President Obama is expected to sign a new small business bill into law on
Monday. Here is briefly how the Microlending program will change, according to
GulfCoast Finance, a certified development company in Florida.
Microloans: Permanently increases the maximum per small business borrower
to $50,000 and per intermediary to $5 million. Also authorizes SBA to
waive intermediary match requirements during fiscal years 2011 and 2012.
Intermediary Lending Pilot: Establishes a 3-year pilot program to provide
capital to 20 non-profit intermediaries annually, to make loans targeted to
startup, newly established and growing small business concerns. CDCs should be
eligible to participate.
#smallbiz #loan #Memphis #Nashville # Atlanta
Source: SCORE Atlanta
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