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First and foremost, we enhanced our top two loan programs – 7(a) and 504 – whicu have so far resulted in $4.3 billion in new loans for small businesses. The SBA temporarily eliminated fees for borrower onits 7(a) loans and for both borrowerws and lenders on its 504 loans. The SBA also temporariluy raised the guarantee on most ofits 7(a) loansw to as much as 90 percent, up from 75-85 In this short time, there has been a 30 percenrt increase in average weekly loan dollar volume, compareed to the weekly averagde before the passage of the Recovery Act.
This SBA launched the America’s Recovery Capital (ARC) loan The ARC loans will provide a for many small businesses to better economictimed ahead. This program provides loans of upto $35,000 to viable but strugglingg small businesses to help them make debt ARC loans are interest free to the deferred repayment loans, which are 100 percenft guaranteed by the SBA. The SBA makes the interesg payments tothe bank. With the launchu of ARC loans, SBA has now put in placd programs implementing 88 percent ofthe $730 milliom provided to the agency by the Recoverhy Act. America’s small businesses are the key to our economic recovery.
The SBA is usingb every tool in ourtoolbozx – and creating new ones when necessary – to help smalp businesses lead us out of thesr tough economic times.
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