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Lets get Banks Lending - SBA Loan Guarantee Amount to 90%

By Deirdre R. Wheatley-Liss, Esq.

Category: Business Law and Planning

As report by NJBIZ, in an effort to get banks lending again, "Starting today, the U.S. Small Business Administration is raising to 90 percent the federal guarantee on most SBA loans and temporarily suspending a fee that is charged to banks, but passed along to borrowers. "

"The 90 percent guarantee will be on loans up to $1.5 million. The portion of the loan above $1.5 million, up to the maximum SBA loan of $1 million, will be subject to a lower guarantee amount. "

Full post as published by New Jersey Estate & Elder Planning Blog on March 16, 2009 (boomark / email).