U.S. Sen. Patty Murray announced today that 27 small businesses, including Auburn-based SKR Corp., will receive private loans guaranteed through the Small Business Administration.

The private bank loans will enable those businesses to protect existing jobs, hire and expand because of SBA loan guarantee improvements in the Small Business Jobs Act, Murray pointed out.

A $324,500 loan will help SKR maintain its nine employees.

The bill, which Murray has advocated for in meetings with small business owners across the state and on the Senate floor, includes a provision that raises loan guarantees and limits and reduces loan fees for businesses. The expanded ability of the SBA to guarantee loans made way for the approval of the pending loans, which had been log-jammed. The loans will help the small businesses avoid shedding jobs, and in many cases, help to create jobs through new hiring or expansion projects.

“This is a first step in putting credit back in the hands of our local job engines – small business owners,” Murray said. “For too long, Wall Street’s recklessness has relegated our state’s small businesses to the sideline. I fought for this bill because small business owners tell me their number one concern is cash flow. Today we are helping to put Washington state small businesses back in the business of growing and generating local economic activity.”

The 27 loans to small businesses across the state are loans that have been caught up in a SBA queue since increased loan guarantees expired in May. The Small Business Jobs Act that Murray fought to pass increases loan guarantees and limits while decreasing fees for businesses, making it possible for new loans to be generated through SBA.

Across the country nearly 2,000 new loans through private banks were announced today as part of the expanded loan guarantees in the Small Business Jobs Act.