Yesterday, the SBA announced an initial group of six community-based, mission-focused lenders that can begin to accept and process Community Advantage loan applications from small business borrowers immediately.
- Cen-Tex CDC dba BCL of Texas, Austin, Texas
- The Progress Fund, Greensburg, Pa.
- Eastern Maine Development Corporation, Bangor, Maine
- Idaho-Nevada Community Development Financial Institution, Pocatello, Idaho
- Kentucky Highlands Investment Corporation, London, Ky.
- CDC Small Business Finance, San Diego, Calif.!!!!!
The new Community Advantage pilot program was announced by SBA in December and is designed to expand access to lower dollar loans and lending in traditionally underserved communities. Community Advantage leverages the experience institutions already have in lending in economically challenged markets, along with their management and technical assistance expertise to help make their borrowers successful.
Advantage loans will come with the regular 7(a) government guarantee, 85 percent for loans up to $150,000 and 75 percent for those greater than $150,000.
If your organization is thinking about applying, learn who’s eligible, how to apply and how the program will be evaluated.