If you've got a small-ish business and you're looking for financing, you know that there are plenty of challenges. One of these challenges is the fact that many banks are still holding back on making loans at all. Another challenge is that companies are bumping up against the SBA (Small Business Administration) loan limits. Fortunately, progress is being made in Congress to help in both these areas.

Specifically, Senator Olympia Snowe of Maine, has authored legislation which would increase the caps on the Small Business Administration’s 7(a) and 504 loans from $2 million to $5 million, while raising the maximum loan size for microloans from $35,000 to $50,000. While there is some distance to go before the proposed legislation becomes reality, if passed it will be a tremendous shot in the arm for American small businesses. Stay tuned...