Growing Up
Congress is set to increase the lending ceilings on SBA programs.
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.
Continue reading this article - and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5.
Entrepreneur Editors' Picks
-
When Her Parents' Restaurant Burned Down, This First-Generation Founder's Hot Sauce Brand Rose From the Ashes to Take on Corporate Giants
-
Not Hitting Your Goals? Here's How to Know If You Should Change Tactics or Strategy.
-
You Can Generate Your Own Viral LinkedIn Post With This Hilarious Tool
-
This Couple Lost Everything When the Housing Market Crashed. But Manifesting 'Magic' Helped Them Launch a Metaphysical Brand With 10 Stores.
-
The Best Software Solutions and Tech Providers in the Franchising Industry
-
This 18-Year-Old Student Wanted a Better Way to Keep Track of His School Work. So He Built an App — and a Business.
