Business Services Industry
Banks, small biz hail passage of SBA bill.(News)( U.S. Small Business Administration)
Crain's Detroit Business, April, 2004 by Lane, Amy
Byline: Amy Lane Small businesses and banks are cheering congressional approval of a bill that increases and continues a key small-business loan-guarantee program. On its way last Friday to President Bush's expected signature was legislation that boosts the U.S. Small Business Administration's 7(a) loan program's lending authority by more than $3 billion and lifts the current $750,000 loan cap, returning the cap to $2 million.
House Resolution 4062, passed last week by the U.S. House of Representatives and Senate, also ensures other major SBA programs will continue. "This action is a real victory for small business,'' said Barry Cargill, vice president of government relations for the Small Business Association of Michigan. "The 7(a) loan program is...
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