All small business borrowers loan applications placed in the U.S. Small Business Administration's loan queue have been approved.
The announcement came from SBA Administrator Karen Mills, who said the 1,939 loans approved amounted to nearly $970 million. The loan approvals come just one week after President Obama signed the Small Business Jobs Act of 2010 on Sept. 27, which provided funding to extend increased guarantees and reduced fees in SBA's two largest loan programs.
"Enhancements first made under the Recovery Act have made SBA-backed loans a key source of much-needed capital for tens of thousands of small business owners, helping them not just keep their doors open, but also grow and create jobs all across the country," Mills said. "Beginning in May, we saw the SBA loan queue begin to grow, which was evidence of both the continued need for these tools and the challenges small business owners face in getting loans."
SBA approved more than $586 million through 1,273 new loans with funds provided by the Small Business Jobs Act, and 666 loans for more than $383 million with funds that became available after cancellations of applications that had been approved under the Recovery Act loan terms. The Small Business Jobs Acts supports $14 billion in lending with $505 million in taxpayer funds.