The Small Business Administration says its new SBAExpress loan program will make loan applications easier to complete and faster to implement.
The pilot loan program will also significantly expand the number of lenders participating in the program and increase access to capital for small businesses.
In particular, the SBA has implemented program modifications to allow an estimated 2,400 lenders already delivering other SBA loan products to participate in the SBAExpress program. In Colorado, 61 SBA commercial lenders are eligible to participate in the new program. Many of these are small and rural lenders serving small businesses in remote areas.
Additionally, the SBA will open up the program to other lenders across the country experienced in small business lending but that have not participated with SBA.
“The new and improved SBAExpress program exemplifies SBA’s commitment to innovation, simplification and dedication in responding to its customers and aligning its products closer to the needs of small business,” SBA Administrator Hector V. Barreto said.
“The program is innovative in its approach to providing delivery mechanisms for SBA-guaranteed loans to suit the specific needs of a diverse array of small businesses,” Barreto added. “The agency has looked at new ways to work with its lending partners in order to expand service to small business borrowers and provide greater capital access opportunities.”
He said the enhancements will expand the program’s reach to more small businesses and represent a major step in the agency’s continuing efforts to increase efficiency and better meet the needs of both its lending partners and small business owners.