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Changes that helped lenders hurt the U.S. Small Business Administration’s flagship lending program and many of its borrowers.
Early defaults on loans backed by the SBA are on the rise. The defaults will haunt borrowers the rest of their credit lives. But the SBA loan program has been great business for a handful of lenders, thanks to the government’s guarantees and the Biden administration’s decision to eliminate the fees it charged for the government’s backing.
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