The $375 million in stimulus funding for small business loans has run out.
Funds allocated in the American Recovery and Reinvestment Act to loan to small businesses through the Small Business Administration has been exhausted at a time when the Federal Reserve is saying credit to small businesses is “substantially limited.”
Fears of a credit drought for small businesses are prompting the National Small Business Association to lobby Congress for additional SBA-loan program funding and an extension of the 90 percent SBA guarantee granted in the Recovery Act.
The NSBA calls the $375 million in funding a “drop in the bucket” and are urging its members to contact their elected representatives and demand more funding. The SBA is asking for more funds as well so contact your congressmen if you agree this program deserves more funding.
