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Small Business Loans Benefit from New SBA Rule

Finally, SBA eliminates the barriers to small business loans. SBA predicts that a larger number of businesses will take advantage of the new rule.

DENVER, Feb. 17, 2014 /PRNewswire-iReach/ -- New, liberalized SBA rules predict increased access, greater availability of funds, and improved participation from small businesses when it comes to applying for government-backed business loans. With manufacturers and small businesses taking a priority with the Obama Administration, it is no surprise that the current administration is doing all it can to boost the economy and overall job growth.

The New York Times reported that S.B.A. proposed modifications to its rule that would relax its affiliation rules, which are designed to ensure a small business loan applicant is not controlled by a larger company. Essentially, the new standards would streamline and simplify the application process and ensure funds would reach a larger proportion of small businesses, which, in turn, are expected to boost the economy as a GDP engine. In 2013 alone, the agency was expected to max the legal limit of $22 billion in small business loans, as reported by The New York Times.

"Billions are available for small business owners and yet the participation rates are dismal. At Cash Advance USA we have made extra efforts to improve participation in small business loan applications and programs. In addition to shoring up our internal resources, we have setup a support network that would foster loan growth and support businesses during the approval process," explains Mark Miller, founder of Cash Advance USA, a site that specializes in providing short term personal loans and business loans as well.

"As an entrepreneur, this is truly news to me. I honestly did not know that SBA was going out of its way to help entrepreneurial ventures like mine. Until recently, I approached traditional lenders to get working capital or expansion funds. Now, I have the option to tap into a government-backed resource and take advantage of 'business friendly terms'. I give this initiative a two thumbs up," says Mark April, a small business owner that specializes in selling craft merchandise.

"The sense of timing is perfect. The overall US economy is stabilizing and these loans are bound to encourage expansion and economy-driving initiatives," adds Miller.

http://www.cashadvanceusa.net/ is an innovative online marketplace where entrepreneurs and individuals can shop (and apply for) low interest, streamlined business loans. The site allows applicants to compare loan programs, complete applications, and receive funds -- all within a matter of hours. The large of lenders that currently offer their expertise at the site is the primary reason why Miller's company has been outperforming competitors for nearly two decades.

In addition to the site's robust lender network and technology infrastructure, a special support team provides 24/7 service to customers like Mr. April, who was only too thrilled to receive the extra attention and time-saving expertise from Mark's team. "Who has the time to learn everything," adds April.

Media Contact: Mark Miller, Cash Advance USA Ltd, (512) 571-3828, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE Cash Advance USA Ltd

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