It’s been a good week for small businesses. A backlog of Small Business Administration loans received final approval on Monday, clearing the way for nearly $970 million to flow where it’s needed.
Approvals were completed for 1,939 loans, SBA Administrator Karen Mills said in a press release. Some businesses had been waiting on the money for months while Congress dithered over the Small Business Jobs Act of 2010.
In response to the ongoing credit crunch facing small business, the Blount County Chamber of Commerce and the Tennessee Small Business Development Center will host a seminar on SBA loan programs on Wednesday in Maryville.
The seminar is open to the public and will focus on two Small Business Administration programs — the Community Express Loan and the Patriot Express Loan. The event is at 4 p.m. at the chamber, 201 S. Washington St.
“These loans typically are for $25,000 or less and are intended to provide an infusion of working capital,” said Bruce Hayes, a senior business analyst with TSBDC.