House Overwhelmingly OKs Increase For SBA
The House overwhelmingly approved a bill Wednesday to increase funding for the U.S. Small Business Administration's guaranteed loan program by more than $3 billion, and lift the cap on individual loans above the current $750,000.
The bill will increase funding for the 7 (a) program to a total of $12.7 billion for the current year, and the limit on individual loans to $2 million.
The SBA had stopped making loans earlier this year, then capped the loans at $750,000 because it ran out of money.
The bill now moves over to the Senate. More than 100 credit unions participate in the SBA's guaranteed loan program.
Ed Roberts can be reached at eroberts