SBA expands Microloan program thanks to stimulus funds

The U.S. Small Business Administration is expanding its Microloan program, according to an agency news release.  The expansion is being funded with an additional $50 million for loans and $24 million for technical assistance from the the American Recovery and Reinvestment Act.  According to the news release, the program is shifting to funding provided under the Recovery Act now that it has exhausted its regular appropriation of $20 million in loans and $20 million in technical assistance.  With the additional resources, the SBA is "focused on adding new lenders and encouraging entrepreneurs to seek out SBA-backed microlenders to finance their businesses," according to the release.  Organizations interested in becoming SBA microlenders must meet specific criteria in terms of organizational status, microlending experience and matching requirements from nonfederal sources. Information: (202) 205-6485; www.sba.gov; or e-mail microloans@sba.gov

Entrepreneurs wishing to learn about the Microloan program are asked to visit:  www.sba.gov/services/financialassistance/sbaloantopics/microloans/index.html