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Washington
Inside Washington (01/03/2011)
* WASHINGTON (1/4/11)--As of Dec. 31, the Small Business Administration (SBA) had approved more than $10.3 billion in loan guarantees since President Obama signed the Small Business Jobs Act of 2010 on Sept. 27. The Jobs Act included an extension of reduced fees and higher guarantee loan enhancements in the agency’s two largest loan programs. SBA Administrator Karen Mills noted that in three months all of the $505 million in subsidies provided in the Jobs Act to support loan enhancements has been used by the agency’s national network of lending partners. As a result, the SBA has activated its loan queue to redirect any remaining funds that result from loan cancellations to Jobs Act loans. During the fourth quarter, SBA approved nearly 22,000 small business loans for $10.47 billion, supporting $12.16 billion in lending. The amounts are greater than the volume for Jobs Act loans over the same period because they exclude some loans that were not eligible for Jobs Act enhancements …


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