Small-business loan program rejuvenated

The U.S. Small Business Association has reopened its 7a loan program with an additional $470 million in lending authority, according to a recently released statement.

The program was suspended Tuesday, Jan. 10, because of volume constraints under a continuing resolution that runs through the end of January.

Since Oct. 1, 2003, SBA funding has come from a series of resolutions by Congress. If the 7a program’s demand remains at a high level, the $470 million appropriated may not be adequate to keep it running, the SBA said.