WASHINGTON, D.C. – Administrator Linda McMahon, head of the U.S. Small Business Administration, today announced the launch of Lender Match, the SBA’s online referral tool connecting small business borrowers with participating SBA lenders.
Lender Match is an upgrade to LINC (Leveraging Information and Networks to access Capital), introduced as a pilot in 2015.
“The SBA’s mission to help small businesses grow, create jobs and help our economy thrive is strengthened by the new Lender Match tool. It essentially serves as a matchmaker, making it easier for small businesses to find lenders,” McMahon said.
The new tool increases access to capital by allowing small business owners to fill out a quick online form, without registration, and then connects them with lenders within 48 hours. There are now fewer, more relevant questions, and lenders are now able to better filter the referral they are sent resulting in more viable matches. Lenders can now optimize their search criteria to identify specific types of borrower referrals for particular lines of business or specialized financing.
New York SBA District Director, Beth Goldberg, said, “Already this year, SBA has guaranteed nearly 500 loans in the Hudson Valley worth $190.8 million. Lender Match will only improve these numbers next year, making it easier for lenders and small business owners to find one another.”
After lenders have reviewed the information submitted to them by entrepreneurs, those who express interest in the loan will respond within two days. In addition, borrowers will also receive counseling information and resources from the SBA within their local area.
Lender Match is available to all SBA 7(a) and 504 lenders nationwide, including nonprofit lenders that offer free financial advice and specialize in micro lending, loans in SBA’s Community Advantage program, and the SBA’s CDC/504 loan program. It is important to note that you must be an approved SBA lender in good standing to receive borrower referrals.
Prospective borrowers can go to www.sba.gov/lendermatch to get matched with any number of institutions and increase their access to capital.
There are currently more than 800 lenders in the SBA’s lending programs that participate in Lender Match throughout all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam. To date, the online tool has made more than two million lender referrals, and lenders have followed up with more than 70,000 referrals, connecting potential small business borrowers to capital.