It’s always exciting to hear about the new, unique solutions to small business finance that pop up: Lendio, an online loan matching service; Merchant Cash & Capital, coining the phrase “funding made simple” with its one-two-three cash advance service; Craft3, the Northwest’s non-profit lender that pairs CDFI loans with small business resources; and many, many more. But at the core of these small business loan companies are the principles the Small Business Administration has stood for since its founding in 1953: “to aid, counsel, assist and protect the interests of small business concerns.”
That’s why we’re proud to have partnered with the SBA for all of our Access to Capital events, and that’s why we’d like to give the SBA a little shout-out for its new initiative: zero dollar fees on loans under $150,000. We are particularly excited about this because these loans will benefit YOU, our Access to Capital attendees.
The official announcement was made at the Woodrow Wilson Center on Oct. 30 and was followed up with a blog post by Acting SBA Administrator Jeanne Hulit.
“Setting fees at zero effectively makes these loans cheaper for borrowers, encouraging lending to small businesses that face the most constraints on credit access and will create lending opportunities important for underserved communities,” said Hulit in the blog post. “That’s good for these businesses, it’s good news for their neighborhoods and communities, and it’s good news for our economy.”
Sounds good to us!
The SBA has four core loan programs: the Microloan Program, the CDC/504 Loan Program for real estate and equipment loans, Disaster Loans, and 7(a) Loan Program, which are granted to qualified applicants through SBA approved intermediaries (lenders).
Most of the lenders at Access to Capital offer SBA loans, so if you qualify for one of these, you can benefit from this new zero-dollar loan initiative.
To take a look at the lenders who will be at Access to Capital: Money to Mainstreet in Seattle and what services they offer, visit http://accesstocapital.com/access-to-capital-seattle.