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Small Business Loan Program Suspends New Lending
The Wall Street Journal (online registration required): The Small Business Administration’s flagship loan program suspended new lending after hitting the cap Thursday on its annual financing authority.
New loan requests under the 7(a) loan-guarantee program, by far the SBA’s most popular lending initiative, are still being accepted for review, but the agency won’t be able to guarantee new loans until Congress raises its borrowing cap. The agency is authorized to extend up to $18.75 billion in loan guarantees through the fiscal year ending Sept. 30, and it met that threshold around noon on Thursday, said Miguel Ayala, an SBA spokesman.
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