Congress Supports Record 504 Growth

On June 7th, the House passed the SSJC Appropriations bill for FY06. Included in this bill was an increase of the 504 program level authority to $6.0 billion, ensuring more than adequate 504 availability through 2006.

The official statement from the House of Representatives Committee on Appropriations notes that the Small Business Administration (SBA) Bill provides $590 million for the SBA, and provides a record authorization for the 504 loan program to help American entrepreneurs to access long-term capital. 504 loan program activity has increased to date to a record $ 2.463 billion in authorized debentures, that equals to 4,630 loans so far in FY 05, an increase of 14% over the $ 2.160 billion level reached in FY 04.

This action by Congress ensures that there will be more than enough funding available to make long-term capital available to meet the growing demand of small businesses across the state of Florida.

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