Small business owners got a boost today, when a critical lending program was restarted with fresh funding thanks to legislation that was enacted.
President Obama Signs Bill to Increase SBA’s 7(a) Lending Authority to $23.5 Billion
WASHINGTON — A bill to increase the lending authority for the 7(a) loan program to $23.5 billion for FY 2015 was passed by Congress and signed by the president. As a result, effective this afternoon, SBA is again able to guarantee 7(a) loans this fiscal year. Requests in the existing queue will be funded first, followed by new loan guarantee requests, which will be processed as usual.
SBA is evaluating the additional provisions of the new law and will be providing further guidance as necessary. We appreciate the patience of our borrowers and lenders and look forward to continuing to serve the small business community through the 7(a) loan program.
Learn more about eligibility for the load program HERE.
If you have any questions or concerns, please contact the U.S. Small Business Administration Los Angeles District Office at [email protected] or 818-552-3201.
For more information on SBA programs and services available in Los Angeles, Ventura, and Santa Barbara counties click here.