Small Business Resource Associates provides community banks with the training and support necessary to have a fully functioning SBA program, without the large investment in people and infrastructure. With today’s capital constraints, liquidity issues, and market conditions SBA loans have never been a more necessary part of a bank’s product offering. We have over 20 years of experience in all aspects of SBA lending and can help a bank be a leading SBA lender in their market. Please click on our resource tabs to learn more.
SBA Recovery Act Funding Extended
by Scott Ramsey on December 21, 2009
Over the weekend, the U.S. Senate voted to extend the SBA Recovery Act provisions through February 2010. Last week the House also voted to extend the Recovery Act so the measure now goes to the President for his signature, which should happen today. You will recall that the Recovery Act increases the guarantee percentage on SBA 7(a) loans for banks to 90% and waives the guarantee fees on 7(a) and 504 loans for the borrower. This measure will free up almost 1,000 loans for about $500 million now in the SBA “queue” awaiting funding.
The Senate Committee on Small Business and Entrepreneurship also passed two bills that will extend the fee reductions and increased guarantees on SBA loans through 2010. This clears the way for a much improved SBA program for all of next year.
