BREAKING NEWS
More Valley businesses soon to be eligible for SBA money
Posted: 10/23/2010
PHOENIX - Changes to Small Business Administration Standards that take effect Nov. 5 will make "small businesses" larger and more likely to expand.
Under current standards, businesses with annual receipts of $7 million and under can apply for the SBA loans for expansion.
The new standard will allow businesses making $35.5 million eligible as well.
"Businesses are reluctant to take out more debt right now," said Joan Koerber-Walker with Opportunity through Entrepreneurship Foundation. "The problem is there is a lot of SBA money that is not being used."
By making what might be considered a more "medium-sized" business eligible, those businesses are able to get more flexible terms in their loans because the government underwrites the SBA loans.
"It is incentive to invest and to create jobs," Koerber-Walker said.
The guidelines haven't been revised since 1984.
Copyright 2010 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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