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July 29, 2015

SBA loan approvals resume after Congress lifts lending limit

NEW YORK (AP) — Small businesses are again able to get loans backed by the federal government.

President Barack Obama signed into law a bill Tuesday raising the lending authority for the Small Business Administration's biggest loan program, known as the 7(a) program. Loan approvals resumed after going on hold Thursday, when the SBA reached its $18.75 billion annual limit for loan guarantees.


 
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