WASHINGTON — The U.S. Small Business Administration (SBA) has launched a new online tool that connects entrepreneurs looking for a small-business loan with a SBA-approved lender.
The new, free online tool, called LINC (Leveraging Information and Networks to access Capital) will have small-business owners fill out an online form of 20 questions and connect them with lenders within 48 hours, according to SBA.
After filling out the form, a borrower’s answers will be sent to every lender in their county, as well as to other lenders with a regional or national reach.
Once lenders have reviewed the borrower’s information, they’ll respond within 48 hours, all for no fees or commitment, the agency says, adding that the tool ultimately “improves [a borrower’s] access to capital.”
“There’s a hunger among entrepreneurs to find financing to get their business off the ground to take the next big step in their expansion plan. The SBA stands there ready to help them, now with a few simple clicks,” says SBA Administrator Maria Contreras-Sweet.
“Across the country, thousands of small-business owners pound the pavement every day, looking for term loans, equipment financing, lines of credit, invoice financing and real estate loans to help them hire and grow,” she continues. “If you have a bankable business idea backed by good credit and sound financial planning, the SBA wants to streamline the process for you to get the capital you need.”
LINC will roll out in waves, first connecting small-business owners with nonprofit lenders that offer free financial advice and specialize in micro lending, loans in the organization’s Community Advantage program, and real estate financing.
In the longer term, SBA will look to add more traditional banks that offer an even wider array of financial products. Currently, 124 lenders across SBA’s lending programs are participating in LINC, operating in all 50 states, the District of Columbia and Puerto Rico.
More information about LINC can be found HERE.
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