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