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Getting the $350 billion in loans for small businesses in the record U.S. stimulus package into business owners’ hands before a wave of closures will strain the nation’s network of lenders and regulators as never before.
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“We’re all on the same telephone calls determining how we can stand this up as quickly as possible,” said said Julie Huston, chairwoman of The National Association of Government Guaranteed Lenders, a trade association of banks and finance companies that make SBA loans. Without estimating how quickly money will flow to businesses, she said: “They’re designing it to be very quick.”
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