The SBA approved $8.8 billion in 7(a) loans during the first quarter of the federal fiscal year (which started on October 1), making it the second-fastest start since 1991, when the agency began tracking data. The number is up 38% from the first quarter of###-###-#### The last time the program saw such a strong start was 2011, following the Small Business Jobs Act of 2010, which raised from $2 million to $5 million the cap on the amount an individual business owner could borrow.

The 7(a) program has long been a favorite among business buyers. Established in 1953, it allows borrowers to secure loans for up to $5 million, with favorable terms that include low down payments and extended repayment schedules. The lons are especially popular for funding acquisitions of existing businesses, thanks to their government-backed guarantees that reduce risk for lenders.

According to Forbes - Link

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