The 2009 American Recovery and Reinvestment Act Provides Small Business Lending Opportunities

Via the AICPA Economic Crisis Resource Center

One of the less publicized provisions of the  recent stimulus bills is that it calls for $730 Million in additional funding to the Small Business Administration to reach more small businesses.

Check out www.sba.gov for more information, but here’s a highlight of how the funds are to be used:

• $375 million for temporary fee reductions or eliminations on SBA loans and increased SBA guaranteed shares, up to 90 percent for certain loans
• $255 million for a new loan program to help small businesses meet existing debt payments
• $30 million for expanding SBA’s Microloan program, enough to finance up to $50 million in new lending and $24 million in technical assistance grants to microlenders
• $20 million for technology systems to streamline SBA’s lending and oversight processes
• $15 million for expanding SBA’s Surety Bond Guarantee program
• $25 million for staffing up to meet demands for new programs
• $10 million for the Office of Inspector General

Filed under: Small Business