Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
SBA officially increases 504 7a loan limits
WASHINGTON (10/11/10)--The U.S. Small Business Administration (SBA) on Friday announced higher maximum 7(a) and 504 program loan limits. The increased loan sizes, which were authorized by the Small Business Jobs Act, are effective as of Friday. Under the legislation, SBA 7(a) loan limits will be increased to $5 million from $2 million, 504 loan limits will increase to $5.5 million from $1.5 million, and 7(a) "Express Loans" will increase to $1 million from $300,000. The bill also ups the definition of microloans from $35,000 to $50,000. Credit unions may participate in 7(a) and 504 SBA loans. “Across the country, there are small businesses owners who are in a position to take that next step to grow and create jobs, and these larger loan sizes provide another tool to help them do just that,” SBA Administrator Karen Mills said in a release.
Other Resources

RSS print
News Now LiveWire
#creditunions unite to bring message to Congress, @TheNCUA during Hike the Hill visits. See #NewsNow http://t.co/RKl5LZegVw
10 minutes ago
.@TheNCUA open board meeting starts at 10 a.m. ET tomorrow. It is board member J. Mark McWatters' first. Watch @NewsNowLiveWire
15 hours ago
.@CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
16 hours ago
.@CUNA's Bill Hampel moderates a discussion on the future of credit unions in the post-100 million member world. http://t.co/kcXykiRQVn
19 hours ago
#Breaking: QE likely to end next month, @federalreserve says #NewsNow #Market http://t.co/u7Fb5l5fwM
19 hours ago