William Manger is the Associate Administrator for the Office of Capital Access at the U.S Small Business Administration. The Office of Capital Access helps make funding available through banks and...
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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