SBA Lending Tops $12 Billion In 2010
Written by Ken Gaebler
The small business sector is set to receive more than $12 billion of financed capital created by September's Small Business Jobs Act.
Financial news for entrepreneurs from the U.S. Small Business Administration could leave many small business owners feeling a bit more hopeful.
This week, the SBA announced that since President Barack Obama signed the Small Business Jobs Act of 2010 on September 27, it has approved more than $10.3 billion in loan guarantees, supporting more than $12 billion in small business lending.
Additionally, the federal agency revealed that in only three months, it had made all $505 million of the provided subsidies available to its national network of lending partners.
"While we are proud of how quickly SBA could provide $12 billion in capital to small businesses, we remain focused on implementing other key provisions of this law that will continue to expand access to capital, help small businesses compete for federal contracting dollars, strengthen small business exports and provide other critical support," SBA Administrator Karen Mills said in a statement.
As a whole, small business borrowing has continued to increase. According to a report by PayNet, borrowing reached its highest level in more than two years last November.
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