Mon 3 Jan 2011
New Lending Initiatives for Small Businesses Announced
Posted by Kenny Leonard under Banking, Small Business
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Last month the SBA announced two new lending initiatives that will provide small business borrowers quicker access, with less paperwork, to much needed capital. The SBA’s new Small Loan Advantage incentive will reduce the paperwork burden- and loans that are submitted electronically can be approved in minutes or within one business day.
The second initiative, called Community Advantage, will provide access to SBA-backed loans for under-served communities (such as minority-, women- and veteran-owned businesses as well as small businesses in lower-income and rural areas). The SBA recommends that borrowers work with an advisor to develop a business plan and loans can be approved within 5 to 10 days.
These streamlined programs will provide small business owners across the country an opportunity to create jobs in the local communities they serve and drive economic growth.
United Structured Finance is actively researching product development that will create a streamlined loan origination process for credits that are $350,000 and less.
More info:
http://money.cnn.com/2010/12/15/smallbusiness/sba_small_business_loan_programs/
