A small business administration loan, or SBA loan, is a government backed loan that is administered through your local community bank or credit union. It supports local business and entrepreneurs.
Continue reading ›The SBA 504 loan program has reached its lending cap of $7.5 billion. The SBA will continue accepting, processing, and decisioning loan applications and communicating those decisions . However, the SBA will not be able to issue a loan number and authorization until funding authority is reset on October 1, 2021, unless Congress acts sooner…
Continue reading ›The United States Small Business Administration is expected to lift the cap on its Economic Injury Disaster Loans (EIDL) sometime after Labor Day. The cap was set at $500,000 in March 2021, after the SBA spent several months approving only loans of up to $150,000. Traditionally, the EIDL loan program–which has a 30-year maturity date–has…
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