SBA Expands 7(a) Loan Eligibility
Posted on: May 5, 2009
The Small Business Administration has implemented a temporary alternate size standard for small businesses looking for access to capital through the agency’s 7(a) loan program. The 7(a) loan program is the SBA’s largest lending program. The alternate standard will be in effect from May 2009 through September 30, 2010.
The SBA estimates that more than 70,000 small businesses will be eligible for loans through the temporary alternate size standard. The temporary standard will allow businesses to qualify for the 7(a) loan program based on net worth and average income, with those not exceeding $8.5 million and $3 million respectively.
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