Washington (April 7, 2004) -- The U.S. Small Business Administration announced that it would lift a cap on some loans and drop restrictions on others, after President Bush signed legislation this week that will increase loan authority for the SBA flagship loan program by more than $3 billion.
The SBA said the 30 percent increase in small business loans for the current year will allow it to lift a three-month-old cap of $750,000 on 7(a) loans, returning it to its previous $2 million level, and to drop restrictions on piggyback loans. SBA administrator Hector V. Barreto said he expects "another record-breaking year for the SBA’s flagship 7(a) loan program, and another historic year for America’s small businesses.”
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