Credit unions will have two more resources to tap to help small businesses start, expand and thrive in underserved communities.
The SBA has launched the Small Loan Advantage and Community Advantage initiatives. Both aim to offer a streamlined application process for the agency's 7(a) loans up to $250,000. The loans will come with the regular 7(a) government guarantee, 85% for loans up to $150,000 and 75% for those greater than $150,000.
The Small Loan Advantage will be available to the 630 financial institutions across the country in the agency's Preferred Lender program. Under PLP, which includes most of the agency's highest volume lenders, SBA delegates the final credit decisions to lenders.
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