You and Your Money
New Online Toolkit Improves Access for SBA Lenders
Photo: U.S. Small Business Association
Small business lenders now have access to more in-depth information and resources on U.S. Small Business Administration loan programs through the new Lender Toolkit on the agency’s recently redesigned website.
The new site strengthens SBA collaboration with its lending partners, making it easier for them to identify the points of contact, loan programs and financing options that will best expand access to capital for local small businesses to help them grow and create jobs.
Elements of the streamlined Lender Toolkit include useful tools like the ability to download and submit loan packages, updates on interest rates and important lending news, all at www.sba.gov/for-lenders.
“Lenders are vital partners in our efforts to help entrepreneurs and small business owners grow successful companies and create good paying jobs in their communities,” said SBA Administrator Karen G. Mills. “Over the last two years, we’ve worked hard to strengthen these partnerships. This new online toolkit puts more information on SBA loan programs at lenders’ fingertips and makes it easier for them to use these programs to meet the capital needs of their small business customers.”
The online Lender Toolkit features:
• Find a Loan Package, which allows users to select a loan type and download all the associated forms. Instruction on how to complete the loan package and standard boilerplates will help lenders prepare more accurate loan applications, increasing the probability of guarantees to worthy small businesses.
• Find a Service Center enables the lender to search for servicing center contact information based on the loan processing parameters of loan type and stage. Lenders can also Find a Lender Relationship Specialist by selecting a local district office from a pull-down list.
• Lender FAQs provide answers to questions about the SBA’s approach on the financing and underwriting of loans to small business owners.
• Recent Standard Operating Procedure (SOP) notices, which display current versions of loan processing, servicing and liquidation documents along with a copy highlighting any updates.
• Weekly Lending Report, which provides details on lending activity for SBA loan programs, along with comparisons for FY 2009, 2010 and 2011 for the period ending that week.
The SBA’s commitment to transformation is reflected in the new Lender Toolkit, which is part of the redesigned SBA.gov website, which went live in December 2010. Designed to better meet the needs of small business owners and entrepreneurs, the enhanced website features SBA Direct, which allows visitors to seek information on starting or growing a business, financial assistance, and regulatory compliance based on their location, type of business, and specific needs.
The project is also a flagship for the agency’s Open Government Plan, with the goal of building an online presence for SBA that is transparent, participatory and collaborative.