Sequester and the SBA – Optimism Reigns in Uncertain Times
March 5, 2013
By Bob Coleman
Editor, Coleman Report
Entrepreneur’s Cat Clifford does a nice job in this article recapping the current state of SBA lending. She surmises we don’t know the full effect of the Sequester and it is difficult to predict how the agency will be operating in a year.
However, the big news is SBA Administrator Karen Mills confirms our reporting that SBA does not expect a Sequester reduction in SBA 7(a) or 504 lending. SBA and its lending partners are not expected to bump the ceiling of the cap for this fiscal year.
Second, she repeats new NADCO chief Beth Solomon soon to oft-repeated quote, “SBA Loans have gone from being the lender of last resort to the lender of only resort for many small businesses in the country.”
Finally, more good news. Cat reports Senate Small Business Chair Senator Mary Landrieu is pushing for an extension of the SBA 504 refi program.