There's $8B Available in ’09 For Small Businesses

According to Mark Mueller, one of Orange County Business Journal Staff, SBA still funds real estate, fixed asset acquisitions and stated that there's $8B Available in ’09 For Small Businesses. This is good news, right?

“Even with the credit markets in as much flux as they are, borrowers can obtain these government-backed loans for up to $10 million,” Smith said.

There should be plenty of SBA money still available for local deals in 2009. According to Smith, next year’s SBA budget includes $8 billion for SBA 504 financing nationwide. The loan program is funded by the monthly sales of long-term bonds.

Whether all that money is doled out by banks remains to be seen. Loans in the 504 program are down 36% from a year ago, according to data from the Federal Reserve. The other big SBA loan type—the 7(a) program—has seen lending drop even more, by 55% year over year.

Check out more of this news after the jump. Read more.

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