One Week Later, Nearly 2,000 Small Businesses Approved for SBA Loans Due to Jobs Act

One Week Later, Nearly 2,000 Small Businesses Approved for SBA Loans Due to Jobs Act: "

Late yesterday, just a week after President Obama signed the Small Business Jobs Act of 2010, nearly 2,000 small business owners who had been waiting for SBA-backed loans had been approved and will soon have those loan funds – totaling nearly $1 billion – in hand. That’s a quick turnaround, and it’s an example of this Administration’s deep commitment to giving entrepreneurs and small business owners the support they need to grow and create jobs.

Here’s how we made it happen.

After the Recovery Act passed last year, SBA increased the guarantee and reduced the fees in our top two loan programs. That two-part formula worked. We saw a significant rebound in SBA lending, helping unlock much-needed capital for small businesses. All told, SBA took just $680 million in taxpayer dollars and turned it into nearly $30 billion in lending support to about 70,000 small businesses. That’s a strong bang for the taxpayer buck.

read more

"