SBA Administrator’s Statement on Raising SBA’s 7(a) Loan Authorization Ceiling to $23.5 Billion

Release Date: 
Monday, July 27, 2015
Release Number: 
Miguel Ayala (202) 450-0148

WASHINGTON – U.S. Small Business Administrator Maria Contreras-Sweet issued the following statement today on approval of SBA’s 7(a) Loan Program.

“Thank you to the House of Representatives for the step it took on Monday to raise SBA’s lending authorization ceiling to $23.5 billion for our 7(a) loan guaranty program.  Combined with the Senate’s action last Thursday, the SBA’s flagship lending program is back on track.

We have seen record levels of lending this year, showing us that America’s small businesses are thriving and yearning to grow.  We have streamlined our processes, reduced fees, and bolstered our outreach to our lending partners.

On behalf of the Small Business Administration, and the thousands of small and growing businesses, innovators, and entrepreneurs we serve across the country, thank you to the leadership in both the House and Senate for the steps they have taken this past week.  As we go forward, we will continue to work with both chambers to ensure that the SBA continues to empower American small businesses as they grow and create jobs to strengthen the nation’s economy.”