Small Business Lending Drops 57%

The Small Business Administration is still drawing up guidelines for its forthcoming emergency loans program, a stopgap measure intended to shore up small businesses struggling to keep up with payments on existing debt. But the agency recently confirmed an unexpected twist: Businesses with current loans backed by the SBA won't be able to use new loans to cover payments on existing SBA debt.

The upcoming program requires the SBA to create a new "business stabilization" program to back loans of up to $35,000 to small businesses "experiencing immediate financial hardship." (Source: Money/cnn.com) Learn more...

Courtesy of the BBB