NAGGL
SBA News and Updates – January 20, 2010
Recently, the National Association of Guaranteed Government Lenders (“NAGGL”) asked its membership to place contact their congressional representative asking for support of HR 4302. This is the Small Business Job Creation & Access to Capital Act of 2009 aka “The Jobs Bill”. The reason this is important is that the SBA Reauthorization Bill is attached to the Act.
The bill would include these provisions:
- Increase 7(a) loan limit from $2 million to $5 million;
- Increase 504 loans from $1.5 million to $5.5 million;
- Allow the 504 loan program to refinance short-term commercial real estate debt into, long-term, fixed rate loans;
- Extend the authorization to provide 90 percent guarantees on 7(a) loans and fee elimination for borrowers on 7(a) and 504 loans through December 31, 2010;
- Increase the loan limit on microloans from $35,000 to $50,000.
- Direct the SBA to create a website where small businesses can identify lenders in their communities.
The higher loan amounts help businesses in need of floor plan financing, as well as small manufacturers, hotels, restaurants, franchisees, and those located in high-cost areas. It’s important to note that the loan limit increases will be budget neutral for SBA, but should increase SBA lending by $5 billion next year alone.
The current stimulus provisions run out at the end of February, 2010. Please contact NAGGL at http://www.naggl.org/AM/template.cfm?, or call them at 405-377-4022.
Watch the January 20 NAGGL Video Update for more information >
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