According to the Los Angeles Times, legislation to boost the limit of SBA business loans to $3 million recently sailed through the Senate Small Business and Entrepreneurship Committee. The 50 percent increase, which is contained in legislation to reauthorize SBA programs, would help the agency's flagship loan keep pace with the increasing costs of real estate, equipment and small-business acquisitions.According to the article by Cyndia Zwahlen, a proposal to increase the limit on 7(a) loans is contained in the House version of the SBA reauthorization. That legislation, still bogged down in committee, would have to be approved and a compromise between the House and Senate bills reached before the increase would go into effect.
If these increases are implemented, small business loans supported by the SBA would dramatically increase over this past year's record loan volume of $19.1 billion.
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Related Tags: Los Angeles Times, business loan, factoring, bank loans, SBA, 7(a)Loan
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