WASHINGTON (10/11/10)--The U.S. Small Business Administration (SBA) on Friday announced higher maximum 7(a) and 504 program loan limits. The increased loan sizes, which were authorized by the Small Business Jobs Act, are effective as of Friday. Under the legislation, SBA 7(a) loan limits will be increased to $5 million from $2 million, 504 loan limits will increase to $5.5 million from $1.5 million, and 7(a) "Express Loans" will increase to $1 million from $300,000. The bill also ups the definition of microloans from $35,000 to $50,000. Credit unions may participate in 7(a) and 504 SBA loans. “Across the country, there are small businesses owners who are in a position to take that next step to grow and create jobs, and these larger loan sizes provide another tool to help them do just that,” SBA Administrator Karen Mills said in a release.