Hochberg and McCarthy testify before a House Financial Services Committee hearing on the Export-Import Bank's reauthorization, on Capitol Hill in Washington

Small business loans resume after Congress lifts guarantee cap

Hochberg and McCarthy testify before a House Financial Services Committee hearing on the Export-Import Bank's reauthorization, on Capitol Hill in WashingtonU.S. President Barack Obama on Tuesday signed legislation renewing federal loan guarantees for small businesses that were exhausted last week and also raising the overall cap on the program. The House of Representatives on Monday unanimously approved the Small Business Administration loan program in a bill the Senate had already passed. The measure sets the new limit for the SBA’s 7(a) loan guarantee program at $23.5 billion through Sept. 30, up from the previous cap of $18.75 billion.

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