SBA program matches entrepreneurs with lenders
The U.S. Small Business Administration has launched a new initiative designed to make it easier for entrepreneurs to find suitable lenders. The program, calledLINC (Leveraging Information and Networks to access Capital), provides small businesses with an online form with 20 questions. Once completed, the form is blasted out to participating SBA lenders in an applicant’s county, as well as financial institutions with a statewide or national reach. If LINC doesn’t produce an immediate match, entrepreneurs will be directed to their local SBA adviser for additional assistance with their loan application. In its initial phase, the program will only provide access to lenders participating in the SBA’s Community Advantage microlending program and its real estate financing (504) loan program, but the agency said it plans to expand LINC to other lending programs.