The 2009 American Recovery and Reinvestment Act Provides Small Business Lending Opportunities

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Via the AICPA Economic Crisis Resource Center

One of the less publicized provisions of the  recent stimulus bills is that it calls for $730 Million in additional funding to the Small Business Administration to reach more small businesses.

Check out www.sba.gov for more information, but here’s a highlight of how the funds are to be used:

  • $375 million for temporary fee reductions or eliminations on SBA loans and increased SBA guaranteed shares, up to 90 percent for certain loans
  • $255 million for a new loan program to help small businesses meet existing debt payments
  • $30 million for expanding SBA’s Microloan program, enough to finance up to $50 million in new lending and $24 million in technical assistance grants to microlenders
  • $20 million for technology systems to streamline SBA’s lending and oversight processes
  • $15 million for expanding SBA’s Surety Bond Guarantee program
  • $25 million for staffing up to meet demands for new programs
  • $10 million for the Office of Inspector General
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