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The U.S. Small Business Administration (SBA) is introducing a new 7(a) loan initiative designed to accommodate the unique loan processing needs of small community/rural-based lenders, many of which do not make SBA 7(a) loans or make very few SBA loans.
Small/Rural Lender Advantage is part of a broader SBA initiative to promote the economic development of local communities, particularly those facing the challenges of population loss, economic dislocation, high unemployment, etc. This initiative is a component of the Agency’s 7(a) loan guarantee program and is designed to encourage small community/rural lenders to partner with SBA by simplifying and streamlining the Agency’s loan application process and procedures, particularly for smaller SBA loans.
The Agency is testing this initiative for several months in SBA’s Region VIII, and SBA expects to expand the initiative to additional states during the Spring/Summer of 2008.
Region VIII includes the following states, and an SBA contact is available answer further questions in each state:
• Colorado – Lynette Newman or Ron Solberg, 303-844-2607
• Montana – Jon Donovan or Rena Carlson, 406-441-1081
• North Dakota – Keith Bjornson or Alan Haut, 701-239-5131
• South Dakota – Paul Gunderson or Chuck Hughes, 605-330-4243
• Utah – Blaine Andrus or Steve Price, 801-524-3226
• Wyoming – Bob Auflick or Steve Parker, 307-261-6500
Key features of the Initiative
Resources:
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