Loan program back on track

Wednesday, Jan. 14, 2004 | 11:15 a.m.

The U.S. Small Business Administration reinstated its flagship loan program today after suspending loan approvals for one week because of funding problems.

SBA officials said the agency obtained approval for $470 million to temporarily guarantee 7(a) loan applications, which were suspended on Jan. 6 because of funding problems. Loan applications can be approved beginning today.

Congress will reconvene Tuesday and is expected to look at the SBA appropriations bill to provide long-term financing.

The 7(a) loan program is commonly used by small business owners who do not qualify for traditional business financing. From July 1, 2003, to Jan. 5, the SBA approved 211 7(a) loans worth $45.4 million for Nevada small business owners.

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