SBA Ending Important Program of Lending
(Sarasota Herald-Tribune) — THE U.S. SMALL BUSINESS Administration announced on Dec. 15 that it was ending its Community Express pilot loan program on April 30. The program has been widely used by small business owners in need of small amounts of working capital — up to $25,000 in most sites and $50,000 in Historically Underutilized Business Zones, called “HUBZones.” Even though SBA initially created the program to target women and minority applicants, it was offered to both minority and majority owned businesses. Lenders relaxed their underwriting requirements, relied heavily on credit scoring and streamlined processing. Loans could be approved within one week.
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