SBA Administrator Karen Mills announced that as of Dec. 31 the agency had approved more than $10.3 billion in loan guarantees which supported more than $12 billion in lending to small businesses since President Obama signed the Small Business Jobs Act of 2010 on Sept. 27. The Jobs Act included an extension of reduced fees and higher guarantee loan enhancements in the agency’s two largest loan programs.
In a statement, Mills noted that SBA moved quickly to get these critical loan dollars in the hands of small businesses and just three months later all of the $505 million in subsidy provided in the Jobs Act to support the loan enhancements has been utilized by the agency’s national network of lending partners.
During the quarter, SBA approved nearly 22,000 small business loans for $10.47 billion, supporting a total of $12.16 billion in lending. The amounts are greater than the volume for Jobs Act loans over the same period because they exclude some loans that were not eligible for one or more Jobs Act enhancements.
Authority to continue the loan enhancements was extended through March 4, 2011 by Congress last month.