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July 24, 2015

What happened to SBA's loan program?

  • Here's what you need to know about the 7(a) loan program.
    • By JOYCE M. ROSENBERG
    AP Business Writer

    NEW YORK — The government's biggest small business loan program is on hold after running out of money.

    The Small Business Administration's 7(a) loan reached the limit set by Congress on the amount of money it can guarantee in a fiscal year. With more than two months to go in the current year, businesses will be forced to wait for loan approvals unless lawmakers raise the program's $18.75 billion ceiling.


     
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