The SBA’s online referral tool connecting small business borrowers with participating SBA lenders. Lender Match is an upgrade to leveraging information and networks to access capital (LINC), announced as a trial in 2015.
The SBA’s goal is to help small businesses develop, create jobs and help economy thrive is strengthened by means of the new Lender Match tool. Linda McMahon, SBA Administrator said that, it essentially serves as an intermediary, making it less difficult for small businesses to find appropriate lenders. She also added that her objective is to help get more cash in the hands of small business owners, and she also encouraged them to tap into the SBA’s resources for start-up and growth solutions.
SBA Lender Match Tool
Lender match tool was known as LINC (Leveraging information and Networks to access Capital), which was released in 2015. However, the SBA has improved the program to make it more applicable to small businesses with the help of collecting information throughout the application process more relevant to their requirements.
What this indicates for small businesses is that they can fill out a form quickly and expect to get connected with a lender within 48 hours. For the small business lenders, the new arrangement allows them to clear out the referrals they get from Lender Match to find small businesses best suited for the type of loans they provide. Additionally, the search algorithm allows them to improve particular values inclusive of business type and specific financing.
Linda McMahon said in a press release that the intention is to get more cash for small businesses. She also wanted to help get more cash in the hands of small business owners, and that she encouraged them to tap into the SBA’s resources for startup and growth solutions. Lender Match essentially serves as a matchmaker, making it easy for small businesses to find lenders.
How Does It Work?
Lender Match tool is a free online tool. To get started with, you describe your requirements by answering a series of questions. The site says it should take as little as five minutes. Within 48 hours you will get emails with contact details from lenders who are interested. In case you consider the terms, rates, costs and other factors, you can apply for the small business loan of your choice.
The SBA recommends you to perform a little research before finding a lender. You need to have a business plan, the amount you need and use of funds, your credit history, financial projections, collateral, and experience before applying.
SBA Your Small Business One Stop Solution
The SBA is an important source of information for small businesses. Whether it is using Lender Match to connect to a lender or finding the best small business loan program for your specific need, SBA is the best reliable free source that you can use to get answers regarding your small business.