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Congress is set to increase the lending ceilings on SBA programs.

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This story appears in the October 2003 issue of Entrepreneur. Subscribe »

Congress is ready to levitate many SBA lending limits. No magic is involved, just the most ambitious rewrite of SBA programs in many years. The SBA reauthorization bills being pushed forward by the House and Senate-dwarfing predecessors passed in 1997 and 2000-aim to make bank loans both more numerous and fatter.

The Senate bill (S.1375) was introduced first, although both bills had passed full committees by the end of July. S.1375 makes changes to many SBA loan programs and affects HUBZone; federal procurement policies; and programs for women, minorities and American Indians. In the 7(a) loan guarantee program, the ceiling on "low doc" loans-used heavily by women and minorities-would be raised from the current $100,000 to $250,000, and exporters could borrow up to $2.6 million, an increase of $600,000.

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