Critical Small Business Loan Program Cut

Date: 1 Nov 2002 | posted in: Retail | 0 Facebooktwittergoogle_plusredditpinterestmail

The Bush Administration has cut the federal government’s largest and most important small business loan program by more than 60 percent. This year, the program will back only $4.4 billion in loans, compared to nearly $12 billion last year. The program, known as 7(a), is run by the Small Business Administration and guarantees loans of up to $2 million made to small businesses. It is the largest source of long-term working capital for small businesses in the nation, accounting for some 40 percent of available financing. … Read More