Karen Mills, SBA administrator stated that the agency approved more than $10.3 billion in loan guarantees with a support extended to $12 billion in lending to small businesses. This has come in response to the signing of Small Business Jobs Act of 2010 by President Obama.
It is being seen that SBA has moved quickly to make loan dollars available to small businesses. Within a span of just three months, $505 million subsidy in lieu to the Job Act is being offered so as to support loan enhancements and that has been utilized by agency’s national network of lending partners. The SBA loan queue has also been activated that would ensure redirecting remaining funds from loan cancellations to new Jobs Act loans.
After signing of the Small Business Jobs Act, $12 billion in small businesses lending has been made available to entrepreneurs throughout the country. Higher guarantees and reduced fees of loan enhancements have been a vital resource for small businesses especially at a time when lending market has dried.
Small Business Jobs Act legislation is the most effective and will change small businesses that got established over a decade. It focuses on other key provisions too that involve expansion of access to capital, strengthening of small business exports, provide help to SMEs for federal contracting dollars and extend critical support to businesses.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to