Bad News for Small Business Owners!!
Effective yesterday 7 Jan 04:
The Small Business Administration (SBA) has announced that due to incredible demand overwhelming the program and it's funding, the 7(a) Loan Program has temporarily closed!!
SBA Administrator Hector Barreto said that the SBA has encountered unprecedented demand for the loan guarantees. "Due to this spike in demand, SBA is forced to take the necessary steps to manage the program to the resources available", he said. Unproccessed applications are being returned to lenders. Barreto said the SBA is working with Congress to resolve the issue.
Why should you care?
Small businesses employ almost 90% of America's workforce. Small businesses create 3/4s of all new jobs. With the SBA 7(a) Loan Progam closed, many of these companies will not have access to funds they need to grow or expand. This could seriously damage our recovery.
This is very bad. If you want to help, contact your member of Congress and tell them to resolve the issue! If not, we could be looking at some problems!!!
The Small Business Administration (SBA) has announced that due to incredible demand overwhelming the program and it's funding, the 7(a) Loan Program has temporarily closed!!
SBA Administrator Hector Barreto said that the SBA has encountered unprecedented demand for the loan guarantees. "Due to this spike in demand, SBA is forced to take the necessary steps to manage the program to the resources available", he said. Unproccessed applications are being returned to lenders. Barreto said the SBA is working with Congress to resolve the issue.
Why should you care?
Small businesses employ almost 90% of America's workforce. Small businesses create 3/4s of all new jobs. With the SBA 7(a) Loan Progam closed, many of these companies will not have access to funds they need to grow or expand. This could seriously damage our recovery.
This is very bad. If you want to help, contact your member of Congress and tell them to resolve the issue! If not, we could be looking at some problems!!!
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