail shops, service companies, and other small businesses.

Along with announcement of the additional funds, the SBA has said more lenders will be approved to provide loans to small businesses. SBA’s Microloan program is a “critical source of capital for entrepreneurs,” according to SBA head Karen G. Mills. She said “With these resources we can put more entrepreneurs and business owners in a position to succeed and create jobs that will in turn help drive our nation’s economy.”

Go to More information is available from the SBA http:///www.sba.gov  for more information from the SBA.

Posted on August 26, 2009  |   Email This Blog Post   |   Print This Blog Post   |  All Contributions From Peter Siegel, MBA