SBA Launches New Online Loan Tool
The tools help untether entrepreneurs from the one neighborhood bank, using technology to get their foot in the door at a number of institutions.The Small Business Administration (SBA) announced it will launch a first-of-its-kind tool on the federal agency’s website that will allow entrepreneurs looking for a small business loan to get matched with a SBA lender. This tool, called Leveraging Information and Networks to access Capital (LINC) will have small business owners fill out a simple online form of 20 questions and connect them with lenders within 48 hours. Upon completion, a borrower’s application will be publicized to every lender in that borrower’s county, as well as to other lenders with a regional or national reach. Once lenders have reviewed the information that matters most to them, they’ll respond within 48 hours, all this for no fee or commitment.
The option is designed to untether entrepreneurs from any one neighborhood bank and give them broader access to capital via technology.