Money for Small Business | Senate Fails to Pass SBA Loan Legislation

Senate Fails to Pass SBA Loan Legislation

The Senate failed to pass legislation that would help bolster the SBA loan program. The SBA 7(a) loan program for small business was down 30% this year. The real estate loan program was down 17%. Senator Kerry from Mass. tried to include provisions in the bill that would temporarily eliminate fees for borrowers and lenders. He also tried to increase the limit on the 7(a) loans from $2 million to $3 million, and he tried to reduce the variable interest rates on the loans.

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