SBA rolls out lender match tool
WASHINGTON, D.C. — Administrator Linda McMahon, head of the U.S. Small Business Administration, announced last week the launch of Lender Match, the SBA’s online referral tool connecting small business borrowers with participating SBA lenders. Lender Match is an upgrade to LINC (Leveraging Information and Networks to access Capital), introduced as a pilot in 2015.
“The SBA’s mission to help small businesses grow, create jobs and help our economy thrive is strengthened by the new Lender Match tool. It essentially serves as a matchmaker, making it easier for small businesses to find lenders,” McMahon said. “I want to help get more capital in the hands of small business owners and entrepreneurs, and I encourage them to tap into the SBA’s resources for start-up and growth solutions.”
Lender Match brings together entrepreneurs and SBA lenders to help increase access to capital. It is an upgrade from LINC in its function, design and user experience, making it easier for entrepreneurs to use and connect with potential lenders.
The free online tool allows small business owners to fill out a quick online form, without registration, and then connects them with lenders within 48 hours. There are now fewer, more relevant questions, and lenders are now able to better filter the referral they are sent resulting in more viable matches. Lenders can now optimize their search criteria to identify specific types of borrower referrals for particular lines of business or specialized financing.
Lender Match is a much more user friendly and intuitive platform for entrepreneurs and it provides better guidance on how to be prepared for the loan application process. It has been streamlined from start to finish providing better access to on-screen information.
After lenders have reviewed the information submitted to them by entrepreneurs, those who express interest in the loan will respond within two days. In addition, borrowers will also receive counseling information and resources from the SBA within their local area.
Lender Match is available to all SBA 7(a) and 504 lenders nationwide that have been approved by the SBA lender in good standing to receive borrower referrals.
“If you’re going to produce roughly 80,000 ounces (of gold) a year at $800 an ounce … and gold is at $1,900 or $2,000 per ounce, that’s going to create a tremendous amount of cash flow.”