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SMALL BUSINESS : Small Business Loans : SBA loan breaks waiting list has startedThe Small Business Administration ( SBA ) has run out of money for incentives that made its loans less risky for lenders and cheaper for borrowers. The SBA will set up a waiting list by Monday for lenders who want a 90% government guarantee on the agency’s flagship 7(a) loans and fee reductions for their borrowers. Loans on this waiting list will be eligible for these breaks if more money becomes available. The breaks were first made possible by the economic stimulus bill, and then extended by Congress in December. The normal guarantee for the average 7(a) loan is 75 percent. The SBA set up a similar waiting list in November 2009, when the agency ran out of $375 million in economic stimulus funds designated for these loan breaks. More than 1,000 loans were sitting in this queue Dec. 21, when Congress came up with another $125 million to temporarily revive the breaks. Lenders had been rushing to submit their loan applications even before the SBA informed them earlier this week that money for these breaks was running out. This scramble accelerated last Thursday, when 'Senate Majority Leader Harry Reid ( D-Nevada )', stripped funds for another extension of the SBA loan enhancements--along with many other unrelated provisions--from the jobs bill scheduled for Senate action Monday. Reid said the jobs bill negotiated by 'Sen. Max Baucus ( D-Montana )', and 'Sen. Chuck Grassley ( R-Iowa )', needed to be pared down because it contained too many provisions that weren’t directly related to creating jobs. The SBA loan breaks, however, revived SBA lending, and enabled small businesses who couldn’t get credit elsewhere to create thousands of jobs. The volume of 7(a) lending is up by 90% this fiscal year, compared with the same period a year earlier, because of these breaks. Extending the 90 percent guarantee and fee reductions through the end of the year would cost $375 million. A coalition of 80 small business groups around the country have sent letters to senators urging them to include the SBA funding in next week’s jobs bill. SBA Administrator Karen Mills also has met with Reid to emphasize the importance of continuing these breaks. source: http://www.bizjournals.com/albuquerque/stories/2010/02/22/daily4.html Opening a Small BusinessAspiring entrepreneurs are fairly excited when they make the decision to open a small business. Sharing this news with friends and family usually generates a response referring to...Starting a Small Business IdeaYou have thought out an angle for starting a small business idea that is going to revolutionize the industry. Are you willing...Good Small Business PracticesGood small business practices require good business etiquette. 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