The SBA announced a new online tool for small businesses and nonprofits that matches them with CDFIs, MDIs, CDCs, Farm Credit System lenders, microlenders, as well as traditional smaller-asset-size lenders in the Paycheck Protection Program.
SBA’s Lender Match is an additional resource for pandemic-affected small businesses who have not applied for or received an approved PPP loan to connect with lenders, the SBA said in a June 19 press release.
“The SBA is focused on assisting eligible borrowers in underserved and disadvantaged communities and connecting them with forgivable PPP loans, especially before the June 30, 2020, application deadline,” said Jovita Carranza, SBA administrator. “As communities begin to carefully reopen across the country, there are still many more opportunities to provide this assistance to businesses who have yet to access these forgivable loans.”
Within two business days after entering information into the Lender Match platform, a borrower will receive an email from lenders who have been matched with them, according to the SBA. The borrower can see lenders’ requests for them to begin an application, and borrowers are then able to start the application process directly from the email they receive.