Changes at the SBA Result in Good Things for Small Business

On September 27, 2010, President Obama signed into law the Small Business Jobs Act which provides critical resources to help small businesses grow and add jobs.  The following is a summary of the benefits of the program.  It is not all inclusive.  For a more complete list of benefits click here.  The new law puts more capital into the hands of entrepreneurs by extending the SBA 90% loan guarantee and reduced fees through December 31.  Higher loan limits are in place for most businesses going from $2 million up to $5 million.  The law expands the number of businesses eligible to receive SBA assistance by increasing the net worth guidelines to $15 million and average net income guidelines to $5 million.  SBA Express loans can be processed now up to $1 million.  For more information contact Vickie Karickhoff, Business Analyst for the Pierpont Community & Technical College SBDC in Buckhannon at (304) 439-1290 or v.m.karickhoff@wv.gov.