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Tuesday, November 27, 2007

New SBA Program -- Rural Lender Advantage

The Small Business Administration announced a new program designed to aid economic growth in rural areas.  Rural Lender Advantage allows rural lenders to partner with SBA with less paperwork involved and by offering online services.  The Rural Lender Advantage Program will feature online applications, expedited processing times, a shorter application for loans under $350,000, a guaranty of 85% for loans under 150k, 75% if more, and simplified documentation requirements and questionnaire's. 

The goal is to increase the use of SBA by rural lenders.  Rural Lender Advantage will be tested in Colorado, Montana, North Dakota, Utah and Wyoming.

Click here for the news release from SBA.

Posted at 09:39 AM |

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