Tuesday, October 17th, 2017

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SBA Backs Thousands of Small Business Loans

More than 5,000 small business loans have been provided thanks to a small-business aid act passed in September.Thanks to the Small Business Jobs Act, more than 5,000 small businesses across the country have received loans backed by the Small Business Administration.

The act, which was passed in September, extended an SBA loan-fee waiver and kept SBA loan guarantee limits higher than their historical standard. Those provisions, designed to spur small-business lending, do appear to be stimulating small-business loan issuance.

"By unlocking loans for [the nation's] small businesses, we are providing them with the tools they need to grow their business and create new jobs in their local communities," SBA Administrator Karen Mills wrote in a blog post for the White House.

Overall, the jobs act provides $505 million in fee waivers and loan guarantees; the SBA estimates that the funds provided by the bill will leverage $14 billion in small business lending. Since the act was passed, $3 billion in new loans have been issued to small companies.

Finding funds for an entrepreneurial venture can be tricky – but the SBA can be a source of guidance. And, thanks to the recently passed jobs act, SBA-backed loans may be easier to secure than ever before.

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