Jovita Carranza, Small Business Administration (SBA) administrator, has launched an online tool for small businesses and nonprofits to be matched with Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), Farm Credit System lenders, Microlenders and traditional smaller asset size lenders in the Paycheck Protection Program (PPP), SBA announced on Monday.
"The SBA is focused on assisting eligible borrowers in underserved and disadvantaged communities and connecting them with forgivable PPP loans, especially before the June 30, 2020, application deadline," said Carranza.
SBA's Lender Match is an additional resource for pandemic-affected small businesses who have not applied for or received an approved PPP loan to connect with lenders. The forgivable PPP loan is emergency relief assistance aimed at sustaining businesses and keeping employees on payroll. Lender Match does not accept Economic Injury Disaster Loan applications.
“SBA is utilizing these partnerships with CDFIs, MDIs, CDCs, Farm Credit System lenders, Microlenders and many other participating small asset lenders to ensure that access to this emergency funding reaches the most small businesses and their employees in need – a key priority for President Trump," added Carranza.
The borrowers will receive an email from lenders who have been matched with them, within two business days after entering their information into the Lender Match platform. The borrower can see lenders' requests for them to begin an application and will be able to begin the application process directly from the email they receive.
"As communities begin to carefully reopen across the country, there are still many more opportunities to provide this assistance to businesses who have yet to access these forgivable loans,” Carranza concluded.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations.