Reuters reported the U.S. Small Business Administration hit the $18.75 billion cap for its main loan guarantee program on Thursday, July 23, 2015 forcing it to halt the funding of new loans with more than two months left in the fiscal year.

According to the Reuters report, SBA spokesman Miguel Ayala said the agency's lending capacity for fiscal 2015 was exceeded by stronger-than-anticipated demand for the government-guaranteed 7(a) program loans made by banks to small businesses. Reuters also reported that as the agency neared the cap, lenders submitted a $3 billion in loan applications in July so far, which is more than five times the agency's recent monthly volume, Ayala said.

To real the full Reuters report, click here.