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Congress Extends SBA Loans

Here’s some good news for franchisees and business-owners going into the holiday break. Congress has extended some critical SBA loans that were set to expire by the New Year.


The Wall Street Journal has done some excellent reporting on the story. These loans may only be extended until February for now, but in reality, this will be a big help for businesses struggling to make it to 2010. These were loans created under last February’s Recovery Act and essentially they raised the government’s guarantee on SBA loans from 90% to 75%.


In a press release, Mary Landrieu (D-La.) said: "Small businesses have been left in limbo since the funding ran out. [The legislation] will provide a lifeline to small businesses in need of credit."


There was a lot of lobbying done in Washington to get these loans extended, so while the timespan is somewhat short, ultimately, it shows that people on Capitol Hill are still taking the needs of small businesses into account.


On this positive note, we wish all a happy and safe holiday season and look forward to another happy year of franchising in 2010.

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