SBA Offers Tool to Match Small Businesses with PPP Lenders
The U.S. Small Business Administration (SBA) recently announced the relaunch of Lender Match, an online tool for small businesses and nonprofits to be matched with Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), Farm Credit System lenders, Microlenders, and traditional smaller asset size lenders. Lender Match will be focused on connecting pandemic-affected small businesses who have not yet applied for or received an approved PPP loan with SBA lenders.
Lender Match was first launched in 2017 to connect small businesses with lenders and was paused in March of this year due to the SBA’s implementation work of the CARES Act. The SBA states that with the relaunch it is focused on assisting eligible borrowers in underserved and disadvantaged communities with PPP loans, especially before the June 30, 2020 loan application deadline.
Within two business days after entering their information into the Lender Match platform, a borrower will receive an email from lenders who have been matched with them. Borrowers are then able to begin the application process directly from the email.
Lender Match will connect borrowers only with lenders that have less than $10 billion in assets until the PPP application deadline of June 30, 2020.
For more information, visit the SBA’s Lender Match webpage.