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SBA Woos Credit Unions With Fresh Round of Micro Loan Funds

With just two credit unions enrolled in its micro loan program, the SBA said it is doing all it can to boost the industry's numbers and

By Michelle A. Samaad | Updated on September 01, 2009

With just two credit unions enrolled in its micro loan program, the SBA said it is doing all it can to boost the industry’s numbers and is hoping a new round of funding will be an incentive.

In late August, the agency said the American Recovery and Reinvestment Act funded an additional $50 million for loans and $24 million for technical assistance to increase access to capital for small businesses. Congress actually appropriated $6 million for the micro loan program with the SBA leveraging up to $50 million toward the loans. The program is shifting to funding provided under the Recovery Act now that it has exhausted the regular FY 2009 appropriations for $20 million in loans and $20 million in technical assistance.

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