New 5 million SBA LOC

searcher profile

June 11, 2024

by a searcher in New York, NY, USA

Anyone have any insight on this? Can it be used towards acquisitions?

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commentor profile
Reply by a lender
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA
I have seen the news on this. It is not clear where this is at in the approval process. It is likely something that would need to be approved by Congress if it is a new lending program, which who knows if that will happen with the current disarray in Washington. But I would suspect any sort of line of credit would be used for working capital and not for business acquisition finance.
commentor profile
Reply by a professional
from University of Michigan in Detroit, MI, USA
Always I always defer to ^redacted‌ on these matters, my understanding is that the SBA will be piloting this program in the upcoming months. As far as I can tell, it's intended to help small business owners with working capital.
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