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