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SBA Reaches Limit for 7(a) Loan Guarantees – MCS Los Angeles

SBA Reaches Limit for 7(a) Loan Guarantees

Information Notice UPDATE

SUBJECT: 7(a) Loan Program Authorization Level – UPDATE

EFFECTIVE: 7-23-2015

This notice is to inform all stakeholders and interested parties that the 7(a) program has reached its FY 2015 loan guaranty program limit.  As a result, SBA is forced to suspend its 7(a) small business lending until the start of the new fiscal year on October 1, 2015, or until such time as the 7(a) loan authority is increased by Congress.  All loan applications submitted through delegated or non-delegated authority as of noon (EDT) today will be processed as usual.

SBA continues to work closely with our partners in the House of Representatives and Senate to address this challenge.  While a solution is not yet finalized, we are hopeful that Congress will soon increase the 7(a) program’s lending authority, ensuring that entrepreneurs and businesses can continue to rely on the program to secure the credit necessary to start or expand their business.

As announced in SBA Information Notice #5000-1344, dated 7-22-2015, applications are being processed up to the point of approval and placed into a queue awaiting the availability of program authority (the “Queue”).  As additional program authority becomes available due to Congressional action or as a result of cancellations of loans previously approved this fiscal year, applications in the Queue will be funded in the order they were approved by SBA.

Please contact your Lender Relations Specialist at the Los Angeles District Office if you have any questions concerning this notice at 818-552-3201 or lado@sba.gov .

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Harbor BusinessSource Center (BSC) provided long-term business financial services to entrepreneur Peace Love Reedburg


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The Harbor BusinessSource Center (BSC) provided long-term business financial services to entrepreneur Peace Love Reedburg, helping him create a two-phased plan to expand his Grilled Fraîche restaurant into a second

Harbor-Watts BusinessSource Helps Lawyer Launch Own Firm in Downtown LA


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The Harbor-Watts-BusinessSource Center (BSC) helped Martin Quiroz obtain a pre-startup loan that allowed him to launch his own law firm at 333 South Grand Avenue in Downtown Los Angeles and