BANKING & FINANCE - June 10, 1992

SBA Announces Small Loan Program: The U.S. Small Business Administration will begin making 10-year loans of up to $750,000 to 35 selected private nonprofit lenders that will use the funds to make small loans to “budding entrepreneurs,” SBA Administrator Patricia Saiki announced. They are called micro-loans because they range from just a few hundred dollars to as much as $25,000 and will be made by private community-based nonprofit organizations with at least one year’s successful experience making small loans to entrepreneurs to establish or strengthen their small businesses.