Senate Bill to Boost SBA Loans
Also Aims to Boost Loans to Minorities and Rural Areas
WASHINGTON D.C. - Sen. John Kerry (D-Mass.) and Sen. Olympia Snowe (R-Maine), introduced legislation this week that ups the ante in small business loans. Last year more than 100,000 small-business owners received $20 billion in 7(a) and 504 loans combined. Those two types of loans would go up by some $9 billion per year. There is a provision for microloans as well.
The bill also seeks to create a new office within the SBA to oversee lending and contracting opportunities for minorities as well as rural areas.
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