SBA Announces LINC: New Financial Tool for Entrepreneurs
The U.S. Small Business Administration (SBA) recently announced the launch of LINC (Leverage Information and Networks to access Capital), a new tool to help make it even easier for small business entrepreneurs to get money for their business. This new, one-of-a-kind tool allows entrepreneurs seeking a loan to connect directly with a SBA lender. The goal of this new tool is to provide entrepreneurs with the financial guidance that they need and to make it easier for entrepreneurs around the nation to receive the capital that they need for their business.
The process of applying to be matched with a lender is simple. Entrepreneurs that are seeking a small business loan fill out a quick and easy 20-question form online. Once submitted, the form will be distributed to SBA lenders in that borrower’s county as well as lenders in a regional and national level reach. The lenders will then review the submitted questions and be matched with a borrower within 48 hours.
There are so many fearless entrepreneurs out there with a sound business plan, solid credit line and bankable business that fight tooth and nail to get the capital that they need to get their business up and running. Now, LINC opens a new door of opportunities for these entrepreneurs. Excited about this new tool, Administrator Contreras-Sweet says “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.”
Not only does LINC bring entrepreneurs and SBA lenders closer together, it also allows an alternative opportunity for entrepreneurs in the pool of small business loan options along with CAN Capital, OnDeck, Kabbage and Paypal Credit.
Currently, LINC has 124 lenders across SBA's lenders program participating in the new tool. Active in all 50 states, D.C. and Puerto Rico, they have totaled more than $17 billion in loans. The tool will continue to provide more services and opportunities over a period of time. For now, small business owners will be matched with lenders who will offer their services by providing free financial advice, real estate financing and more.
If you’re an entrepreneur looking to connect with an SBA lender then check out this great new tool and start building your dream!