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House Approves Expansion of S.B.A. Loan Program
A popular government-backed small-business lending program, suspended last week after reaching its limit for the year, is on the verge of restarting.
The House on Monday approved a bill with an amendment that lifts the Small Business Administration’s lending cap for its largest loan guarantee program to a record $23.5 billion. The bill, passed by the Senate on Thursday, awaits President Obama’s signature.
Small business lenders say they expect the program to be back in business by the end of the week. More than 1,100 potential borrowers have submitted applications that are on hold until lending resumes. Those in the industry say the heavy demand is a sign of small businesses confidence in a strengthening economy.
“This is a good problem to have,” said Tony Wilkinson, president of the National Association of Government Guaranteed Lenders, an industry trade group. “It’s a good economic sign that businesses are willing to borrow again.”
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