SBA ARC Loan Program

Returning Citizens Empowered to Start and Grow Businesses Under Proposed Rule

Retrieved on: 
Thursday, September 14, 2023

If finalized, the proposed rule would expand access to capital for entrepreneurs with prior justice involvement by expanding eligibility and removing barriers to SBA’s loan and surety bond programs.

Key Points: 
  • If finalized, the proposed rule would expand access to capital for entrepreneurs with prior justice involvement by expanding eligibility and removing barriers to SBA’s loan and surety bond programs.
  • The proposed rule would also eliminate the current practice on SBA application forms of asking all applicants about their involvement with the criminal justice system.
  • “SBA’s proposed rule would help returning citizens have better access to capital to start and grow their businesses and ensure our economy and society can benefit from their pursuit of the American dream of business ownership.
  • The Biden-Harris Administration has implemented a whole-of-government effort to expand opportunities for returning citizens and strengthen communities and the economy.

U.S. Small Business Administration Now Accepting Applications for Small Business Lending Company License

Retrieved on: 
Thursday, June 1, 2023

WASHINGTON, June 01, 2023 (GLOBE NEWSWIRE) -- Today, Administrator Isabella Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, opened a window for new applications for Small Business Lending Company (SBLC) licenses for the first time in over 40 years.

Key Points: 
  • WASHINGTON, June 01, 2023 (GLOBE NEWSWIRE) -- Today, Administrator Isabella Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, opened a window for new applications for Small Business Lending Company (SBLC) licenses for the first time in over 40 years.
  • SBA approves Small Business Lending Company Licenses for selected non-depository lenders to increase responsible small business lending.
  • An SBLC license allows the lending organization to utilize government guarantees when underwriting small business loans to reduce the level of risk to the lender and cost to the borrower.
  • Community Advantage Pilot Program lenders may learn how to transition to a permanent, Community Advantage SBLC License here: https://www.sba.gov/document/information-notice-5000-846918-community-ad... .

Comerica Bank Named U.S. Small Business Administration Michigan District Lender of the Year

Retrieved on: 
Thursday, May 4, 2023

DETROIT, May 4, 2023 /PRNewswire/ -- The U.S. Small Business Administration (SBA) named Comerica Bank as the Michigan District Office Lender of the Year for the 2022 fiscal year (Oct. 1, 2021 through Sept. 30, 2022). Comerica, a National SBA Preferred Lender, was also honored among Top 10 Lenders.

Key Points: 
  • DETROIT, May 4, 2023 /PRNewswire/ -- The U.S. Small Business Administration (SBA) named Comerica Bank as the Michigan District Office Lender of the Year for the 2022 fiscal year (Oct. 1, 2021 through Sept. 30, 2022).
  • The U.S. SBA awards the Lender of the Year for the best overall performance by a 7(a) lender in Michigan.
  • "Assisting our small business customers with a wide variety of tools helps them succeed; and providing access to capital for small businesses remains vital in supporting our communities," said Steve Davis, Comerica Bank Michigan Market President.
  • Comerica Bank, a subsidiary of Comerica Incorporated, has served Michigan longer than any other bank with a continuous presence dating back nearly 174 years to its Detroit founding in 1849.

Tellenger Announces Successful Completion of First SBA Loan Program Release 

Retrieved on: 
Thursday, June 23, 2022

Tellenger, a long-standing subcontractor of the SBA, was tasked with modernizing parts of the SBA loan program system to allow for easier maintenance and greater reliability.

Key Points: 
  • Tellenger, a long-standing subcontractor of the SBA, was tasked with modernizing parts of the SBA loan program system to allow for easier maintenance and greater reliability.
  • The newly modernized system will allow the program to better perform loan servicing, technology modernization, and financial services for SBAs loan programs, which have grown to over 7,500 lenders and nearly one trillion in assets.
  • The multi-year award aims to bring significant modernization to further enhance the critical loan program.
  • We were critical in helping the modernization team achieve this significant milestone for the largest SBA loan program.

Information Analysis Plays Critical Role in Modernization and Enhancement of SBA’s Largest Loan Program

Retrieved on: 
Wednesday, September 1, 2021

The 7(a) loan program grew substantially during this modernization process as the Paycheck Protection Program and its constantly-evolving guidance is administered under the 7(a) program.

Key Points: 
  • The 7(a) loan program grew substantially during this modernization process as the Paycheck Protection Program and its constantly-evolving guidance is administered under the 7(a) program.
  • IAI was engaged by the prime contractor to join a technology team (Team) for the enhancement, transformation, and modernization of SBAs current 7(a) Loan system environment, which includes complex legacy computer systems.
  • This collaborative migration and enhancement program is anticipated to cover up to an additional six (6) years over multiple phases.
  • Information Analysis Incorporated (www.infoa.com), headquartered in Fairfax, Virginia, is an information technology products and services company.

