Please contact your US Senators to ask them to co-sponsor and support a bill introduced today by Senators Landrieu (D-LA) and Snowe (R-ME) -- S. 2869, Small Business Job Creation & Access to Capital Act of 2009.
This bipartisan bill allows the SBA to support larger loans and provide more financing options to a larger segment of small businesses, Provisions include:
Increase 7(a) loan limit from $2 million to $5 million*;
Increase 504 loans from $1.5 million to $5.5 million;
Allow the 504 loan program to refinance short-term commercial real estate debt into, long-term, fixed rate loans;
Extend the authorization to provide 90 percent guarantees on 7(a) loans and fee elimination for borrowers on 7(a) and 504 loans through December 31, 2010;
Increase the loan limit on microloans from $35,000 to $50,000.
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