SBA Works to Increase 7(a) Lenders to 3,000
Under the SBA's Open Government Plan, the agency said one of its goals is to increase 7(a) active lending program participants to 3,000 by September 2011.
It's one of four performance goals under the plan, which the SBA comprised for more transparency, participation and collaboration. Expanding access to capital will help increase the number of active SBA lending partners for the loan program to 3,000 by Sept. 30, 2011, a 15% increase over the fiscal years 2008 and 2009's average, the agency said.
Another performance goal will be processing 85% of home disaster loan applications within 14 days and 85% of business disaster loan applications within 18 days. The SBA said it also wants to increase small business participation in federal government contracting to meet the statutory goals and reduce participation by ineligible firms.
The fourth performance goal is to enhance the SBA's Small Business Innovation Research program by improving data collection and its reporting system, more monitoring for fraud waste and abuse and improving commercialization from existing program awards.