Get in Line! (for the SBA Backed Small Business Loans)

The funding for the enhanced SBA guaranteed small business loans ran out Friday, February 19, 2010 and its time to get in line and hope they will restart with additional funding from Congress.

Similar to what happened in November 2009 when the SBA Recovery Loan program ran out of its original allotment of $375 million, there is an additional appropriation awaiting congressional approval - it passed the House and is stalled in the Senate.

The last time this happened the extra $175 million lasted until last Friday, February 19. The SBA has seen a dramatic increase in the average weekly loan volume, increasing by nearly 90% since February 2009, so the lending is helping the small business market to get back on their feet.

The advantage of getting in line for the enhanced loans is the higher guarantee amount (attractive to the lending institution), and in some cases waived fees.

After you get in line, you can watch the loan que here on the SBA website.