The Small Business Administration (SBA) has instituted a waiting list for its flagship 7(a) loans because the program hit its annual lending cap of $18.75 billion on Thursday (July 23, 2015).
SBA officials, lenders and small business groups are urging Congress to raise the program’s authorization to $23.5 billion in order to free up loans for small businesses. Demand for the program is high because the government-guaranteed loans are the primary source of long-term loans, which feature lower monthly payments, for small businesses.
Keep reading this article at: http://www.bizjournals.com/atlanta/news/news-wire/2015/07/23/sba-loans-on-hold-queue-set-up-for-7-a-loans-until.html
