The U.S. Small Business Administration has announced a big change to its new “find an SBA lender” tool, which should make it more useful for small businesses.
LINC—Leveraging Information and Networks to Access Capital—is supposed to work a little like Match.com. Small businesses that need financing can fill out an online form, which is then forwarded to SBA-approved lenders in their area, who have the option to respond.
LINC launched earlier this year, but only with nonprofit lenders specializing in microloans and 504 loans. Those are both important products, but they’re not nearly as popular as 7(a) loans, which are available through banks and credit unions.
So it’s good news that all SBA lenders, including those that offer 7(a) loans, now have the option to join the LINC platform. SBA Administrator Maria Contreras-Sweet made the announcement during a National Small Business Week event in San Antonio.
“Since we launched this program in February, close to 14,000 matches have been made, and I have personally heard about the great success both our lenders and our entrepreneurs are having with LINC,” Contreras-Sweet said. “If you have a bankable business idea backed by good credit and sound financial planning, the SBA is streamlining the process for you to get the capital you need.”