SBA reopens 7(a) loan program under temporary authority

Congress approved a Continuing Resolution, providing the SBA $470 million in additional lending authority. Congress does not reconvene until January 20th, and the SBA says that this money will most likely not last until such time as Congress gets around to approving the Fiscal Year 2004 appropriations that were due last September. They have implemented a loan cap of $750,000 per recipient (the program normally backs loans up to $2 million) in order to spread the available dollars among more loan applicants.

Read the SBA press release