Organization hopes to help small businesses weather economic downturn
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The U.S. Small Business Administration (SBA), Washington, D.C., has increased the number of small businesses eligible for a 7(a) business loan guaranteed by the agency. Through a rule issue on May 5, the eligibility threshold for a 7(a) business loan is temporarily increased to include businesses with a net worth of up to $8.5 million and two-year average net income, after taxes and excluding carry-over losses, of up to $3 million.
The temporary adjustment is effective from May 5, 2009, through Sept. 30, 2010.
