Today's Date: March 8, 2021
EstrellaTV to Premiere New Season of Tengo Talento, Mucho Talento on Monday, March 29 at 8 PM ET/7 PM CT   •   Lafarge Canada celebrates women in the workplace   •   10 Million Users: Taimi Marks a Major Milestone   •   New Research Shows Marijuana THC Stays in Breast Milk for Six Weeks   •   Equal by 30 Survey Reveals Women Under-Represented in Global Energy Sector   •   Government of Canada invests in two women's organizations to continue advancing gender equality initiatives   •   Girls in Tech's "Half the Board" Campaign Calls For Gender Parity in Tech Boardrooms by 2025   •   PG&E to Customers: Have a Plan for Upcoming Weather Systems   •   IWSH Sponsors Poster Contest for 12th Annual World Plumbing Day   •   Nexstar Inc. to Announce Market-Finalists of Its “Remarkable Women” Initiative on March 9th   •   Planned Parenthood Northern California Opens New Flagship Health Center in San Francisco   •   Motorcycle Industry Trailblazer Joins Comoto Family of Brands to Build Community and Better Serve the Ever-Evolving Female Rider   •   Wells Fargo: Younger Women Are Increasingly Earning the Title of “Breadwinner”   •   National Power Women Alliance Created to Empower Businesses Globally   •   ARCH® Cutting Tools Celebrates International Women's Month - Engineer Dolores Morrison: Women are 'Natural-born Problem Solv   •   First Commonwealth Federal Credit Union Names New Chief Information & Technology Officer, Celebrates 50% Executive Roles Hel   •   In honour of International Women's Day, L'Oréal Paris Reaffirms its Commitment to Empowering Women Around the World   •   Beacon Launches North American Female Roofing Professional of the Year Competition   •   NEO Rings the Bell for Gender Equality in Honour of International Women’s Day   •   Ottawa Bruyère Hospital Staff Hold ‘Respect Us - Protect Us - Pay Us’ Rally 12:00 Noon Today International Wo
Bookmark and Share

SBA "Advantage Loan Program To Begin

WASHINGTON – Lenders who participate in the U.S. Small Business Administration’s Preferred Lender Program can approve loans through the agency’s new Small Loan Advantage program beginning Feb. 15. At the same time, the agency will begin accepting applications from community-based, mission-focused lenders who are interested in making SBA-guaranteed loans through the new Community Advantage program.

 

Both the Small Loan Advantage and Community Advantage programs were announced in December as part of the agency’s efforts to increase the number of lower dollar loans being made to small businesses and entrepreneurs in underserved communities.

“Businesses in underserved communities, including minority and women-owned as well as businesses in rural areas, have been among the hardest hit by the recent economic downturn,” said SBA Administrator Karen Mills. “These two new Advantage initiatives can provide critical support to help these businesses and entrepreneurs get much needed financing to start and grow, which will translate into more jobs in these communities.”

Built on what the agency refers to as its “Advantage” platform, both Small Loan Advantage and Community Advantage offer a streamlined application process for SBA-guaranteed 7(a) loans up to $250,000. Advantage 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.

Starting Feb. 15, any of the 610 financial institutions across the country in the SBA’s Preferred Lender Program (PLP) can approve loans using the new Small Loan Advantage process. Under PLP, which includes most of the agency’s highest volume lenders, SBA delegates the final credit decisions to these lenders.

Additionally, on Feb. 15, SBA will begin accepting applications from financial institutions who are interested in becoming Community Advantage lenders. Through Community Advantage, the agency will expand the points of access small business owners have for getting loans by opening SBA’s 7(a) loan program to “mission-focused” financial institutions, including Community Development Financial Institutions, SBA’s Certified Development Companies and SBA’s nonprofit microlending intermediaries. Community Advantage will leverage the experience these institutions already have in lending to minority, women-owned and start-up companies in economically challenged markets, along with their management and technical assistance expertise, to help make their borrowers successful.

SBA and U.S. Department of Commerce studies have shown the importance of lower-dollar loans to small business formation and growth in underserved communities. With that in mind, the two new loan initiatives – Small Loan Advantage and Community Advantage – are aimed at increasing the number of lower-dollar SBA 7(a) loans going to small businesses and entrepreneurs in underserved communities. The agency’s most popular loan product, 7(a) government-guaranteed loans can be used for a variety of general business purposes, including working capital and purchases of equipment and real estate.

Community-based organizations interested in becoming Community Advantage lenders should contact the closest SBA district office. 


STORY TAGS: GENERAL, BLACK NEWS, AFRICAN AMERICAN NEWS, LATINO NEWS, HISPANIC NEWS, MINORITY NEWS, CIVIL RIGHTS, DISCRIMINATION, RACISM, DIVERSITY, RACIAL EQUALITY, BIAS, EQUALITY

Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News