Funding for SBA’s 7(a) Program Increases
The SBA has been authorized to extend up to $26.5 billion in loans through its 7(a) small business loan program for the 2016 fiscal year, which represents an $8 billion increase in funding from the previous year. Loans extended through the 7(a) program are guaranteed for up to 85% of the loan amount and for credit unions the guaranteed amount does not count towards the 12.25% MBL cap. [12/22/15]