SBA Remarks on the President’s Fiscal Year 2014 Budget
Small Business Lending and Investment Summit
Capitol Hill, Washington D.C.
April 10, 2013
By Bob Coleman
Editor, Coleman Report
SBA Associate Administrator Jeanne Hulit announced President Obama’s year end 2014 budget for the 7(a) loan program at $17.5 Billion and the 504 loan program at $6.5 Billion.
The huge news due to improving loan performance is the SBA 7(a) loan program will operate without a subsidy saving the tax payers close to $200 million.
Jeanne Hulit said, “The parts of the budget that affect capital access for SBA loans include fee waivers for all loans under $150,000. We encourage small business lending in the small side of our market that is still suffering from the recession.
“We are also supporting the 504 refinance program that expired in September.
“Finally we do have a request for money in the budget for a new technology platform at SBA. We will have electronic processing for all SBA loans from the beginning of the process all the way to the end if a loan goes to purchase. This will improve our lender oversight.
“So those are the key functions for capital access in the 2014 budget.