A big sigh of relief is in order for entrepreneurs now that the SBA Shutdown Crisis of 2015 is over and lending can resume for the SBA’s flagship 7(a) program. As of July 27, 2015, Congress has officially raised the lending cap for the program by $4.75 Billion, to $23.5 Billion. This follows a suspension on July 22 when the SBA announced it reached its 2015 Loan Guarantee Program limit of $18.75 billion two months short of the governments fiscal year end (September 30).
As such, the lending queue put in place last week is now approaching its end and SBA loan processing should be back to normal by the end week. This is terrific news for the thousands of small business owners who rely on SBA loans to start or expand a new or existing business.
For those looking to secure an SBA loan, there are now more funds available to do so – and Benetrends is ready to put our 97% loan approval success rate to work for you. Contact our funding experts today for more details.