If you have a small or home business, help could be on the way. Last month, the economic stimulus bill included measures designed to help small business through expanded loan guarantees via the Small Business Administration. CNN Money reports on some of the details:

The stimulus bill passed last month included $730 million for direct spending on small-business initiatives, including expanded financial support for the SBA’s two key lending initiatives, the 7(a) and 504 programs. Under those programs, the SBA guarantees loans made by banks to small-business borrowers. If the business defaults, the SBA picks up the tab for the insured portion of the loan. …

Currently, the government guarantees up to 85% of loans below $150,000, and up to 75% of larger loans. The stimulus bill allows the SBA to temporarily increase its guarantee to 90%. It also allows the SBA to waive or reduce the fees it changes banks and borrowers for participation in the program.

Unfortunately, some snags have been hit in trying to get this financing through. The SBA has been having difficulty drafting new guidelines for the loans and who qualifies. This means that there are delays for small and home business concerns that are already cash-strapped and looking for financing. In a way, this is kind of depressing, since there are no massive bailouts of the kind seen when it comes to companies like AIG and Citi.

Once the the guidelines are created, though, it means that more small and home business operations will be likely to receive what they need in terms of financning.

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