Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUs can offer Advantages starting Feb. 15
WASHINGTON (2/11/11)—Beating its ETA by a month, the U.S. Small Business Administration (SBA) announced yesterday that its two new “advantage” lending programs will be up an running on Feb. 15. Qualified credit unions and other lenders can approve loans through the agency’s new Small Loan Advantage program starting on that date. Any financial institutions across the country in the SBA’s Preferred Lender Program (PLP), and there are 610 of them, can approve loans under this program. At the same time, the agency will begin accepting applications from community-based, mission-focused lenders who are interested in making SBA-guaranteed loans through the new Community Advantage program. Through Community Advantage, the agency will expand the points of access small business owners have for getting loans by opening SBA’s 7(a) loan program to “mission-focused” financial institutions, including Community Development Financial Institutions, SBA’s Certified Development Companies and SBA’s nonprofit microlending intermediaries. The new programs were announced in December and are part of the agency’s efforts to increase the number of lower-dollar loans being made to small businesses and entrepreneurs in underserved communities. The SBA has said that both the new programs offer a streamlined application process for SBA-guaranteed 7(a) loans up to $250,000. Advantage loans will come with the regular 7(a) government guarantee, 85% for loans up to $150,000 and 7% for those greater than $150,000. In conjunction with the implementation of these two new loan initiatives, SBA will end its Community Express pilot loan program on April 30.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
4 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
5 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
7 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
9 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
9 hours ago