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SBA reactivates recovery loan queue
WASHINGTON (5/27/10)--Small Business Administrator Karen Mills on Wednesday announced that the Small Business Administration (SBA) has “reactivated” its recovery loan queue. In a press release, Mills said that a key piece of President Barack Obama’s “aggressive” small business agenda is “a longer-term extension of these increased guarantees and reduced fees.” Mills urged Congress to “move quickly to continue these critical programs.” Obama last month authorized $80 million "to continue enhancements" to the SBA's 7(a) and 504 loan programs. Specifically, the funds provide higher guarantees on some SBA-backed loans and relief from some small business fees. H.R. 4213, the American Jobs and Closing Tax Loopholes Act, would extend increased guarantees for SBA 7(a) and 504 loans that are scheduled to expire on May 31. That legislation is currently awaiting House action and, if approved, would move on to the Senate. The Credit Union National Association has offered its own solution to small business funding shortages, heavily publicizing the fact that lifting the current 12.25% cap on member business loans to 25% of a credit union’s total assets could create up to $10.8 billion in new funds. These funds, which could create as many as 100,000 new jobs, would come at no cost to taxpayers. For the SBA release, use the resource link.
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