Extension and Increase of SBA's 7(a) Loan Program
In March 2022, the U.S. Small Business Administration (SBA) announced that the agency would extend the Community Advantage program, which encourages lending in underserved markets, through September 30, 2024. Through the new guidelines the SBA also now allows participating lenders to access guarantees through the SBA’s 7(a) loan program at lending levels up to $350,000, and increases the maximum unsecured loan size from $25,000 to $50,000, among other changes.
To learn more about SBA loan programs and other financing options for your business, contact a Pace SBDC Business Advisor to arrange a 1:1 session, offered at no cost to our clients. You can also check out our small business financing resources page for more detail.