A new law aimed at helping small businesses preserve and create jobs means more Valley entrepreneurs will qualify for more and bigger loans backed by the federal government.
After Congress passed the Small Business Jobs Act in late September, the U.S. Small Business Administration and lenders have seen a surge of interest by businesses wanting to take advantage of changes that could save them thousands of dollars in the short term -- and much more over years in interest and tax breaks.
"The jobs bill put more money out there to make lending more affordable," said Carlos Mendoza, district director for the SBA's Fresno office.
The law extends provisions of the American Recovery and Reinvestment Act to allow the SBA to guarantee up to 90 percent of the value of qualified small-business loans made by banks, and waiving some or all of the loan-origination fees charged by the agency.
-- The Fresno Bee