The U.S. Small Business Administration (SBA) introduced an upgraded version of its Lender Match tool, featuring a mobile-forward user experience for easier access and usability. This revamp aims to streamline the process for small business owners to connect with SBA-approved lenders, providing a centralized platform to compare and select lenders.
The initiative, which took effect on August 1, 2023, is designed to increase credit availability for small businesses that have previously struggled to obtain financing.
According to a PYMNTS Intelligence and Enigma joint study titled “Main Street Health Q2 2023: Credit’s Key Role in SMBs’ Plans,” the majority of SMBs are either unaware of or unaccustomed to the variety of financing choices accessible.
SBA Administrator Guzman said in a press release, “The SBA is dedicated to working with banks and private lenders to meet the needs of small businesses, including online. The Biden-Harris Administration’s economic agenda has ignited a historic Small Business Boom, and the SBA has implemented historic reforms to increase and streamline equitable access to affordable capital so that small business owners can continue to innovate, create jobs, and be part of this Administration’s historic investments in America.”
With nearly 1,000 SBA lenders onboard, the platform handles approximately 50,000 capital requests monthly. Small businesses that are not matched with a lender will receive guidance from free advisors in the SBA’s local network.
The latest updates to the platform are part of the SBA’s efforts to improve access to affordable capital for small businesses. They complement previous initiatives to simplify loan requirements and expand the network of nonbank lenders licensed to issue SBA loans. Moreover, the advancement underscores the importance of informing small business owners about their financing options and making strategic decisions to support their growth.
