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News & Press: SBA News

SBA Streamlines 7(a) Loan Size Standards

Friday, May 01, 2009  
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On Friday May 1, 2009, the Small Business Administration announced that it will expand eligibility for SBA-backed loans. The SBA estimates that this  will make more than 70,000 additional small businesses – including auto and RV dealerships, auto industry suppliers and others – eligible to apply for SBA 7(a) loans.

The temporary 7(a) loan size standard will parallel the standard for the agency’s 504 Certified Development Company loan, and will allow businesses to qualify based on net worth and average income. The net worth for the company and its affiliates cannot be in excess of $8.5 million and average net income after federal income taxes (excluding any carry-over losses) for the preceding two completed fiscal years can not be more than $3 million.

The alternate size standards will be published as a final rule early next week.

Click here to view the press release from Chair Landrieu.
 
Click here to view the Transcript of White House Press Briefing on the SBA's Expansion of Eligibility for Small Business Loans.

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