Impact of March 1st event on SBA

The head of the SBA, Karen Mills, was recently quoted as saying that the automatic federal budget cuts expected to take place on March 1, 2013 should have little to no impact on the agency’s operation. She further stated that they will not need to furlough employees since they are already down to the requisite number through early retirement. The White House recently announced that loan guarantees would be cut by $902 million out of a $30 billion budget. Mills stated that the demand for 504 loans is expected to fall this year, and that will likely mean the agency will be able to meet demand for its other loans programs.

This is certainly good news for all that utilize the SBA programs.

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