SBA to Introduce New Government-Backed Credit Lines Up to $5 Million for Small Businesses

The Small Business Administration plans to unveil new government-backed credit lines of up to $5 million for small businesses. In coming months, the SBA will launch a working capital pilot program designed to be more attractive than existing products. The program aims to provide small businesses funding for specific projects or to borrow against their assets. The SBA's new working capital lines offer small business owners the option to fund specific projects or borrow against their assets, with interest rates ranging from approximately 12% to 15%.