Commercial Loans Blog

On Wednesday, SBA announced two new lending initiatives to help get modest SBA business loans out to small businesses quickly reports CNN Money.
These SBA loan stimulus programs are expected to be up and running by March 15th 2011 to spur firms to grow and hire, giving the economy a boost.
The first initiative is to have quicker loan approval for loan amounts under $250,000. The initiative states the application will be trimmed down to 2 pages so an approval can be issued in minutes up to 10 days.
Even though credit availability has eased since the global financial crisis hit, many of the small business that applied for credit were turned down. The banks say they have been slow to issue loans for small business because they find that it doesn’t pay for the banks to spend the time and resources administering loans below the $250,000 dollars. This was due to the processing of the paper work required for a SBA loan. But with the new Small Loan Advantage initiative, the lenders can get small businesses approved quickly by submitting a one page credit memo.
The Community Advantage is the second SBA initiative. This program is to get small business funding to business that are for veteran owned, women owned and minority owned, as well as businesses in lower-income or rural areas.
Also the Community Advantage applications will be approved in a short time within 5 to 10 days. The program promotes the borrowers to develop a business plan and work with advisors.
The new SBA initiative program is a three year pilot arrangement so you will need to apply at places like Community Development Funding Institutions, Nonprofit Certified Development companies and approved micro lending intermediaries.
Wishing You the Best,
Karen Schimpf
Toll: 866-400-8630
Phone: 512-650-8630
www.BizLoansConnections.com
Posted by Karen Schimpf on December 17th, 2010 11:40 AMPost a Comment (0)
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