Small Business Administration to Launch 2 New Business Loan Programs

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Two brand new small business loan programs in one week? This is good, right?

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Here they are;

• The Small Loan Advantage is structured to encourage larger, existing SBA lenders to make lower-dollar loans, which often benefit businesses in underserved markets.

• The Community Advantage is a pilot initiative aimed at increasing the number of SBA 7(a) lenders who reach underserved communities, targeting community-based, mission-focused financial institutions which were previously not able to offer SBA loans.

SBA and the U.S. Department of Commerce studies have shown the importance of lower dollar loans to small business formation and growth in underserved communities

The Small Loan Advantage and Community Advantage programs will offer a streamlined application process for SBA-guaranteed 7(a) loans up to $250,000. These loans will come with the regular 7(a) government guarantee, 85 percent for loans up to $150,000 and 75 percent for those greater than $150,000.

My friend, Rieva Lesonsky and her team over at Small Biz Daily reported on this news recently, and wrote up the details of these two much-need programs. Read Small Biz Daily.