SBA expands eligibility for 7(a) loans.
Objective is to spur recovery opportunities for small businesses
As a result of a temporary alternate size standard for the U.S. Small Business Administration's (SBA's) largest lending program, more small businesses will be eligible for SBA-backed loans, thereby providing greater access to much needed capital in the current difficult economy.
The SBA's alternate size standard for its 7(a) loan program went into effect early in the week beginning May 4, 2009 and will last until September 30, 2010. As a result of the temporary change, more than 70,000 additional small businesses, including auto and RV dealerships, auto industry suppliers, and others, could be eligible to apply for an SBA 7(a) loan.
According to SBA Administrator Karen Mills, "We have seen signs that small businesses that are just outside the traditional 7(a) size standard are being shut out of the conventional lending market. This temporary change will help those businesses weather these tough times and help move our nation closer to economic recovery."
The temporary 7(a) loan size standard will parallel the standard for the SBA's 504 Certified Development Company loan and will allow businesses to qualify based on net worth and average income. The net worth for the company and its affiliates cannot exceed $8.5 million, and average net income after federal income taxes (excluding any carryover losses) for the preceding two completed fiscal years cannot be more than $3 million. The alternate size standard was available at the offices of the...
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