SBA loan after the Job Act
The whole scenario of the SBA loan plans changed after President Obama passed the Small Business Job Act in the year 2010. The act increased the credit limit of the loan plans of SBA. The act provides an additional $505 million to the small business administration. After the Job act SBA also started changing its attitude. The fee for the application was reduced. The agency became more active in its functioning. The agency immediately announced the deadlines for the application of loan under the Job Act.
SBA gained a lot of popularity after getting appreciated from president Obama. The SBA loan applicants have increased drastically after 2010. The agency has received the highest weekly volume after September 2010. More loans are getting approved everyday. The agency has crossed its own standard level in terms of effectiveness. The loan queue is long and therefore the agency has stopped taking further applications for the 7 (a) loan plans.
The agency does not compromise with its efficiency therefore they are waiting to clear the pending applications before taking new application.
The agency claims that they will approve the pending requests as soon as possible. The agency understands the importance of time for its applicants and does not want its customers to wait for getting the funds. After all speedy approval is one of the main features of SBA loan. Therefore the agency is handling the application traffic carefully in the year 2011.
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