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”
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Seafood R’evolution set to make Mississippi ‘the new culinary epicenter of the South’
- Yarber could be sworn in today as new Jackson mayor
- After review, MSU moves forward on new research facility
- Ole Miss launches commitment to be 'climate neutral'
- Pharma Pac lays off rest of workers; could end up owing state
- SpaceX, Stennis officially open new rocket test stand
- Acco Brands investing $1.6M, adding 162 workers
- Gulf LNG terminal mulling export opportunities
- Secretary of State's Office transitioning to new location