Latest Headlines

SBA Makes $1.4 Billion More Available For Small Business Lending 06.04.2003

June 4, 2003
/ Print / Reprints /
ShareMore
/ Text Size+
The U.S. Small Business Administration announced that $1.4 billion in additional loan authority will be made available for small business lending for fiscal year 2003. As a result, lending authority in the agency's primary business loan program, 7(a), will increase to almost $11.0 billion.

"Hundreds of small business owners and entrepreneurs looking to start a business will benefit from this new loan authority," said SBA Administrator Hector V. Barreto. "The SBA is already underwriting a record number of loans in this, its 50th year, and this new loan authority will add to our capacity to help small businesses."

The new loan authority will be made available by applying a new 7(a) econometric subsidy model to the STAR program for FY 2003. The STAR, or Supplemental Terrorist Activity Relief, program, was established to assist small businesses affected by the terrorist attacks of Sept. 11, 2001, and was in effect through January 11, 2003. From October 1, 2002 through January 11, 2003, $1.663 billion in STAR loans were made.

By applying the new model to the STAR program, the estimated cost of the program declines dramatically. This frees up $12.3 million that will now be transferred to the 7(a) program to make loans to small businesses. Since January, some loans approved through the STAR program have been cancelled, allowing the SBA to transfer about $2.8 million in additional funds to the 7(a) program. Together, these transfers support approximately $1.449 billion in additional 7(a) loans.

Did you enjoy this article? Click here to subscribe to POB

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

HxGN Live

More than 3,500 attendees from more than 70 countries attended HxGN Live, the annual Hexagon AB user conference, at the MGM Grand Hotel & Casino in Las Vegas on June 3-6. About 450 keynotes and panel discussions were held, and several companies from around the world exhibited their geospatial products. Here are a few snapshots from the event.

POB

POB October 2014 Cover

2014 October

In this October 2014 issue of POB, we explore cities across Europe pursuing new sustainable energy policies. Also, read how 3D laser scanning produces a winning topographic survey for a high school football field and running track.

Table Of Contents Subscribe

Webinars

How many webinars have you participated in over the past 12 months?
View Results Poll Archive

Point of Beginning Store

M:\General Shared\__AEC Store Katie Z\AEC Store\Images\POB\epubsite\Statues-pic-large.gif
Surveyor Statues

The perfect gift or award for any special occasion.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

Facebook logo Twitter logo  LinkedIn logo  YouTube logoRPLS small logo

Google +

Geo Locator

Buyers Guide

The #1 buyers' guide for land surveyors and geomatics professionals. Search listings for software and equipment manufacturers, equipment dealers and professional services. CLICK HERE to view GeoLocator.