NEWS - Economic Development

12/21/2009 - An appropriations bill signed by President Barack Obama last week included $125 million to continue through Feb. 28 the enhancements made possible through the American Recovery and Reinvestment Act or stimulus bill.

Small Business Administration estimates the additional funding will support $4.5 billion in small business lending.

New approvals of loans with the higher guarantee and reduced fees made possible by the stimulus bill were expected to begin by Dec. 28.  Loan applications from borrowers who chose to be placed in the SBA’s Recovery Loan Queue will be funded first, followed by new loan approvals beginning on or before Dec. 28.