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Small Businesses Land $12B in Loans with Help of Jobs Act

In just three months since the Small Business Jobs Act of 2010 was signed into law by President Obama, the Small Business Administration has supported more than $12 billion in lending to small businesses and entrepreneurs across the country.

During the last quarter of 2010, the SBA approved nearly 22,000 loans, putting its guarantee behind $10.47 billion of the $12 billion that commercial lenders gave to small businesses, according to SBA administrator Karen Mills.

The Jobs Act included an extension of reduced loan fees and an increase in the amount of guaranteed money.

“SBA is on the front lines with small-business owners and our lending partners every day, Mills said in a news release. “I’m very proud that as a result of those close relationships and partnerships, we're able to quickly put this significant amount of capital into the hands of our nation’s largest jobs creation engine. The loan enhancements of higher guarantees and reduced fees first implemented as part of the Recovery Act have been a vital resource for tens of thousands of small businesses at a critical time when lending markets had dried up.”

Through the Recovery Act and Jobs Act combined, the SBA has helped put more than $42 billion in the hands of small businesses, according to Mills.

“The Small Business Jobs Act is the most consequential piece of legislation affecting small businesses enacted in more than a decade,” Mills said. “While we are proud of how quickly SBA could provide $12 billion in capital to small businesses, we remain focused on implementing other key provisions of this law that will continue to expand access to capital , help small businesses compete for federal contracting dollars, strengthen small-business exports and provide other critical support.”

Reach BusinessNewsDaily senior writer Ned Smith at nsmith@techmedianetwork.com. Follow him on Twitter @nedbsmith.

Ned Smith

Ned was senior writer at Sweeney Vesty, an international consulting firm, and was Vice President of communications for iQuest Analytics. Before that, he has been a web editor and managed the Internet and intranet sites for Citizens Communications. He began his journalism career as a police reporter with the Roanoke (Va.) Times, and was managing editor of American Way magazine and senior editor of Us. He was a Captain in the U.S. Air Force and has a masters in journalism from the University of Arizona.