Will SBA's New Online Tool Boost Small-Business Lending?

The Small Business Administration says its newly launched Lender Toolkit will make it easier for banks and other institutions to provide loans to small businesses.

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As part of the Small Business Administration's newly redesigned website, the agency announced Friday the launch of its online Lender Toolkit, a section of the site intended to give small-business lenders access to more in-depth information and resources on the SBA's loan programs.

According to the SBA, the new site strengthens its collaboration with lending partners in order to make it easier for lenders to provide small businesses with the best loan programs and financing options. Some of the new elements of the Lender Toolkit include:
  • Find a Loan Package, which allows users to select a loan type and download all the associated forms so they can prepare more accurate loan applications
  • Find a Service Center, which enables the lender to search for service centers based on the loan processing parameters, loan type and stage
  • Lender FAQs, for lenders to get answers about the SBA's approach to financing and underwriting loans
  • Weekly Lending Report, which provides updates on interest rates and important lending news.

"Lenders are vital partners in our efforts to help entrepreneurs and small-business owners grow successful companies and create good paying jobs in their communities," SBA Administrator Karen Mills said in a statement. "Over the last two years, we've worked hard to strengthen these partnerships. This new online toolkit puts more information on SBA loan programs at lenders' fingertips and makes it easier for them to use these programs to meet the capital needs of their small business customers."

The project is part of a flagship for the agency's Open Government Plan, which aims to build an online presence for the SBA that is transparent, participatory and collaborative.

Tags: News, SBA Lenders Toolkit, SBA lending, Small Business Administration, small business loan

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