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Sarah George
Thu, May 4, 2023 at 4:18 PM EDT·6 min read
The U.S. Small Business Administration has long been concerned about small businesses from underserved markets struggling to obtain SBA loans. On May 11 and 12, the SBA is expected to enact a series of changes to the SBA programs that will expand which lenders can get licensed for SBA programs, establish new opportunities through Community Advantage nonprofit lenders and update the criteria and underwriting processes to streamline documentation.
“Modernizing and expanding SBA’s lending programs will open new opportunities to our highly entrepreneurial, yet underserved communities that have far too long been denied access to the funding they need to create jobs and grow our economy,” U.S. Small Business Administrator Isabella Casillas Guzman said in the SBA’s press release.
The new rules seek to widen access to government-backed small business loans, especially for minority-, veteran- and women-owned businesses.
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New SBA lenders? i like the sound of that