Ohio treasurer backs emergency loan relief act for small businesses

COLUMBUS — Ohio Treasurer Kevin L. Boyce announced today he strongly supports U.S. Senator Sherrod Brown’s Small Business Emergency Loan Relief Act.

Boyce expressed his support in a written letter to Brown, saying the legislation will provide critical support to small businesses and encourage job creation.

Brown's legislation temporarily raises the maximum loan amounts for the three main Small Business Administration loan products: the 7(a) loan, the 504 loans, and the America's Recovery Capital (ARC) Loan Program.

If passed, the 7 (a) loan size would increase from $2 million to $5 million, the 504 loan size from $1.5 million to $4 million, and the ARC loan size from $35,000 to $50,000.