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Have you heard the Good news about the SBA loan programs?
Stimulus I – Extended Through February 2010
The extension of the stimulus bill was signed by President Obama Saturday, December 19th.
• SBA 7(a) guaranty percentage at 90% through February 2010
• Elimination of borrower guaranty fees through February 2010
The bill will support an additional $4.5 billion in SBA stimulus funding through an appropriation of $125million.
The second SBA stimulus bill, aka Senate Bill 2869, passed the Senate Small Business Committee mid December. Expected House and Senate passage is expected this month (Senate does not return from Christmas recess until this week).
• Increase 7(a) loan limit from $2 million to $5 million
• Increase the 7(a) loan guaranty to a maximum of $4.5 million (90%)
• Increase the SBA 504 loan limit from $1.5 million to $5.5 million
• Allow the 504 loan program to refinance short-term commercial real estate loans
• Extend Stimulus I – 90% 7(a) guaranty and borrower fee waivers -- through
• Increase the loan limit on microloans from $35,000 to $50,000
We Close a Tremendous amount of SBA loans. Call Joanne Castillo at 970-631-8448 for all your commercial needs!