"Funding Circle joins Arkansas Capital Corp. and Alaska Growth Capital BIDCO as the first nondepository institutions to be granted new Small Business Lending Company licenses in 40 years."
The Small Business Administration on Wednesday announced that it approved Funding Circle’s application to participate in the SBA’s flagship lending program, marking a significant milestone for the London-based firm, which has long been lobbying for access to the government lending vehicle.
Funding Circle joins Arkansas Capital Corp. and Alaska Growth Capital BIDCO as the first nondepository institutions to be granted new Small Business Lending Company licenses in 40 years, following the SBA’s decision this year to end a moratorium on granting new licenses.
In order to become an SBLC under the former regulations, an entity had to acquire one of the existing licenses from an entity exiting the 7(a) loan program.
With the addition of the three new SBLC licenses, the program’s nonbank lenders have expanded from 14 to 17.
“Persistent barriers to capital, especially small dollar loans, still pose a challenge to many of the entrepreneurs who power our economy,” SBA Administrator Isabel Guzman said in a statement on Wednesday. “The Biden-Harris Administration remains committed to filling capital market gaps — and the expansion of the SBA’s SBLC program after more than forty years is a monumental step forward in this crucial effort. With the addition of three new Small Business License Companies, the SBA will be able to serve even more small business owners who need capital to start, operate, and grow their businesses.”
The license comes amid a transformational year for the U.S. operations for Funding Circle, which has long lobbied for access to the government lending program. The firm named Steve Allocca its new U.S. managing director in January, and in August became operational in all 50 states and Washington, D.C., with the addition of Nevada.
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Crooked company....they steal your clients once they are funded...they have a diredt team that starts contacting your client and steal renewals.