SBA’s 7(a) program open to new nontraditional lenders
The Washington Business Journal reports that SBA is reopening its Small Business Lending Company (SBLC) program, allowing nontraditional lenders to apply for licenses to make loans up to $5 million. Applications for new SBLCs are open until October 15, with plans to award up to three licenses. The SBA is also accepting applications for nonprofit Community Advantage SBLCs, which can lend up to $350,000 in specific areas. Recent changes aim to expand lending to underserved businesses, despite facing congressional pushback and scrutiny over the inclusion of financial-technology firms as lenders.
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