Garrett County Government - Department of Business Development

Increased Funding Approved for SBA's 7(a) Loan Program

Last Updated on Jul 31, 2015 at 2:01pm | Financial Incentives

A bill to increase the lending authority for the Small Business Administration's 7(a) loan program to $23.5 billion for FY 2015 was passed by Congress and signed by the President. As a result, SBA is again able to guarantee 7(a) loans this fiscal year. Requests in the existing queue will be funded first, followed by new loan guarantee requests, which will be processed as usual.
SBA is evaluating the additional provisions of the new law and will be providing further guidance as necessary.
Questions concerning this Notice should be directed to the lender relations specialist in the local SBA field office.