Ann Marie Mehlum is the Associate Administrator of Capital Access at the U.S. Small Business Administration. Mehlum serves as the SBA’s chief loan officer and a key member of the senior staff...
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Office of Capital Access
Streamlining 7(a) Small Loans
SBA is streamlining the processing of loans under 350,000 to reduce the costs of delivery. Loans under 350,000, known as 7(a) Small Loans can now utilize the SBA credit score. The score uses a complex model including consumer and business credit bureau data. If the Borrower has an acceptable score, the lender can them complete the reduced underwriting steps to obtain the guarantee. This automated process encourages faster decisions and reduces lender underwriting time, which means small businesses can receive their loan sooner than before.
For more information click on the following links:
Contact Local Assistance: http://www.sba.gov/tools/local-assistance
Visit our Lenders Page online: http://www.sba.gov/for-lenders
Talk with other Small Businesses owners and experts: http://www.sba.gov/community/