Six lenders have received the green light from the U.S. SmallBusiness Adminnistration to approve loans in a program forunderserved communities.
|The Community Advantage pilot program is aimed at expanding pointsof access to capital for small business owners by opening SBA's7(a) loan program to community-based, mission-focused financialinstitutions, including community development financialinstitutions, SBA's certified development companies and SBA'snonprofit microlending intermediaries.
|Advantage loans come with the SBA's regular 7(a) governmentguarantee, which is 85% for loans up to $150,000 and 75% for thosegreater than $150,000.
|The first Community Advantage lenders approved by the SBA areCen-Tex CDC dba BCL of Texas, Austin, Texas, The Progress Fund,Greensburg, Pa., Eastern Maine Development Corp., Bangor, Maine,Idaho-Nevada Community Development Financial Institution,Pocatello, Idaho, Kentucky Highlands Investment Corporation,London, Ky., and CDC Small Business Finance, in San Diego.
|The Community Advantage pilot program was announced by SBA inDecember and applications to participate opened Feb. 15.
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