The SBA Lends a Hand

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The SBA Lends a Hand

Jan 27, 2011
Posted by Molly Nelson - The Small Business Administration announced this week that the first six in a series of grants have been awarded to Small Business Development Centers. The grants are part of $50 million in funding included in the Small Business Jobs Act of 2010. The grants will help SBDCs "support job creation and retention within the small business community through in-depth business counseling and advising entrepreneurs and small business owners." This week's awards went to SBDCs in Alaska, California, Idaho, Iowa, Michigan and South Carolina, and awards to other SBDCs will be given in the coming weeks.

In addition to support for SBDCs, the SBA also announced the creation of two programs that will help streamline the application process for SBA loans. The Small Loan Advantage program, launching March 15, offers a simplified application process for 7(a) loans of up to $250,000. The Community Advantage Program, a pilot program launching March 15 and running until 2014, expands the availability of 7(a) streamlined loans to "mission-focused financial institutions" like Community Development Financial Institutions and non-profit microlending intermediaries.

[SBA Releases Grants To Small Business Development Centers]
[A New Streamlined Process for SBA Loans]
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