Small Business Administration To Simplify Loan Process

In a move designed to simplify the process for small businesses to get loans, the Small Business Administration (SBA) is not only increasing the number of lenders, it’s allowing banks to make decisions on small business loans using their existing frameworks for non-business loans.

It has been well-documented that Black and other minority groups have a more difficult time securing capital for their businesses. 

“The changes Administrator Guzman is making to SBA small business loan programs are critical to addressing persistent capital access gaps, particularly for rural and minority-owned small businesses . . .