The U.S. Small Business Administration (SBA) has developed a resource to help small businesses who have not applied for or received an approved Paycheck Protection Program (PPP) loan to connect with lenders.
According to Jovita Carranza, SBA Administrator, “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 application deadline.”
The resource will connect small businesses with Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), Farm Credit System Lenders and Microlenders.
According to a press release, “Within two business days after entering their information into the Lender Match platform, a borrower receives an email from lenders who have been matched with them. Borrowers can begin the application process directly after receiving the email they receive."
“As communities begin to carefully reopen across the country, there are still more opportunities to provide this assistance to businesses who have yet to access these forgivable loans. SBA is utilizing these partnerships with CDFIs, MDIs, CDCs, Farm Credit System lenders, Microlenders and many other participating small asset lenders to ensure that access to this emergency funding reaches the most small businesses and their employees in need - a key priority for President Trump," said Carranza.
To learn more, visit sba.gov.