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Growthink Blog

SBA Loans Are Growing Like Gangbusters

Print Written by Dave Lavinsky on Tuesday, April 20, 2010
Categories:

MoneyLong story short, last year, the American Recovery & Reinvestment Act dedicated a lot of money to supporting SBA loans.

And since the passage of the Act, the U.S. government has repeatedly increased its ante, guaranteeing more and more SBA loans.

According to National SBA Administrator Karen Mills, "thousands of small businesses across the country have taken advantage of these Recovery loan enhancements to get the capital they need during these tough economic times. The increased guarantee and reduced fees on SBA loans helped put more than $23 billion into the hands of small business owners and brought more than 1,100 lenders back to SBA loan programs."

That's $23 billion, with a "B."

Mills also said that the average weekly loan approvals by the SBA (as of April 2010) have increased by 86% compared to the weekly average before passage of the American Recovery & Reinvestment Act.

So, the time may be right to get an SBA loan to fund your new or existing business.

To access SBA and bank funding for your business, download Growthink's Step by Step Guide to Raising Capital From Banks and SBA Lenders.


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Hayliva Horc says

In the world of tech startups, getting funding is pretty standard. Find an angel investor or big-name investment firm to dump millions of dollars into your idea. Several of the companies that all of us use every single day, however, are not a large idea. They're the restaurants, boutiques, coffee shops, and hotdog carts that we use each day. A startup, called OnDeck, is attempting to make it easier for these smaller businesses to get a credit rating independent of their owners. I found this here: OnDeck platform provides a credit rating to small businesses, personalmoneystore.com/moneyblog
Posted at 4:07 am