SBA Briefs

The Small Business Administration (SBA) has extended its increased loan funding and reduced fees for loan applications through April 30.

The extension allows SBA to continue a higher rate of lending in its 7(a) and 504 loan programs, following the 2009 American Recovery and Reinvestment Act. "These programs have been successful in helping jump-start our economy, which is why we will continue to work with Congress on a longer extension of the increased guarantee and reduced fees," said SBA Administrator Karen Mills.

An SBA press release noted that funding is still available for the America's Recovery Capital and microloan programs.

SBA also warned business owners about loan-related scams. The agency has recently received complaints about companies that charge high fees to help with loan preparation, claim that they can guarantee SBA funding, charge businesses for services they did not request, or threaten the future loan eligibility of businesses that do not purchase their services.

 Businesses that have questions about SBA loans can get answers at no charge through SBA's website, by e-mailing [email protected], or by calling 800-827-5722. Anyone who has a complaint about SBA Business Loan Programs or third-party services can contact the agency's Office of the Inspector General at 800-767-0385 or at www.sba.gov/ig.