OBDC is thrilled to be one of the Small Business Administration’s partners. The SBA 7(a) loan product is an important part of our work, because it offers our clients the opportunity to use the loan funds to buy or operate a business, purchase or improve equipment, and refinance business debt, all with a relatively low interest rate.
As of July 28, a bill to increase the lending authority of the 7(a) loan program to $23.5 billion for fiscal year 2015 (ending September 30, 2015) was passed by Congress and signed by the President. As a result, the Small Business Administration is again able to guarantee loans.
Before this increase, the SBA had reached their allocated $18.75 billion limit for FY15 before the end of July. The demand for SBA loans was higher than anticipated this year, and we’re grateful to Congress and the President for approving the increase quickly.
We’re excited to share more about our soon-to-be funded clients. Sign up for our newsletter so you don’t miss any news about the new and growing local businesses in our community!
