On December 7, 2010, Davis Malm and attorney Tony Hewett were pleased to host a program with Small Business Administration Regional Administrator Jeanne A. Hulit on changes to the SBA’s 7(a) and 504 Programs. With the passage of the Small Business Jobs Act on September 27, the size and scope of these two major SBA programs dramatically increased now enabling borrowers and private sector lenders to finance significantly larger middle-market transactions. Ms. Hulit discussed among other changes the increase in the SBA 7(a) guaranty limit from 75% to 90%, the increase in the 7(a) maximum loan amount from $2 million to $5 million, the increase in the 504 maximum loan from $1.5 million to $5.5 million, and the ability for borrowers to refinance existing 504 loans in order to invest more equity into their businesses. Ms. Hulit was appointed Regional Administrator for SBA’s Region 1 in August 2009. As Regional Administrator, Ms. Hulit is responsible for the delivery of the agency’s financial assistance, technical assistance, and government contracting activities throughout the six New England states.

Attendees included Eastern Bank President Robert Rivers, Holbrook Cooperative Bank President Paul Falvey, SBA Massachusetts District Director Robert Nelson, U.S. Department of Agriculture Massachusetts Area Director Thomas McGarr, and representatives from Danversbank, Rockland Trust, Boston Private Bank & Trust Company, Massachusetts Business Development Corporation, Massachusetts Development Finance Agency, New England Certified Development Corp., and Granite State Development Corporation.

“I am extremely pleased we could host Jeanne Hulit’s program on the important changes happening to SBA lending. As Jeanne said in her program, every recovery in recent memory has been spurred by growth and activity in the small business segment and these changes will continue to point the country towards a speedy recovery,” said Tony Hewett.

For more information contact: Joanne Thorud; (617) 589-3894; jthorud@davismalm.com

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