Axios, November 8, 2023, Scoop: SBA Expands Its Primary Business Loan Program
The US Small Business Administration has chosen three new lenders to make SBA 7(a) loans nationally, Axios has learned.
This marks the first time in more than 40 years that the SBA has expanded its primary business loan program and brings the total number of nonbank lenders up from 14 to 17.
Small businesses have been squeezed by higher interest rates this year and tighter lending conditions that began after the failure of Silicon Valley Bank and Signature Bank. According to data from the National Community Reinvestment Coalition, entrepreneurs also face unequal treatment when they seek out loans — particularly if they are from underrepresented communities.