(Seattle, WA) – Today, U.S. Senators Patty Murray announced that 27 small businesses that had been waiting for private loans guaranteed through the Small Business Administration (SBA) will receive approval today thanks to the passage of the Small Business Jobs Act. The bill, which Senator Murray has advocated for in meetings with small business owners across Washington state and on the Senate floor, includes a provision that raises loan guarantees and limits and reduces loan fees for businesses. The expanded ability of the SBA to guarantee loans made way for the approval of the pending loans which had been log jammed. The loans will help the small businesses avoid shedding jobs, and in many cases, help to create jobs through new hiring or expansion projects.

“This is a first step in putting credit back in the hands of our local job engines - small business owners,” said Senator Murray.  “For too long Wall Street’s recklessness has relegated our state’s small businesses to the sideline. I fought for this bill because small business owners tell me their number one concern is cash flow. Today we are helping to put Washington state small businesses back in the business of growing and generating local economic activity.”

U.S. Senator Maria Cantwell, who along with Murray fought for the Small Business Jobs Act, also praised the lending that will begin to flow to Washington businesses:

“Credit-worthy small businesses stand ready to grow and create jobs, but they have been starved of lending capital by Wall Street’s financial meltdown,” Senator Cantwell said. “I pushed so hard for this new law so that capital will quickly begin flowing to small businesses and they can start investing, growing, and hiring again.  These new loans, coming just one week after enactment of the Small Business Jobs Act, will help Main Street businesses put America back to work.”

The 27 loans to small businesses across Washington state today are loans that have been caught up in a SBA queue since increased loan guarantees expired in May. The Small Business Jobs Act that Murray fought to pass increases loan guarantees and limits while decreasing fees for businesses, making it possible for new loans to be generated through SBA.

Across the country nearly 2,000 new loans through private banks were announced today as part of the expanded loan guarantees in the Small Business Jobs Act. These loans are separate from the main provision of the Small Business Jobs Act which establishes a $30 billion, fully paid-for, lending fund that will provide small businesses with credit to lend to small businesses in their communities to help create and save jobs.

A breakdown on the location, small business, and private bank loan amount for Washington state small businesses approved today is below: