Community Advantage Loans Increased to $500,000, Make Program Permanent Says White House
December 3, 2024
Bob Coleman
Founder & Publisher
Community Advantage Loans Increased to $500,000, Make Program Permanent Says White House
From Friday’s Nov 29 press releases, “Today, the SBA is announcing an increase of the maximum loan amount backed by their Community Advantage Small Business Lending Companies (CA SBLCs) from $350,000 to $500,000 for active lenders in good standing. These mission-based non-depository lenders—often Community Development Financial Institutions (CDFIs)—focus on providing access to capital to underserved businesses and underinvested businesses, ensuring that women, people of color, veterans, rural, and low- and moderate-income communities have access to SBA-backed capital. This step builds on prior action by the Biden-Harris Administration to support small businesses through CA SBLCs, including making the program permanent following a successful pilot launched by the Obama-Biden Administration.”