Guidehouse Launches FTA Operation to Support SBA's Largest Loan Program

Retrieved on: 
Monday, August 30, 2021

WASHINGTON, Aug. 30, 2021 /PRNewswire/ -- Guidehouse, a leading global provider of consulting services to public sector and commercial clients, has announced that as of today, it has begun operating as the Fiscal Transfer Agent (FTA) on behalf of the U.S. Small Business Administration's (SBA) 7(a) Loan Program and Secondary Market.  Guidehouse, in a joint business relationship with Wells Fargo, Information Analysis Incorporated (IAI), Select Computing, Inc., and LeapPoint, has been engaged to operate and modernize the business processes and technology platform supporting the agency's flagship loan program. 

Key Points: 
  • Guidehouse, in a joint business relationship with Wells Fargo, Information Analysis Incorporated (IAI), Select Computing, Inc., and LeapPoint, has been engaged to operate and modernize the business processes and technology platform supporting the agency's flagship loan program.
  • After more than a year of migrating the FTA Program to SBA, Guidehouse will perform loan servicing, technology modernization, and financial services for SBA's loan programs, which have grown to over 7,500 lenders and nearly one trillion in assets.
  • Guidehouse and its partners will blend their unique experience at SBA, extensive federal loan program credentials, deep expertise in enterprise architecture, and large-scale technology modernizations to position SBA's loan programs for the future.
  • Guidehouse has a stated objective to establish the SBA 7(a) Program and Secondary Market as a benchmark for the execution of federal credit programs Government-wide.

Financial Institutions Offer Streamlined Access to the Second Draw of the Paycheck Protection Program (PPP)

Retrieved on: 
Tuesday, March 2, 2021

Epic River provides seamless integration from loan application to closing to SBA approval.

Key Points: 
  • Epic River provides seamless integration from loan application to closing to SBA approval.
  • Financial institutions are ensuring cash flow for businesses and jobs for members of the community.
  • Borrowers can quickly and easily apply, complete, and get loan proceeds without leaving the comfort and safety of their homes.
  • Enhanced loan application workflow helps borrowers with the new, much more complicated criteria for qualifying for a loan.

New Shift Directs PPP Funds to Smallest of Small Businesses

Retrieved on: 
Tuesday, February 23, 2021

With 37 days remaining in the Program, SBA Funding commits to providing further assistance to the smallest of small businesses guided by the most recent changes to the Program.

Key Points: 
  • With 37 days remaining in the Program, SBA Funding commits to providing further assistance to the smallest of small businesses guided by the most recent changes to the Program.
  • Beginning February 24, 2021 and extending for a period of 14-days, PPP loan applications will only be processed for eligible small businesses with fewer than 20 employees.
  • This directive out of the Biden-Harris Administration in conjunction with the U.S. Small Business Administration makes several other provisions for small businesses including:
    SBA Funding has facilitated over twenty thousand PPP loans for businesses with fewer than 20 employees during the second draw of the Program.
  • Small businesses have the opportunity to apply for additional, long-term SBA financing through SBA Funding.

SBA Prioritizes Smallest of Small Businesses in the Paycheck Protection Program

Retrieved on: 
Monday, February 22, 2021

Washington, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Building on a month of strong results, the Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for Americas mom-and-pop businesses.

Key Points: 
  • Washington, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Building on a month of strong results, the Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for Americas mom-and-pop businesses.
  • The SBA is working on the program changes and will communicate details throughout this week.
  • These actions will help to lay the foundation for a robust and equitable recovery for small businesses across the country.
  • Borrowers can apply for the Paycheck Protection Program by downloading the First Draw PPP loan application or Second Draw PPP loan application and working with a participating PPP lender through the SBA Lender Match tool .

Liberty SBF Unveils New Portal for the Paycheck Protection Program Loan Applications and Forgiveness for Small Businesses

Retrieved on: 
Tuesday, January 12, 2021

The updated website portal enables borrowers to efficiently process PPP loan applications for the next round of small business stimulus funding starting January 11, 2021.

Key Points: 
  • The updated website portal enables borrowers to efficiently process PPP loan applications for the next round of small business stimulus funding starting January 11, 2021.
  • Congress has allocated an additional $285 billion to the Small Business Administration's (SBA) Paycheck Protection Program (PPP) to continue providing urgently needed short-term capital to America's essential small business owners.
  • Liberty SBF has a national reputation of helping small business owners navigate financial challenges and maximize the benefits of SBA loan programs.
  • Liberty SBF is a mission-based lender that provides capital through the Small Business Administration (SBA) loan programs at a low cost to borrowers.