There is little question that small businesses drive America’s economic growth, and capital is often key in providing the fuel for that growth. There is also little question that at some point in the life cycle of small businesses, they will search for loans, equipment financing, real estate loans, or lines of credit to help them build their businesses and create new jobs. But finding a business loan can be time consuming and even frustrating.
The SBA is making it easier for small businesses to find lenders through our upgraded online platform, Lender Match. Lender Match is a tool that small businesses can use to identify potential lenders in their communities, and serves as a matchmaker bringing together entrepreneurs and SBA lenders to help increase their access to capital.
Lender Match, originally launched as LINC (Leveraging Information and Networks to access Capital), is a free online referral tool that connects small business borrowers with participating SBA lenders. After a prospective borrower completes a short online form (no registration is required), those responses are forwarded to participating SBA lenders that operate within the small business’ local county. If lenders are interested in the referral, the lenders and prospective borrower’s contact information is exchanged within 48 hours.
Lender Match has improved the process to make it easier for small business owners, and provides better guidance on how to get prepared for the loan application process. It has been streamlined from start to finish providing better access to on-screen information. For example, it lets you filter for things like the type of business or the amount of the desired loan. It’s also been improved for use on mobile devices.
Lender Match is available to all SBA 7(a) lenders nationwide, including nonprofit lenders that offer free financial advice and specialize in micro lending, loans in SBA’s Community Advantage program, and the SBA’s CDC/504 loan program. Lenders previously signed up for LINC will continue receiving referrals on the Lender Match platform.
Lender Match also contains a checklist for borrower to use before talking to lenders that includes a business plan, credit history, collateral and financial projections that help to better understand the lending process.
If you are a prospective borrower and you’d like to learn more about Lender Match, visit www.sba.gov/lendermatch to get matched with any number of lending institutions. We hope it will be a more effective way to match lenders with potential borrowers.