Small Business Jobs and Credit Act was passed by Congress yesterday
and will be signed into law as early as today. This new legislation combined with record low interest rates has small business experts anticipating a huge increase in Q4 lending.
The Passage of the Small Business Jobs and Credit Act means there will be an immediate boost in SBA lending for both the 7(a) and 504 programs. First, the new legislation expands the definition of a small business, enabling larger businesses to access the SBA loan programs (traditionally sliding scales on an industry basis). It also makes both temporary and permanent changes to the programs available to eligible businesses, including renewing successful temporary incentives that were part of the original stimulus legislation. Here are the highlights:
SBA 7(a) Guaranteed Loan Program
This program provides a federal government guaranty to a lender and is use...(register to read more)