Home » NEWS » Banking & Finance » SBA program enhanced by ARRA

SBA program enhanced by ARRA

WASHINGTON — With the American Recovery and Reinvestment Act (ARRA) funding an additional $50 million for loans and $24 million for technical assistance, the U.S. Small Business Administration (SBA) is expanding its Microloan program and increasing access to capital for small businesses across the country.

The program is shifting to funding provided under the ARRA now that it has exhausted the regular FY 2009 appropriations for $20 million in loans and $20 million in technical assistance.

With the additional resources, SBA is focused on adding new lenders and encouraging entrepreneurs to seek out SBA-backed microlenders to finance their businesses.

Since the ARRA, SBA has approved eight new applications from lenders to join the Microloan program, and has 15 new loans to microlenders for $10.7 million in ARRA funds ready to be disbursed. Of the 15, eight are for new microlenders.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Wally Northway

2 comments

  1. I recently came across your post and have been reading along. I thought I would leave my first comment. I wonder how this pertains to Business Loans? I don’t know what to say except that it caught my interest and you’ve provided informative points. I will visit this blog often. Thank you.

  2. I recently came across your post and have been reading along. I thought I would leave my first comment. I don’t know what to say except that it caught my interest and you’ve provided informative points. I will visit this blog often. Thank you.

Leave a Reply

Your email address will not be published. Required fields are marked *

*