SBA Announces Intermediary Lending Pilot Program For Entrepreneurs and Small Businesses

Small Businesses Have New Non-Profit Sources for SBA-financed Loans (SBA Press Release, August 4, 2011)
Startups, newly established and growing small businesses now have a new source of financing backed by the U.S. Small Business Administration as 20 community organizations have been funded by SBA to start making loans up to $200,000 to qualifying small businesses. For more information, read the press release. http://www.sba.gov/content/small-businesses-have-new-non-profit-sources-sba-financed-loans-0

SBA Seeks Intermediaries for New Pilot Program

The Small Business Jobs Act of 2010 (Section 1131) established a three year pilot program to provide direct loans to eligible non-profit intermediaries for the purpose of making small business loans of up to $200,000. SBA is seeking experienced intermediaries to assist small business concerns in areas suffering from a lack of credit due to poor economic conditions or changes in the financial market. SBA’s Intermediary Lending Pilot (ILP) Program aims to help business owners start and grow successful enterprises.

The ILP Program anticipates meeting the needs of small business borrowers that face significant gaps in the credit market. ILP will address current financing gaps such as:

Full Story: http://www.sba.gov/content/intermediary-lending-pilot-program-0