I wrote last week about how the federal government’s incentive program for small-business lending is lapsing while Congress dukes it out over how to fund an extension. Here’s an update — a heads up about a feature on the Small Business Administration’s Web site that can help you determine your chances of getting a federally-insured loan.
The SBA has a barometer-style loan queue on its site now, letting business owners know if they should stand in line for loans or look at other options.Essentially, the feature shows whether loans are being approved and at what rate.
Here’s how the SBA describes it: “As the availability of Recovery Act funds is close to being exhausted, potential small business owners (as well as lenders) will need to decide whether to apply for a new Recovery Act loan (or increase to a previously approved Recovery Act loan) and enter the Recovery Loan Queue to await the availability of funds, or to apply for a non-Recovery Act loan with all applicable fees and lower guaranty levels. The information provided below will help in the decision-making process and includes information on those loans currently in the Recovery Loan Queue and information on funds available via the Transition Phase Alert system.”
Still confused about how this works? Read this quick list of explanations on how to read the meter and other available data.
Know a small business you think we should write about? Contact Herald writer Amy Rolph at arolph@heraldnet.com.
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