Webster Bank, Waterbury, Connecticut, has pledged to help small businesses affected by the shutdown of the Small Business Administration's 7a loan guarantee program. The bank created a $25 million fund to assist qualified small business borrowers and said it will keep the program open for the rest of 2004 or until the U.S. Congress approves a new budget for SBA loans. In 2003, Webster generated nearly $200 million in small business loans with an average size of $100,000 each. The program was shut down as part of reduced funding to SBA.
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