May 7, 2015
By Bob Coleman
Editor, Coleman Online Small Business Lending Report
I read daily of the disruption planned by online lenders such as newly minted public companies The Lending Club and OnDeck Capital, and a score of others waiting in the wings in the small business lending space.
And now SBA is getting into the discussion by opening up its online loan matching platform to all SBA 7(a) lenders.
Yesterday, Administrator Maria Contreas-Sweet announced, ‘Effective today, all SBA lenders can participate in LINC, a platform that is bringing entrepreneurs and SBA lenders together to increase access to capital. There’s a hunger among entrepreneurs to find financing to get their business off the ground or take the next big step in their expansion plan. The SBA stands there ready to help them, now with a few simple clicks.’
LINC was originally launched last February as a pilot program and was available only to nonprofit lenders. The LINC matchmaking tool is now available to all 7(a) lenders nationwide, which constitutes a huge step toward giving small business entrepreneurs access to essential sources of capital in all 50 states and the U.S. territories.
‘Since we launched this program in February, close to 14,000 matches have been made, and I have personally heard about the great success both our lenders and our entrepreneurs are having with LINC. If you have a bankable business idea backed by good credit and sound financial planning, the SBA is streamlining the process for you to get the capital you need,’ says Contreras-Sweet.
Lenders may sign up for LINC electronically or email LINC@sba.gov with questions.