The U.S. Small Business Administration is extending the deadline of Recovery Act lending through May. Last Thursday, April 15, 2010, President Obama signed legislation that will provide another $80 million for SBA’s two loan programs.

This additional funding will go towards supporting around $2.8 billion in small business lending, SBA has estimated. Small businesses are able to use these funds to make sure they have access to the capital they need to grow. Moreover, this creates jobs and bolsters economic growth nationwide.

SBA Administrator Karen Mills said, “The increased guarantees and reduced fees on SBA loans have generated more than $25 billion in new loans to small business owners and brought more than 1,200 lenders back to SBA loan programs.”

Mills continued on to say, “These programs have been successful in helping jump-start our economy, which is why we will continue to work with Congress on a longer term extension of the increased guarantee and reduced fees.”