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
- Molpus closes Fund after more than $662M in commitments
- Realtors chooses Nita Wingard
- DeSoto County Supervisor Lee dies in ATV accident on his birthday
- No debate, but Cochran and Childers lobby for votes for Senate
- Entergy agrees to cut $35M from its new rate plan
- Politics of paying for transportation: Hand wringing and a lot of talk
- MSU reminding fans that drones are prohibited at football games
- Kemper County plant will cost at least another $496M to complete
- Ford Foundation gives to UM for new science building