bake - Special Report - May 2023 - 35
gaps in underserved communities:
SBA is modernizing the lending
criteria and conditions for SBA's
business loan programs and
reducing red tape for SBA lenders,
which will expand the number of
credit-worthy business owners who
can access SBA loans, particularly
among underserved communities
like women, minority, veteran, and
rural entrepreneurs. SBA is doing
this by updating lending criteria
for its 7(a) and 504 loan programs,
including by:
* Allowing lenders to make SBA
loan decisions based on their
existing credit policies for
similarly-sized non-SBA loans;
* Providing additional flexibility
for loans under $150,000
to reduce the cost and
complexity of small-dollar
lending;
* Streamlining paperwork
required of lenders, enabling
them to spend more time with
applicants and make loans
more efficiently;
* Simplifying and clarifying
affiliation standards to ease
the burden on small business
owners and lenders, and make
clear who qualifies for an SBA
loan.
SBA will expand the number
of lenders who can offer
SBA-guaranteed loans, providing
small businesses with more options
for meeting their capital needs. The
rule will expand the number of Small
Business Lending Company (SBLC)
licenses, which promote responsible
small business lending through
non-depository lenders backed by
SBA loan guarantees and have been
a part of SBA lending for decades.
The number of SBLC licenses has
been capped at 14 for 40 years,
limiting potential lending options
for small businesses.
SBA will also address capital
access gaps by granting permanence
to SBA's program for nonprofit,
mission-oriented lenders by creating
a new Community Advantage SBLC
license. Community Advantage
lenders have lacked long-term
certainty about their participation
in SBA programs due to the pilot
status of the program. Even with
these limitations, the Community
Advantage Pilot Program has
demonstrated success with higher
rates of lending to Black, Hispanic,
women, and veteran-owned
businesses.
SBA's rule will:
Lift the moratorium on new regular
SBLCs and allow for additional
licensees, enabling them to make
loans to small-dollar borrowers with
government guarantees, reducing
risks and broadening opportunities;
Provide certainty through permanence
of Community Advantage,
encouraging current and new
nonprofit lenders to invest in and
expand SBA lending operations;
Utilize modern technology
Bakers continue to upgrade their baking
operations with modern technology.
Bake Magazine Digital Special Report 2 | Volume 4 | bakemag.com
35
http://www.bakemag.com
bake - Special Report - May 2023
Table of Contents for the Digital Edition of bake - Special Report - May 2023
bake - Special Report - May 2023 - Intro
bake - Special Report - May 2023 - 1
bake - Special Report - May 2023 - 2
bake - Special Report - May 2023 - 3
bake - Special Report - May 2023 - 4
bake - Special Report - May 2023 - 5
bake - Special Report - May 2023 - 6
bake - Special Report - May 2023 - 7
bake - Special Report - May 2023 - 8
bake - Special Report - May 2023 - 9
bake - Special Report - May 2023 - 10
bake - Special Report - May 2023 - 11
bake - Special Report - May 2023 - 12
bake - Special Report - May 2023 - 13
bake - Special Report - May 2023 - 14
bake - Special Report - May 2023 - 15
bake - Special Report - May 2023 - 16
bake - Special Report - May 2023 - 17
bake - Special Report - May 2023 - 18
bake - Special Report - May 2023 - 19
bake - Special Report - May 2023 - 20
bake - Special Report - May 2023 - 21
bake - Special Report - May 2023 - 22
bake - Special Report - May 2023 - 23
bake - Special Report - May 2023 - 24
bake - Special Report - May 2023 - 25
bake - Special Report - May 2023 - 26
bake - Special Report - May 2023 - 27
bake - Special Report - May 2023 - 28
bake - Special Report - May 2023 - 29
bake - Special Report - May 2023 - 30
bake - Special Report - May 2023 - 31
bake - Special Report - May 2023 - 32
bake - Special Report - May 2023 - 33
bake - Special Report - May 2023 - 34
bake - Special Report - May 2023 - 35
bake - Special Report - May 2023 - 36
bake - Special Report - May 2023 - 37
bake - Special Report - May 2023 - 38
bake - Special Report - May 2023 - 39
bake - Special Report - May 2023 - 40
bake - Special Report - May 2023 - 41
bake - Special Report - May 2023 - 42
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