SBA-backed loans now guarantee up to 90% LTV with recently passed legislation signed into law by President Obama. New lending fees have also been waived to encourage more applications. Titled the “Small Business Jobs Act of 2010″ there are several provisions that make borrowing easier for small businesses. This includes higher loan limits and expanded underwriting criteria.
One important factor to note is that many of the provisions are only approved though December 31st, 2010. If you need business financing and you haven’t applied for an SBA loan yet, get a quote from a loan officer today to make sure your application get in line for this rare opportunity. Many pundits expect this program may not be extended, so be sure to talk to a loan officer soon.
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In conjunction with your post, the government just expended the Patriot Express program. Might be a great way for a quick business loan. Go to the SBA’s website for more information.
Small businesses don’t get much love from our government – so, when programs like these are extended – you should take advantage.