The US Small Business Administration (SBA) is offering small businesses loans through two new lending programs. Small businesses that create two of every three jobs in the economy will now gain faster capital assistance through the Small Loan Advantage program and the Community Advantage program. The Small Loan Advantage program will cut down paperwork and processing time involved in SBA loans of less than USD 250,000, whereas the Community Advantage program will let new lenders, including microlenders and community development financial institutions, get involved in SBA lending.
The revelation comes at a dinner held in San Antonio this Thursday to commemorate a training program that the SBA and Syracuse University have developed for veteran female entrepreneurs owning small businesses. Being optimistic about the outlook for the country's small businesses that are recovering fast from the recession than other broader businesses, SBA Deputy Administrator Marie Johns says this is a move taken towards assisting small businesses gain faster access to loans so that they can progress further.