SBA to Match Lenders to Entrepreneurs with New Online Tool
Maria Contreras-Sweet, U.S. Small Business Administration (SBA) administrator, announced the launch of a first-of-its-kind online tool that will match entrepreneurs with SBA lenders.
"Effective today, LINC will bring entrepreneurs and SBA lenders together," said Contreras-Sweet. "There's a hunger among entrepreneurs to find financing to get their business off the ground or take the next big step in their expansion plan. The SBA stands there ready to help them, now with a few simple clicks.
"Across the country, thousands of small-business owners pound the pavement every day looking for term loans, equipment financing, lines of credit, invoice financing and real estate loans to help them hire and grow. If you have a bankable business idea backed by good credit and sound financial planning, the SBA wants to streamline the process for you to get the capital you need."
To use the program, there are no fees and no commitment is required. The small-business owner must fill out a 20-question form, which the SBA will send to every lender in the prospective borrower's county, as well as regional and national lenders. After lenders review the information, they offer responses.
SBA plans to expand the program in the future. Currently, it connects small-business owners with nonprofit lenders that offer free financial advice and specialize in micro-lending, loans in the SBA Community Advantage program and real-estate financing. There are 124 lenders participating in the program.
For more information, visit www.sba.gov.