The current economic situation has impacted small businesses negatively in the recent months and many need assistance to stay afloat. The Small Business Administration may be to the rescue for many small business owners with their Microloan program coupled with changes the American Recovery and Reinvestment Act made to it. The Act expands the amount of funding a small business owner can receive by $50 million and technical assistance grants by $24 million. The expanded funding will last through September 10, 2010 for small business owners no matter if you are in start-up, or growth stage the program may be beneficial.
The SBA Microloan program’s maximum term limit is six years and the maximum loan amount is $35k. Be sure to speak to your advisor regarding what documents the lender will need to process your loan. A Microloan may help your small business stay afloat in they tough economic times.
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