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SBA Launches Tool to Connect Small Businesses with Lenders

The U.S. Small Business Administration has announced the launch of a dedicated online tool for small businesses and non-profits. The tool helps these organizations with Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), Farm Credit System lenders, Microlenders, as well as traditional smaller asset size lenders in the Paycheck Protection Program (PPP). 

Entitle Lender Match (http://www.sba.gov/lendermatch), The SBA tool 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.

“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 SBA Administrator Jovita Carranza.  “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.  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.”

Lender Match Background

Within two business days after entering their information into the Lender Match platform, a borrower receives an email from lenders who have been matched with them.  The borrower can see lenders’ requests for them to begin an application.  Borrowers are then able to begin the application process directly from the email they receive.

Lender Match was on pause due to CARES Act implementation priorities and loan volume. It is now being reinstated for CDFIs and other Small Asset Lenders.  Leads will only be forwarded to CDFIs and Lenders with < $10b in assets until the PPP program ends on June 30, 2020, at which time Lender Match will be open to all participating SBA Lenders.  Lender Match not only connects borrowers with accessing PPP loans, but also other SBA lending products, such as 7(a), 504, Microloans, and Community Advantage loans which are currently offering debt relief.

For more information or to use the program, go to http://www.sba.gov/lendermatch.

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MASWM The Missouri Association of Sheltered Workshop Managers
If you have questions, please contact:
President Rob Libera – (636) 227-5666 or rlibera@lafayetteindustries.com
or Legislative Chair Kit Brewer – (314) 647-3300 or cbrewer@cuinc.org