SBA to continue bold programs to get small business owners the money they need

3/30/2011

While there are many indications pointing to a rebounding economy, many small business owners would say they haven't observed this trend - access to commercial loans is still strict and unemployment remains an issue. However, the U.S. Small Business Administration recently told the Wall Street Journal that it would continue to pursue bold policies to get money to small business owners.

SBA Administrator Karen Mills has helped generate more than $2 billion in stimulus funds for small business owners. The organization is aiming to lower fees on SBA-backed loans while also increasing the number of small business owners who are able to secure loans in the first place.

"We decided to be very bold in getting money out into the hands of small business as quickly as possible. As a result, tens of thousands of businesses were able to get credit in a market where the banks had really frozen them out," Mills told the source.

With greater access to commercial loans, businesses are able to invest more funds into a number of areas, depending on their needs. For example, a tech company may want to invest in new hardware, while retailers may want to spend loan money on marketing.