SBA Actions Promoting Small Business Lending

suggp — Fri, 10 Jul 2009 18:47:09 +0000

Date:

March 16, 2009

Who:

SBA

Policy Area:

Sector Policy (Non-Financial)

Economic Target:

Other Business

Action Type:

Regulatory Change

Maximum Amount Special Symbol:

Amount Spent Special Symbol:

Deficit Impact Special Symbol:

Programs are part of a package of government actions by the Treasury Department and Small Business Administration (SBA) on March 16, 2009 to promote small business lending.

These measures include:

• Eliminating borrower and lender fees for SBA-backed 504 loans, which combines government-backed loans with private mortgage loans to support community development.

• Eliminating up-front fees for SBA 7(a) loans.

• Providing rebates for loan fees paid since February 17th.

• Expediting future SBA loan processing.

• Requiring the 21 biggest banks receiving federal money must compile monthly reports on their levels of small business lending. The Treasury department also calls on all banks to report on their small business lending quarterly, rather than annually.

Source:

Treasury Announcement 3/16/2009

Program Q & A

Notes:

Costs of provisions are unknown.

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Stimulus.org - SBA

SBA Actions Promoting Small Business Lending