SBA program enhanced by ARRA
Published: August 20,2009
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.
To sign up for Mississippi Business Daily Updates, click here.
2 Responses to “SBA program enhanced by ARRA”
Top Posts & Pages
- Warden who lives hundreds of miles from jail resigns
- Jail kitchen supervisor pleads guilty to stealing food
- BankPlus recognized for alternative program to payday lending
- Analyst: KiOR Columbus plant may end up sold as scrap
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi
- Top 10 finalists chosen for C Spire Conerly Trophy
- Stricklin: Deer parasites don't affect quality of venison
- Prison-contract task force working in wake of Epps' indictment
- Bryant wants free tuition for students with technical diploma