Produced by Congress in 1953, the SBA does not provide straight to businesses that are small. Alternatively, the SBA provides a number of guaranty programs for loans created by qualifying banks, credit unions, and lenders that are nonprofit.
Regardless of the lingering outcomes of the financial crisis and recession, the SBA states that its loan programs are experiencing “unprecedented growth. ” in line with the SBA, in fiscal 2014, the amount of 7(a) loans extended to smaller businesses jumped 12% over the previous 12 months, as the buck worth of those loans increased 7.4% over financial 2013. Continue reading