The U.S. Small Business Administration will accept applications starting Feb. 15 for lenders through its Small Loan Advantage program. The agency is also launching its Community Advantage program to increase the number of low-dollar loans for businesses and entrepreneurs in under-served communities.
"Businesses in under-served communities, including minority and women-owned as well as businesses in rural areas, have been among the hardest hit by the recent economic downturn," SBA Administrator Karen Mills said in a Feb. 10 statement. "These two new Advantage initiatives can provide critical support to help these businesses and entrepreneurs get much needed financing to start and grow, which will translate into more jobs in these communities."
Starting Feb. 15, any of the 610 financial institutions across the country in the SBA's Preferred Lender Program can approve loans using the new Small Loan Advantage process. Approved institutions will receive seven loans up to $250,000 to lend to minority, women-owned and start-up companies in economically challenged markets
For more information, visit http://www.sba.gov.