วันอังคารที่ 29 ธันวาคม พ.ศ. 2552

ADDITIONAL $125 MILLION IN RECOVERY ACT FUNDING

December 29, 2009
SBA TN Lenders,
ADDITIONAL $125 MILLION IN RECOVERY ACT FUNDING
On December 19, 2009, President Obama signed the Department of Defense
Appropriations Act, 2010 (P. L. 111-118). This legislation provides an
additional $125 million to support approximately $4.5 billion in new SBA 7(a)
and 504 loans under Sections 501 and 502 of the American Recovery and
Reinvestment Act of 2009 (the "Recovery Act"). Specifically, these funds are
available for the payment of certain 7(a) and 504 loan fees and a higher SBA
guaranty of up to 90 percent for certain 7(a) loans. Both initiatives have
contributed to a significant resurgence in funding to small business by SBA's
participating lenders and Certified Development Companies (CDCs) since
President Obama signed the Recovery Act into law on February 17, 2009.
As soon as the additional funds appropriated in the recent legislation are ready
to be released, all "conditionally approved" requests in the 7(a) and 504
Recovery Loan Queues will be funded, along with new loan requests, in the
order they are received, until the new funds are exhausted. Because of this
extension, new 7(a) loan applications with the higher guaranty may be
approved by SBA through February 28, 2010 or such earlier date as funds are
exhausted. Approvals of loans made possible by the new funding are expected
to begin December 28, 2009.
SBA will refund to lenders eligible fees on those non-Recovery Act loans
approved on or after December 19, 2009 that would have been eligible for fee
relief. There will be no fee refunds or higher guarantees for loans approved as
non-Recovery Act loans prior to December 19, 2009.
Please see attached SBA Notice 5000-1136 for complete details. Contact
your Lender Relations Specialist if you have any questions.

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