Small business owners rejoice: It looks like getting a loan from the Small Business Administration may soon be within anyone’s reach.
The SBA offers loans to small business owners as an alternative to bank loans and other financing options. But landing one of those loans required a lot of paperwork, and not everyone could qualify.
At least, that was the case before Karen Mills, the outgoing SBA chief, broke the news on changes to the program, the Jacksonville Business Journal reports. And it’s all good news.
Here’s what’s being proposed:
Of course, proposing new regulations doesn’t mean that is exactly what will be put into place. The SBA is still soliciting comments on the proposals.
From there, they’ll make final regulations that will go into effect probably later this year. So now is your time to speak up about SBA loans.
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Related Resources:
- Business Loan Resources (FindLaw)
- SBA Loans Opened to More Businesses: How SBA Size Limits Work (FindLaw’s Free Enterprise)
- Land a Small Business Loan With These 5 Tips (FindLaw’s Free Enterprise)
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