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Small Business Program Suspends New Lending

July 24, 2015 /

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In this decision affecting thousands of businesses nationwide, the SBA announced July 22 that its 7(a) lending will be suspended until the new fiscal year unless Congress raises the program authority cap prior to October 1.

A lending authorization cessation that affects the Small Business Administration’s 7(a) loan program, does not include other SBA lending programs – specifically the 504 Loan, Microloan, Intermediary Lending Pilot and Disaster Loan programs – that the agency plans to actively issue during the interim 7(a) loan shutdown, according to the National Association of Development Companies (NADCO), the SBA 504 lender trade association.

Full Story: http://www.bizjournals.com/prnewswire/press_releases/2015/07/24/DC63828