Every small business owner understands the importance of having a sufficient working capital, and knows how hard a road can be to a winning loan approval. Unluckily, getting an SBA loan isn’t an easy game too. It calls for added paperwork and the process frequently works slowly rather than the warp speed of commerce industry.
However, it isn’t a bad news. The SBA introduced new Leveraging Information and Networks to access Capital (LINC) program which is offering opportunities for small businesses to “get a loan.” The below mentioned details will help you understand the LINC and how it works.
Facts About LINC
The LINC program works the same way as the mortgage search sites where business owners follow a rationalized process by registering an SBA account and filling out the information form for lenders which is later send to the participating lending institutions. After the 48 hours timeline business owners get the results.
If you get a “yes,” that doesn’t inevitably mean you’ve been approved for a loan. It means a potential lender wants to learn more about you. After that, the contact is initiated by SBA and a meeting is schedule to see if you can get a loan. If LINC couldn’t find a lender for you, a meeting will be arranged with a local SBA advisor who helps in making the needed application changes to make your business more enticing to the LINC participated lending institutions.
SBA sources forecast future redundancies of LINC could inflate to offer associations with federal buyers, prime contractors, acquisition officers, and similar government entities who can help small businesses to grow more in the future. The goal of LINC is to restructure their loan process by combining digital communications into their services.
More facts and tools are being added to the booming SBA Learning Center by LINC program. This is because of the surge in nontraditional lenders like Merchant Advisors that give fast business funding to small businesses with easy online loan applications.
The induction of LINC has been considered as a lender’s lead generation sites by many and SBA is trying to make it as simple as the private lending industry has made it for years. Some critics have particularly declared that online lenders like Merchant Advisors have already shaped an even more rationalized online lending process for small businesses.
Still if it’s not revolutionary, LINC is an supportive sign that SBA is starting to break into the future. Whether LINC is successful or not, we here at Merchant Advisors believe a restructured, accessible SBA is best for businesses countrywide.