November 2023

New at the SBA

Attractive business woman working on laptop at office. Business people

Earlier this year, the Small Business Association (SBA) made changes to its programs that will widen access to government-backed small business loans. The change allows more non-bank lenders to offer SBA loans, expanding access to funding for underserved businesses. Additionally, implified lending criteria will save time on loan documentation, providing a more efficient path to approval.

The SBA is also implementing the Community Advantage SBLC license for nonprofits and mission-oriented lenders who wouldn’t otherwise qualify to be SBA lenders. These lenders primarily focus on underserved markets, including startups and minority-, veteran-, and women-owned businesses. Community Advantage lenders also work in rural and low-income communities.

To qualify for an SBA loan, a business must be considered creditworthy and reasonably able to repay the loan. The SBA previously considered nine factors to determine creditworthiness. The new rules consider just three:

  1. Credit score or history

  2. Business earnings or cash flow

  3. Collateral

Talk with your professional advisor to learn more about SBA’s new rules and loans.


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