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Follow on Google News | Small Business Administration Increases Business Loans Lending Accross the USIf you’re in need of a small business loan, there’s good news from Washington. A program from the Small Business Administration (SBA) aims to expand access to capital for small businesses.
In addition, President Obama signed the Small Business Jobs Act of 2010 on Sept. 27, 2010. The new law provides tax incentives, such as extending and enhancing bonus depreciation and Section 179 expensing, and extends the SBA Recovery loan program (see below). More Credit Available SBA guarantees on loans help businesses by absorbing some of the loan risk lenders take on. Under the SBA’s 504 loan program, commercial lenders generally supply 50% of the funds, a nonprofit known as a Certified Development Company provides 40% and the borrower pays 10% of the project’s cost. With the new program, the SBA guarantees 80% of the commercial lender’s stake in the loan. This means that lenders may be able to offer credit more freely. To be eligible under this program, 504 loans must be disbursed on or after Feb. 17, 2009. The program will be in place until Feb. 16, 2011, or until $3 billion in new loan pools are created, whichever comes first. Another Boost for Businesses The Small Business Jobs Act of 2010 extends the SBA Recovery loan program and offers billions more in lending support for small businesses: * Extends SBA Recovery loans, which feature a 90% guarantee and reduced fees, through Dec. 31, 2010. The White House reports that this provides the capacity to support $14 billion in loans to small businesses. * Permanently increases maximum loan limits for 7(a) and 504 loans from $2 million to $5 million ($5.5 million for manufacturers in 504 loan programs). Increases microloan limits from $35,000 to $50,000. This gives small businesses much more flexibility to grow, purchase new inventory and create jobs. * Increases the alternate size standard to those small businesses with less than $15 million in net worth and $5 million in average net income, making many more small businesses eligible for SBA loans. Turn to the Small Business Loan Experts If your business needs a loan that will help it create or retain jobs, talk with an experienced lender at GetFaslCapital - http://www.getfastcapital.com . We have money to lend and are ready to help! Learn about GetFastCapital’ --- Original Article URL: http://www.getfastcapital.com/ # # # GetFastCapital provides alternatives to business loans to businesses across the US. Business cash advances up to $500,000 are available for businesses accepting credit cards. For more information, please visit http://www.getfastcapital.com End
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