WASHINGTON — In an effort to connect small business loan applicants and commercial lenders, the Small Business Administration is seeking ideas for the development of an online lending portal.
The portal would allow business users to enter relevant information regarding their financing needs and key financial and performance information critical to an underwriter's decision. The portal would then facilitate matching interested lenders with prospective borrowers.
The SBA has issued a request for information from potential vendors on setting up a sustainable online portal. While the RFI is not an official solicitation and no contract will be awarded on the basis of this information, the SBA has provided instructions that describe topics under the three categories of specifications, pricing strategy and project management. Some of the topics that need to be addressed are user friendliness and transparency, market coverage, privacy policy, pricing structure, revenue sharing, timeline and risks.
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