The SBA said the 7(a) program has reached its FY 2015 loan guaranty program limit. As a result, SBA is forced to suspend its 7(a) small business lending until the start of the new fiscal year on October 1, 2015, or until such time as the 7(a) loan authority is increased by Congress.

As additional program authority becomes available due to Congressional action or as a result of cancellations of loans previously approved this fiscal year, applications in the Queue will be funded in the order they were approved by SBA.

We continue to work with the House of Representatives and are confident that it will promptly pass similar legislation, allowing the SBA to continue supporting American small businesses as they grow and create jobs to strengthen the nation’s economy.

America’s small businesses are back and growing faster than ever. In recent months, SBA’s 7(a) program has experienced unprecedented demand from America’s small business community. SBA has already approved over 45,000 loans this year totaling more than $16.5 billion, a 25% increase over this same period last year.