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SBA gets 80M for 7a 504 program enhancements
WASHINGTON (4/19/10)--President Barack Obama signed legislation late last week authorizing $80 million “to continue enhancements” to two of the U.S. Small Business Administration’s key loan programs. The enhancements, first made available under the American Recovery and Reinvestment Act, include a higher guarantee on some SBA-backed loans and small business fee relief. In a release, the SBA estimated the $80 million will support about $2.8 billion in small business lending under its 7(a) and 504 programs. “The increased guarantees and reduced fees on SBA loans have generated more than $25 billion in new loans to small business owners and brought more than 1,200 lenders back to SBA loan programs,” SBA Administrator Karen Mills said.


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