SBA Widens Eligibility for Business Loan

Organization hopes to help small businesses weather economic downturn

The U.S. Small Business Administration (SBA), Washington, D.C., has increased the number of small businesses eligible for a 7(a) business loan guaranteed by the agency. Through a rule issue on May 5, the eligibility threshold for a 7(a) business loan is temporarily increased to include businesses with a net worth of up to $8.5 million and two-year average net income, after taxes and excluding carry-over losses, of up to $3 million.

The temporary adjustment is effective from May 5, 2009, through Sept. 30, 2010.

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